(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:
(1) fulfillment of all obligations secured by the collateral; and
(2) the reasonable expenses and attorney’s fees described in R.S. 10:9-615(a)(1).
(c) When redemption may occur. A redemption may occur at any time before a secured party:
(1) has collected collateral under R.S. 10:9-607;
(2) has disposed of collateral or entered into a contract for its disposition under R.S. 10:9-610; or
(3) has accepted collateral in full or partial satisfaction of the obligation it secures under R.S. 10:9-622.
(d) Redemption in judicial proceeding. If collateral has been seized in a judicial proceeding, a redemption may occur at any time before the judicial sale. To redeem collateral in such circumstances, a person shall also tender the costs of the proceeding.
Acts 2001, No. 128, §1, eff. July 1, 2001.