N.Y. Uniform Commercial Code Law Section 9-623
Right to Redeem Collateral


Section 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.

(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 Section 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 Section 9--607;

(2)

has disposed of collateral or entered into a contract for its disposition under Section 9--610; or

(3)

has accepted collateral in full or partial satisfaction of the obligation it secures under Section 9--622.

Source: Section 9-623 — Right to Redeem Collateral, https://www.­nysenate.­gov/legislation/laws/UCC/9-623 (updated Sep. 22, 2014; accessed May 11, 2024).

Accessed:
May 11, 2024

Last modified:
Sep. 22, 2014

§ 9-623’s source at nysenate​.gov

Link Style