1.    A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.

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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.