North Dakota Code 41-09-118 – (9-623) Right to redeem collateral
Current as of: 2023 | Check for updates
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1. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
Terms Used In North Dakota Code 41-09-118
- Contract: A legal written agreement that becomes binding when signed.
- Debtor: means a natural person whose name was provided in a financing statement record as an individual debtor or one of the types of persons listed in section 41-09-76. See North Dakota Code 41-10-01
- 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 an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
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 subdivision a of subsection 1 of section 41-09-111.
3. A redemption may occur at any time before a secured party:
a. Has collected collateral under section 41-09-104; b. Has disposed of collateral or entered into a contract for its disposition under section 41-09-107; or
c. Has accepted collateral in full or partial satisfaction of the obligation it secures under section 41-09-117.