Massachusetts General Laws ch. 106 sec. 9-623 – Right to Redeem Collateral
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Section 9–623. (a) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
Terms Used In Massachusetts General Laws ch. 106 sec. 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) 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 Section 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 Section 9–607;
(2) has disposed of collateral or entered into a contract for its disposition under Section 9–610; or
(3) has accepted collateral in full or partial satisfaction of the obligation it secures under Section 9–622.