What is Redemption?
Redemption is a legal term that describes a debtor’s action of reclaiming collateral that a creditor took legal possession of pursuant to the terms of a secured loan. Typically, a debtor must pay the creditor the fair market value of the collateral in order to redeem it. Some states have specific laws about when and how a debtor may redeem property. Sometimes a debtor must seek a court order to complete redemption.
Other Commercial FAQs
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Q:
What is the Retail Installment Sales Financing Act?
A: A Retail Installment Sales Financing Act is a state law that governs retail installment contracts. A retail installment contract is one where the lender … More
Commercial Sub-categories
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Collection Agency
Creditor Rights |
General Business Law
Uniform Commercial Code |
