| (1) |
A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. |
Terms Used In Utah Code 70A-9a-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: means :Utah Code 68-3-12.5
| (2) |
To redeem collateral, a person shall tender:
| (a) |
fulfillment of all obligations secured by the collateral; and |
| (b) |
the reasonable expenses and attorney’s fees described in Subsection 70A-9a-615(1)(a). |
|
| (3) |
A redemption may occur at any time before a secured party:
| (a) |
has collected collateral under Section 70A-9a-607; |
| (b) |
has disposed of collateral or entered into a contract for its disposition under Section 70A-9a-610; or |
| (c) |
has accepted collateral in full or partial satisfaction of the obligation it secures under Section 70A-9a-622. |
|
Enacted by Chapter 252, 2000 General Session
