Tennessee Code 47-9-623 – Right to redeem collateral

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

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 corporation, firm, company or association. See Tennessee Code 1-3-105

(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 § 47-9-615(a)(1).

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

(1) has collected collateral under § 47-9-607;

(2) has disposed of collateral or entered into a contract for its disposition under § 47-9-610; or

(3) has accepted collateral in full or partial satisfaction of the obligation it secures under § 47-9-622.

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