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Illinois Compiled Statutes

810 ILCS 5/9-623 (2026)

Right to redeem collateral

✓ current as of May 2026
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(810 ILCS 5/9-623)
    Sec. 9-623. Right to redeem collateral.
    (a) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
    (b) 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 Section 9-615(a)(1).
    (c) When redemption may occur. A redemption may occur at any time before a secured party:
        (1) has collected collateral under Section 9-607;
        (2) has disposed of collateral or entered into a
    
contract for its disposition under Section 9-610; or
        (3) has accepted collateral in full or partial
    
satisfaction of the obligation it secures under Section 9-622.
(Source: P.A. 91-893, eff. 7-1-01.)

    
Notes of Decisions
Cited in 2 cases (1 in the last 5 years), 2012–2024 · leading case: In re Williams, 474 B.R. 604 (Bankr. N.D. Ill. 2012).
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In re Williams, 474 B.R. 604 (Bankr. N.D. Ill. 2012). “810 ILCS 5/9-623(a). This right to redemption may be exercised at any time *606 before the secured creditor disposes of the collateral, but the secondary obligor must satisfy all of the outstanding obligations secured by the collateral, including expenses and attorneys’ fees.”
Landmark Credit Union v. Burnidge, 2024 IL App (2d) 240123-U (Ill. App. Ct. 2024). “” In particular, defendant argued that the sale notification “imposed an illegal 21-day deadline for him to redeem the vehicle,” in violation of section 9- 623(c) of the UCC (810 ILCS 5/9-623(c) (West 2020)), which provides that a debtor may redeem collateral “at any time before…”
— 810 ILCS 5/9-623(a) — 1 case
In re Williams, 474 B.R. 604 (Bankr. N.D. Ill. 2012). “810 ILCS 5/9-623(a). This right to redemption may be exercised at any time *606 before the secured creditor disposes of the collateral, but the secondary obligor must satisfy all of the outstanding obligations secured by the collateral, including expenses and attorneys’ fees.”
— 810 ILCS 5/9-623(c) — 1 case
Landmark Credit Union v. Burnidge, 2024 IL App (2d) 240123-U (Ill. App. Ct. 2024). “” In particular, defendant argued that the sale notification “imposed an illegal 21-day deadline for him to redeem the vehicle,” in violation of section 9- 623(c) of the UCC (810 ILCS 5/9-623(c) (West 2020)), which provides that a debtor may redeem collateral “at any time before…”
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