Washington Code 62A.9A-623 – Right to redeem collateral
Current as of: 2023 | Check for updates
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(a) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
Terms Used In Washington Code 62A.9A-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 include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
(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 attorneys’ fees described in RCW 62A.9A-615(a)(1).
(c) When redemption may occur. A redemption may occur at any time before a secured party:
(1) Has collected collateral under RCW 62A.9A-607;
(2) Has disposed of collateral or entered into a contract for its disposition under RCW 62A.9A-610; or
(3) Has accepted collateral in full or partial satisfaction of the obligation it secures under RCW 62A.9A-622.
[2000 c 250 § 9A-623.]