Arizona Laws 47-9623. Right to redeem collateral
A. A debtor, any secondary obligor or any other secured party or lienholder may redeem collateral.
Terms Used In Arizona Laws 47-9623
- Collateral: means the property subject to a security interest or agricultural lien. See Arizona Laws 47-9102
- Contract: A legal written agreement that becomes binding when signed.
- Debtor: means :
(a) A person having an interest, other than a security interest or other lien, in the collateral, whether or not the person is an obligor;
(b) A seller of accounts, chattel paper, payment intangibles or promissory notes; or
(c) A consignee. See Arizona Laws 47-9102
- 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.
- Obligor: means a person that, with respect to an obligation secured by a security interest in or an agricultural lien on the collateral, owes payment or other performance of the obligation, has provided property other than the collateral to secure payment or other performance of the obligation or is otherwise accountable in whole or in part for payment or other performance of the obligation. See Arizona Laws 47-9102
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Secured party: means :
(a) A person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding;
(b) A person that holds an agricultural lien;
(c) A consignor;
(d) A person to which accounts, chattel paper, payment intangibles or promissory notes have been sold;
(e) A trustee, indenture trustee, agent, collateral agent or other representative in whose favor a security interest or agricultural lien is created or provided for; or
(f) A person that holds a security interest arising under section 47-2401, 47-2505, 47-2711, 47-2A508, 47-4210 or 47-5118. See Arizona Laws 47-9102
B. To redeem collateral, a person shall tender:
1. Fulfillment of all obligations secured by the collateral; and
2. The reasonable expenses and attorney fees described in section 47-9615, subsection A, paragraph 1.
C. A redemption may occur at any time before a secured party:
1. Has collected collateral under section 47-9607;
2. Has disposed of collateral or entered into a contract for its disposition under section 47-9610; or
3. Has accepted collateral in full or partial satisfaction of the obligation it secures under section 47-9622.