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Tex. Bus. & Com. Code § 9.623

RIGHT TO REDEEM COLLATERAL

Known as the Uniform Commercial Code

The act spans §§ 1–12 (616 sections).

Applied in 1 court decision — leading case Mitchell v. BankIllinois (2004)

Most recently applied in Mitchell v. BankIllinois (July 2004)

Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff

(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 attorneys' fees described in Section 9.615(a)(1).

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

(1) has collected collateral under Section 9.607;

(2) has disposed of collateral or entered into a contract for its disposition under Section 9.610; or

(3) has accepted collateral in full or partial satisfaction of the obligation it secures under Section 9.622.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.