Maine Revised Statutes Title 11 Sec. 9-1623 – Right to redeem collateral
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(1). A debtor, any secondary obligor or any other secured party or lienholder may redeem collateral.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
Terms Used In Maine Revised Statutes Title 11 Sec. 9-1623
- Collateral: includes :
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Contract: A legal written agreement that becomes binding when signed. Debtor: means :
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Obligation: 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:
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Secured party: means :
(2). To redeem collateral, a person shall tender:
(a). Fulfillment of all obligations secured by the collateral; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). The reasonable expenses and attorney’s fees described in section 9-1615, subsection (1), paragraph (a). [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3). A redemption may occur at any time before a secured party:
(a). Has collected collateral under section 9-1607; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). Has disposed of collateral or entered into a contract for its disposition under section 9-1610; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). Has accepted collateral in full or partial satisfaction of the obligation it secures under section 9-1622. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).