Utah Code 70A-9a-623. Right to redeem collateral
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(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 :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5(2) To redeem collateral, a person shall tender:(2)(a) fulfillment of all obligations secured by the collateral; and(2)(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:(3)(a) has collected collateral under Section70A-9a-607 ;(3)(b) has disposed of collateral or entered into a contract for its disposition under Section70A-9a-610 ; or(3)(c) has accepted collateral in full or partial satisfaction of the obligation it secures under Section70A-9a-622 .