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

Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Oregon Statutes 79.0623

  • Collateral: means the property subject to a security interest or agricultural lien. See Oregon Statutes 79.0102
  • 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.
  • Obligor: means a person that, with respect to an obligation secured by a security interest in or an agricultural lien on the collateral:

    (i) Owes payment or other performance of the obligation;

    (ii) Has provided property other than the collateral to secure payment or other performance of the obligation; or

    (iii) Is otherwise accountable in whole or in part for payment or other performance of the obligation. See Oregon Statutes 79.0102

  • Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100

(2) To redeem collateral, a person shall tender:

(a) Fulfillment of all obligations secured by the collateral; and

(b) The reasonable expenses and attorney fees described in ORS § 79.0615 (1)(a).

(3) A redemption may occur at any time before a secured party:

(a) Has collected collateral under ORS § 79.0607;

(b) Has disposed of collateral or entered into a contract for its disposition under ORS § 79.0610; or

(c) Has accepted collateral in full or partial satisfaction of the obligation it secures under ORS § 79.0622. [2001 c.445 § 121]