Public-domain · open source
OpenJurist

Ohio Rev. Code Ann. § 1309.623

Right to redeem collateral - UCC 9-623

Known as the Uniform Commercial Code

The act spans §§ 1309.101 to 1309.709 (136 sections).

Applied in 1 court decision — leading case Tidewater Finance Co. v. Curry (In Re Curry) (2006)

Most recently applied in Tidewater Finance Co. v. Curry (In Re Curry) (August 2006)

Effective: July 1, 2001; Latest Legislation: Senate Bill 74 - 124th General Assembly

(A) A debtor, any secondary obligor, or any 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's fees described in division (A)(1) of section 1309.615 of the Revised Code.

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

(1) Has collected collateral under section 1309.607 of the Revised Code;

(2) Has disposed of collateral or entered into a contract for its disposition under section 1309.610 of the Revised Code; or

(3) Has accepted collateral in full or partial satisfaction of the obligation it secures under section 1309.622 of the Revised Code.

Official source: Ohio Laws & Administrative Rules (Legislative Service Commission). Reproduced from public-domain Ohio statutes; confirm against the official source for the current text. Not legal advice.