California Commercial Code 9623 – (a) A debtor, any secondary obligor, or any other secured party …
(a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
(b) To redeem collateral, a person shall tender both of the following:
Terms Used In California Commercial Code 9623
- 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: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See California Commercial Code 1201
(1) Fulfillment of all obligations secured by the collateral.
(2) The reasonable expenses and attorney’s fees described in paragraph (1) of subdivision (a) of Section 9615.
(c) A redemption may occur at any time before a secured party has done any of the following:
(1) Collected collateral under Section 9607.
(2) Disposed of collateral or entered into a contract for its disposition under Section 9610.
(3) Accepted collateral in full or partial satisfaction of the obligation it secures under Section 9622.
(Added by Stats. 1999, Ch. 991, Sec. 35. Effective January 1, 2000. Operative July 1, 2001, by Sec. 75 of Ch. 991 and Section 9701.)