Section 1-9-623 - Right to redeem collateral(a) A debtor, any secondary obligor, or any 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's fees described in paragraph (1) of subsection (a) of Section 1-9-615 of this title.(c) A redemption may occur at any time before a secured party: (1) has collected collateral under Section 1-9-607 of this title;(2) has disposed of collateral or entered into a contract for its disposition under Section 1-9-610 of this title; or(3) has accepted collateral in full or partial satisfaction of the obligation it secures under Section 1-9-622 of this title.Okla. Stat. tit. 12A, § 1-9-623
Added by Laws 2000 , SB 1519, c. 371, § 130, eff. 7/1/2001.Oklahoma Code Comment
Section 9-623, former section 9-506 , adds secondary obligors and lien holders as parties entitled to redeem collateral. The term "Secondary Obligor" is defined in section 9-102(a)(71) .
See Ivey v. Henry's Diesel Service, Inc., 418 p-2d 634 (Okla. 1966) (The unconditional tender of the amount of an obligation made by one having a legal right to make the tender extinguishes a lien on personal property that provides a security for payment of the obligation).