Texas Business and Commerce Code 9.623 – Right to Redeem Collateral
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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:
(1) fulfillment of all obligations secured by the collateral; and
(2) the reasonable expenses and attorneys’ fees described in § 9.615(a)(1).
Terms Used In Texas Business and Commerce Code 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 corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
(c) A redemption may occur at any time before a secured party:
(1) has collected collateral under § 9.607;
(2) has disposed of collateral or entered into a contract for its disposition under § 9.610; or
(3) has accepted collateral in full or partial satisfaction of the obligation it secures under § 9.622.