Current through Pa Acts 2024-53, 2024-56 through 2024-92
Section 9623 - Right to redeem collateral(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).2001, June 8, P.L. 123, No. 18, § 16, effective 7/1/2001.