Rhode Island General Laws 6A-9-623. Right to redeem collateral
(a) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
Terms Used In Rhode Island General Laws 6A-9-623
- 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: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
(b) Requirements for redemption. To redeem collateral, a person shall tender:
(1) Fulfillment of all obligations secured by the collateral; and
(2) The reasonable expenses and attorney’s fees described in § 6A-9-615(a)(1).
(c) When redemption may occur. A redemption may occur at any time before a secured party:
(1) Has collected collateral under § 6A-9-607;
(2) Has disposed of collateral or entered into a contract for its disposition under § 6A-9-610; or
(3) Has accepted collateral in full or partial satisfaction of the obligation it secures under § 6A-9-622.
History of Section.
P.L. 2000, ch. 182, § 6; P.L. 2000, ch. 420, § 6.