Louisiana Revised Statutes 10:9-623 – Right to redeem collateral
Terms Used In Louisiana Revised Statutes 10:9-623
- 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.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
(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 La. Rev. Stat. 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 La. Rev. Stat. 10:9-607;
(2) has disposed of collateral or entered into a contract for its disposition under La. Rev. Stat. 10:9-610; or
(3) has accepted collateral in full or partial satisfaction of the obligation it secures under La. Rev. Stat. 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.