(a) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.

(b) Requirements for redemption. To redeem collateral, a person shall tender:

Terms Used In Kansas Statutes 84-9-623

  • 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.

(1) Fulfillment of all obligations secured by the collateral; and

(2) the reasonable expenses and attorney fees described in Kan. Stat. Ann. 2023 Supp. 84-9-615(a)(1), and amendments thereto.

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

(1) Has collected collateral under Kan. Stat. Ann. 2023 Supp. 84-9-607, and amendments thereto;

(2) has disposed of collateral or entered into a contract for its disposition under Kan. Stat. Ann. 2023 Supp. 84-9-610, and amendments thereto; or

(3) has accepted collateral in full or partial satisfaction of the obligation it secures under Kan. Stat. Ann. 2023 Supp. 84-9-622, and amendments thereto.