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KRS 355.9-623

Right to redeem collateral

Known as the Uniform Commercial Code

The act spans §§ 355.10-101 to 355.9-809 (686 sections).

Effective: July 1, 2001 History: Created 2000 Ky

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

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

(a) Fulfillment of all obligations secured by the collateral; and (b) The reasonable expenses and attorney's fees described in KRS 355.9- 615(1)(a).

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

(a) Has collected collateral under KRS 355.9-607;

(b) Has disposed of collateral or entered into a contract for its disposition under KRS 355.9-610; or (c) Has accepted collateral in full or partial satisfaction of the obligation it secures under KRS 355.9-622.

Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.