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AS 45.29.623

Right to redeem collateral

Known as the Uniform Commercial Code

The act spans §§ 45–45 (615 sections).

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

(b) To redeem collateral, a person shall tender (1) fulfillment of all obligations secured by the collateral; and

(2) the reasonable expenses and attorney fees described in AS 45.29.615(a)(1).

(c) A redemption may occur at any time before a secured party has (1) collected collateral under AS 45.29.607;

(2) disposed of collateral or entered into a contract for its disposition under AS 45.29.610; or

(3) accepted collateral in full or partial satisfaction of the obligation it secures under AS 45.29.622.

Official source: Alaska State Legislature. Reproduced from public-domain Alaska statutes; confirm against the official source for the current text. Not legal advice.