Vermont Statutes Title 9 Sec. 9-623
Terms Used In Vermont Statutes Title 9 Sec. 9-623
- Contract: A legal written agreement that becomes binding when signed.
- Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
- 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: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
§ 9—623. Right to redeem collateral
(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 attorney’s fees described in subdivision 9—615(a)(1) of this title.
(c) A redemption may occur at any time before a secured party:
(1) has collected collateral under section 9—607 of this title;
(2) has disposed of collateral or entered into a contract for its disposition under section 9—610 of this title; or
(3) has accepted collateral in full or partial satisfaction of the obligation it secures under section 9—622 of this title. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)