N.D. Cent. Code § 41-09-118
(9-623) Right to redeem collateral
Redline — December 1, 2021 → current.View current text →
Current — January 1, 2022
As of December 1, 2021
(1) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
(1) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
(2) To redeem collateral, a person shall tender: Fulfillment of all obligations secured by the collateral; and
(2) To redeem collateral, a person shall tender: Fulfillment of all obligations secured by the collateral; and
(3) The reasonable expenses and attorney’s fees described in subdivision a of subsection 1 of section 41-09-111.
(3) The reasonable expenses and attorney’s fees described in subdivision a of subsection 1 of section 41-09-111.
(4) A redemption may occur at any time before a secured party: Has collected collateral under section 41-09-104;
(4) A redemption may occur at any time before a secured party: Has collected collateral under section 41-09-104;
(5) Has disposed of collateral or entered into a contract for its disposition under section 41-09-107; or
(5) Has disposed of collateral or entered into a contract for its disposition under section 41-09-107; or
(6) Has accepted collateral in full or partial satisfaction of the obligation it secures under section 41-09-117.
(6) Has accepted collateral in full or partial satisfaction of the obligation it secures under section 41-09-117.
(7) Effect of “Repledging.” Section 9-207 generally permits a secured party having possession or control of collateral to create a security interest in the collateral. As explained in the Comments to that section, the debtor’s right (as opposed to its practical ability) to redeem collateral is not affected by, and does not affect, the priority of a security interest created by the debtor’s secured party.
Official source: North Dakota Legislative Branch. Reproduced from public-domain North Dakota statutes; confirm against the official source for the current text. Not legal advice.