Right to Redeem Collateral

1. Law
2. Georgia Code
3. Commercial Code
4. Secured Transactions
5. Default
6. Right to Redeem Collateral

1. Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
2. 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 paragraph (1) of subsection (a) of Code Section 11-9-615.
3. When redemption may occur. A redemption may occur at any time before a secured party:
   1. Has collected collateral under Code Section 11-9-607;
   2. Has disposed of collateral or entered into a contract for its disposition under Code Section 11-9-610; or
   3. Has accepted collateral in full or partial satisfaction of the obligation it secures under Code Section 11-9-622.

(Code 1981, §11-9-623, enacted by Ga. L. 2001, p. 362, § 1.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 68A Am. Jur. 2d, Secured Transactions, §§ 564-571.

C.J.S.

- 72 C.J.S., Pledges, §§ 47, 48.

U.L.A.

- Uniform Commercial Code (U.L.A.) § 9-623.

ALR.

- Validity of agreement clogging equity of redemption from mortgage or pledge of personal property, 24 A.L.R. 822.

Jurisdiction of court of state other than that in which property is located to redeem from or enforce a chattel mortgage or debt secured thereby, 69 A.L.R. 622.

Doctrine of equitable conversion as affecting right of redemption from execution or judicial sale, 138 A.L.R. 1296.

Payment or discharge of principal obligation as affecting right of the pledgee to sue or continue pending suit against the maker of the collateral pledged, or judgment previously recovered on the collateral obligations, 157 A.L.R. 261.

Redemption rights of mortgager making timely tender but of inadequate amount because of officer's mistake, 52 A.L.R.2d 1327.

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