Missouri Laws 400.9-623 – Right to redeem collateral
Current as of: 2023 | Check for updates
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(a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
(b) To redeem collateral, a person shall tender:
Terms Used In Missouri Laws 400.9-623
- 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: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
(1) Fulfillment of all obligations secured by the collateral; and
(2) The reasonable expenses and attorney’s fees described in section 400.9-615(a)(1).
(c) A redemption may occur at any time before a secured party:
(1) Has collected collateral under section 400.9-607;
(2) Has disposed of collateral or entered into a contract for its disposition under section 400.9-610; or
(3) Has accepted collateral in full or partial satisfaction of the obligation it secures under section 400.9-622.