§9-1623.__Right to redeem collateral

(1)__A debtor, any secondary obligor or any other secured party or lienholder may redeem collateral.

(2)__To redeem collateral, a person shall tender:

(a)__Fulfillment of all obligations secured by the collateral; and

(b)__The reasonable expenses and attorney's fees described in section 9-1615, subsection (1), paragraph (a).

(3)__A redemption may occur at any time before a secured party:

(a)__Has collected collateral under section 9-1607;

(b)__Has disposed of collateral or entered into a contract for its disposition under section 9-1610; or

(c)__Has accepted collateral in full or partial satisfaction of the obligation it secures under section 9-1622.

Official Comment

1. Source. Former Section 9-506.

2. Redemption Right. Under this section, as under former Section 9-506, the debtor or another secured party may redeem collateral as long as the secured party has not collected (Section 9-607 [Maine cite section 9-1607]), disposed of or contracted for the disposition of (Section 9-610 [Maine cite section 9-1610]), or accepted (Section 9-620 [Maine cite section 9-1620]) the collateral. Although this section generally follows former Section 9506, it extends the right of redemption to holders of nonconsensual liens. To redeem the collateral a person must tender fulfillment of all obligations secured, plus certain expenses. If the entire balance of a secured obligation has been accelerated, it would be necessary to tender the entire balance. A tender of fulfillment obviously means more than a new promise to perform an existing promise. It requires payment in full of all monetary obligations then due and performance in full