§490:9-623  Right to redeem collateral.  (a)  A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.

Terms Used In Hawaii Revised Statutes 490:9-623

  • 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.

     (b)  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 § 490:9-615(a)(1).

     (c)  A redemption may occur at any time before a secured party:

     (1)  Has collected collateral under § 490:9-607;

     (2)  Has disposed of collateral or entered into a contract for its disposition under § 490:9-610; or

     (3)  Has accepted collateral in full or partial satisfaction of the obligation it secures under § 490:9-622.