New Jersey Statutes 12A:9-623. Right to redeem collateral
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Terms Used In New Jersey Statutes 12A:9-623
- 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.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
12A:9-623. Right to Redeem Collateral.
(a) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
(b) Requirements for redemption. 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 12A:9-615 (a) (1).
(c) When redemption may occur. A redemption may occur at any time before a secured party:
(1) has collected collateral under 12A:9-607;
(2) has disposed of collateral or entered into a contract for its disposition under 12A:9-610; or
(3) has accepted collateral in full or partial satisfaction of the obligation it secures under 12A:9-622.
L.2001, c.117, s.1; amended 2001, c.386, s.112.