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13 Pa.C.S. § 9623

Right to redeem collateral

Known as the Uniform Commercial Code

The act spans §§ 13–13 (634 sections).

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

(b) Requirements for redemption.--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 section 9615(a)(1) (relating to application of proceeds).

(c) When redemption may occur.--A redemption may occur at any time before a secured party:

(1) has collected collateral under section 9607 (relating to collection and enforcement by secured party);

(2) has disposed of collateral or entered into a contract for its disposition under section 9610 (relating to disposition of collateral after default); or

(3) has accepted collateral in full or partial satisfaction of the obligation it secures under section 9622 (relating to effect of acceptance of collateral).

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