Section 45.29.623. Right to redeem collateral.

   (a) A debtor, a secondary obligor, or 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 fees described in AS 45.29.615(a)(1).
   (c) A redemption may occur at any time before a secured party has
        (1) collected collateral under AS 45.29.607;
        (2) disposed of collateral or entered into a contract for its disposition under AS 45.29.610; or
        (3) accepted collateral in full or partial satisfaction of the obligation it secures under AS 45.29.622.

Authorities

45.29.602;45.29.614;45.29.624

Notes

References

AS 45.29.602 Waiver and variance of rights and duties.
AS 45.29.614 Notification before disposition of collateral in consumer goods transaction.
AS 45.29.624 Waiver.

History

(Sec. 1 ch 113 SLA 2000)