South Dakota Codified Laws 57A-9-623. Persons who may redeem collateral–Procedure
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(a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
(b) To redeem collateral, a person shall tender:
Terms Used In South Dakota Codified Laws 57A-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 natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
(1) Fulfillment of all obligations secured by the collateral; and
(2) The reasonable expenses and attorney’s fees described in § 57A-9-615(a)(1).
(c) A redemption may occur at any time before a secured party:
(1) Has collected collateral under § 57A-9-607;
(2) Has disposed of collateral or entered into a contract for its disposition under § 57A-9-610; or
(3) Has accepted collateral in full or partial satisfaction of the obligation it secures under § 57A-9-622.
Source: SL 2000, ch 231.