(a) A debtor, a secondary obligor, or other secured party or lienholder may redeem collateral.
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Terms Used In Alaska Statutes 45.29.623

  • 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 a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
(b) To redeem collateral, a person shall tender

(1) fulfillment of all obligations secured by the collateral; and
(2) the reasonable expenses and attorney fees described in Alaska Stat. § 45.29.615(a)(1).
(c) A redemption may occur at any time before a secured party has

(1) collected collateral under Alaska Stat. § 45.29.607;
(2) disposed of collateral or entered into a contract for its disposition under Alaska Stat. § 45.29.610; or
(3) accepted collateral in full or partial satisfaction of the obligation it secures under Alaska Stat. § 45.29.622.
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