Hawaii Revised Statutes 490:9-623 – Right to redeem collateral

(a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.

Contract: A legal written agreement that becomes binding when signed.
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

(b) To redeem collateral, a person shall tender:

(1) Fulfillment of all obligations secured by the collateral; and

(2) The reasonable expenses and attorney’s fees described in section 490:9-615(a)(1).

(c) A redemption may occur at any time before a secured party:

(1) Has collected collateral under § 490:9-607;

(2) Has disposed of collateral or entered into a contract for its disposition under § 490:9-610; or

(3) Has accepted collateral in full or partial satisfaction of the obligation it secures under § 490:9-622.

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