Title 6A
Uniform Commercial Code
Chapter 9
Secured Transactions
Part 6
Default
Subpart 1
Default and Enforcement of Security Interest
R.I. Gen. Laws § 6A-9-623
§ 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.
(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.