Florida Statutes 679.623 – 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.
(2) To redeem collateral, a person shall tender:
(a) Fulfillment of all obligations secured by the collateral; and
Terms Used In Florida Statutes 679.623
- 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: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
(b) The reasonable expenses and attorney’s fees described in s. 679.615(1)(a).
(3) A redemption may occur at any time before a secured party:
(a) Has collected collateral under s. 679.607;
(b) Has disposed of collateral or entered into a contract for its disposition under s. 679.610; or
(c) Has accepted collateral in full or partial satisfaction of the obligation it secures under s. 679.622.