Iowa Code 554.9623 – Right to redeem collateral
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Terms Used In Iowa Code 554.9623
- 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: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
554.9623 Right to redeem collateral.
1. Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
2. Requirements for redemption. To redeem collateral, a person shall tender:
a. fulfillment of all obligations secured by the collateral; and
b. the reasonable expenses and attorney’s fees described in § 554.9615, subsection
1, paragraph “”a””.
3. When redemption may occur. A redemption may occur at any time before a secured party:
a. has collected collateral under § 554.9607;
b. has disposed of collateral or entered into a contract for its disposition under section
554.9610; or
c. has accepted collateral in full or partial satisfaction of the obligation it secures under § 554.9622.
2000 Acts, ch 1149, §121, 187
Referred to in §554.9602, 554.9614, 554.9624
1. Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
2. Requirements for redemption. To redeem collateral, a person shall tender:
a. fulfillment of all obligations secured by the collateral; and
b. the reasonable expenses and attorney’s fees described in § 554.9615, subsection
1, paragraph “”a””.
3. When redemption may occur. A redemption may occur at any time before a secured party:
a. has collected collateral under § 554.9607;
b. has disposed of collateral or entered into a contract for its disposition under section
554.9610; or
c. has accepted collateral in full or partial satisfaction of the obligation it secures under § 554.9622.
2000 Acts, ch 1149, §121, 187
Referred to in §554.9602, 554.9614, 554.9624