Kentucky Statutes 355.9-623 – Right to redeem collateral
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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
(b) The reasonable expenses and attorney‘s fees described in KRS § 355.9-
615(1)(a).
(3) A redemption may occur at any time before a secured party: (a) Has collected collateral under KRS § 355.9-607;
(b) Has disposed of collateral or entered into a contract for its disposition under
KRS § 355.9-610; or
(c) Has accepted collateral in full or partial satisfaction of the obligation it secures under KRS § 355.9-622.
Effective: July 1, 2001
History: Created 2000 Ky. Acts ch. 408, sec. 141, effective July 1, 2001.
(2) To redeem collateral, a person shall tender:
Terms Used In Kentucky Statutes 355.9-623
- Attorney: means attorney-at-law. See Kentucky Statutes 446.010
- 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.
(a) Fulfillment of all obligations secured by the collateral; and
(b) The reasonable expenses and attorney‘s fees described in KRS § 355.9-
615(1)(a).
(3) A redemption may occur at any time before a secured party: (a) Has collected collateral under KRS § 355.9-607;
(b) Has disposed of collateral or entered into a contract for its disposition under
KRS § 355.9-610; or
(c) Has accepted collateral in full or partial satisfaction of the obligation it secures under KRS § 355.9-622.
Effective: July 1, 2001
History: Created 2000 Ky. Acts ch. 408, sec. 141, effective July 1, 2001.