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Me. Rev. Stat. tit. 11, § 9-1623

Right to redeem collateral

Known as the Uniform Commercial Code

The act spans §§ 2-101 to 9-1709 (548 sections).

PL 1999, c. 699, §A2 (NEW)

(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 section 9‑1615, subsection (1), paragraph (a).

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

(a). Has collected collateral under section 9‑1607;

(b). Has disposed of collateral or entered into a contract for its disposition under section 9‑1610; or

(c). Has accepted collateral in full or partial satisfaction of the obligation it secures under section 9‑1622.

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