North Carolina General Statutes 25-9-623. 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
Terms Used In North Carolina General Statutes 25-9-623
- 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.
(2) The reasonable expenses and attorney’s fees described in N.C. Gen. Stat. § 25-9-615(a)(1).
(c) When redemption may occur. – A redemption may occur at any time before a secured party:
(1) Has collected collateral under N.C. Gen. Stat. § 25-9-607;
(2) Has disposed of collateral or entered into a contract for its disposition under N.C. Gen. Stat. § 25-9-610; or
(3) Has accepted collateral in full or partial satisfaction of the obligation it secures under N.C. Gen. Stat. § 25-9-622. (1965, c. 700, s. 1; 1975, c. 862, s. 7; 2000-169, s. 1.)