1. (a) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.

2. (b) Requirements for redemption. To redeem collateral, a person shall tender:

   1. (1) fulfillment of all obligations secured by the collateral; and
   2. (2) the reasonable expenses and attorney’s fees described in Section 7-9A-615(a)(1).

3. (c) When redemption may occur. A redemption may occur at any time before a secured party:

   1. (1) has collected collateral under Section 7-9A-607;
   2. (2) has disposed of collateral or entered into a contract for its disposition under Section 7-9A-610; or
   3. (3) has accepted collateral in full or partial satisfaction of the obligation it secures under Section 7-9A-622.

(Act 2001-481, p. 647, §1.)