(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's fees described in G.S. 25-9-615(a)(1). (c) When redemption may occur. - A redemption may occur at any time before a secured party: (1) Has collected collateral under G.S. 25-9-607; (2) Has disposed of collateral or entered into a contract for its disposition under G.S. 25-9-610; or (3) Has accepted collateral in full or partial satisfaction of the obligation it secures under G.S. 25-9-622.
‹ Prev All North Carolina sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.