<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 57A-9-623 - Persons who may redeem collateral--Procedure. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073778Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2073778SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073778CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073778Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2073778DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073778Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } p.s2073778Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2073778000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073778SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073778SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2073778Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=57A-9-623"><span class="s2073778SENU">57A-9-623</span></a><span xml:space="preserve" class="s2073778SENU">. </span><span class="s2073778CL">Persons who may redeem collateral--Procedure.</span></p><p dir="ltr" class="s2073778Normal-000000"><span class="s2073778DefaultParagraphFont">(a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.</span></p><p dir="ltr" class="s2073778Normal-000001"><span class="s2073778DefaultParagraphFont">(b) To redeem collateral, a person shall tender:</span></p><p dir="ltr" class="s2073778Normal-000002"><span class="s2073778DefaultParagraphFont">(1)    Fulfillment of all obligations secured by the collateral; and</span></p><p dir="ltr" class="s2073778Normal-000002"><span class="s2073778DefaultParagraphFont">(2)    The reasonable expenses and attorney's fees described in § 57A-9-615(a)(1).</span></p><p dir="ltr" class="s2073778Normal-000001"><span class="s2073778DefaultParagraphFont">(c) A redemption may occur at any time before a secured party:</span></p><p dir="ltr" class="s2073778Normal-000002"><span xml:space="preserve" class="s2073778DefaultParagraphFont">(1)    Has collected collateral under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=57A-9-607"><span class="s2073778DefaultParagraphFont">57A-9-607</span></a><span class="s2073778DefaultParagraphFont">;</span></p><p dir="ltr" class="s2073778Normal-000002"><span xml:space="preserve" class="s2073778DefaultParagraphFont">(2)    Has disposed of collateral or entered into a contract for its disposition under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=57A-9-610"><span class="s2073778DefaultParagraphFont">57A-9-610</span></a><span class="s2073778DefaultParagraphFont">; or</span></p><p dir="ltr" class="s2073778Normal-000002"><span xml:space="preserve" class="s2073778DefaultParagraphFont">(3)    Has accepted collateral in full or partial satisfaction of the obligation it secures under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=57A-9-622"><span class="s2073778DefaultParagraphFont">57A-9-622</span></a><span class="s2073778DefaultParagraphFont">.</span></p><p dir="ltr" class="s2073778Normal"><span xml:space="preserve" class="s2073778000003"> </span></p><p dir="ltr" class="s2073778Normal"><span class="s2073778SCL">Source:</span><span xml:space="preserve" class="s2073778SCL-000004"> SL 2000, ch 231.</span></p></div></body></html>