Code of Virginia - Title 8.9A Commercial Code - Secured Transactions - Part 6 Default
- 8.9A-601 Rights after default; judicial enforcement, consignor or buyer of accounts, chattel paper, payment ...
(a) Rights of secured party after default. After default, a secured party has the rights provided in this part and, except as otherwise provided in ...
- 8.9A-602 Waiver and variance of rights and duties
Except as otherwise provided in § 8.9A-624, to the extent that they give rights to a debtor or obligor and impose duties on a secured ...
- 8.9A-603 Agreement on standards concerning rights and duties
(a) Agreed standards. The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties ...
- 8.9A-604 Procedure if security agreement covers real property or fixtures
(a) Enforcement; personal and real property. If a security agreement covers both personal and real property, a secured party may proceed: (1) under this part ...
- 8.9A-605 Unknown debtor or secondary obligor
A secured party does not owe a duty based on its status as secured party: (1) to a person that is a debtor or obligor, ...
- 8.9A-606 Time of default for agricultural lien
For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the ...
- 8.9A-607 Collection and enforcement by secured party
(a) Collection and enforcement generally. If so agreed, and in any event after default, a secured party: (1) may notify an account debtor or other ...
- 8.9A-608 Application of proceeds of collection or enforcement; liability for deficiency and right to surplu...
(a) Application of proceeds, surplus, and deficiency if obligation secured. If a security interest or agricultural lien secures payment or performance of an obligation, the ...
- 8.9A-609 Secured party's right to take possession after default
(a) Possession; rendering equipment unusable; disposition on debtor's premises. After default, a secured party: (1) may take possession of the collateral; and (2) without removal, ...
- 8.9A-610 Disposition of collateral after default
(a) Disposition after default. After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its ...
- 8.9A-611 Notification before disposition of collateral
(a) "Notification date." In this section, "notification date" means the earlier of the date on which: (1) a secured party sends to the debtor and ...
- 8.9A-612 Timeliness of notification before disposition of collateral
A notification of disposition sent after default and ten days or more before the earliest time of disposition set forth in the notification is considered ...
- 8.9A-613 Contents and form of notification before disposition of collateral; general
Except in a consumer-goods transaction, the following rules apply: (1) The contents of a notification of disposition are sufficient if the notification: (A) describes the ...
- 8.9A-614 Contents and form of notification before disposition of collateral; consumer-goods transactio...
In a consumer-goods transaction, the following rules apply: (1) A notification of disposition must provide the following information: (A) the information specified in § 8.9A-613 ...
- 8.9A-615 Application of proceeds of disposition; liability for deficiency and right to surplus
(a) Application of proceeds. A secured party shall apply or pay over for application the cash proceeds of disposition under § 8.9A-610 in the following ...
- 8.9A-616 Explanation of calculation of surplus or deficiency
(a) Definitions. In this section: (1) "Explanation" means a writing that: (A) states the amount of the surplus or deficiency; (B) provides an explanation in ...
- 8.9A-617 Rights of transferee of collateral
(a) Effects of disposition. A secured party's disposition of collateral after default: (1) transfers to a transferee for value all of the debtor's rights in ...
- 8.9A-618 Rights and duties of certain secondary obligors
(a) Rights and duties of secondary obligor. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after ...
- 8.9A-619 Transfer of record or legal title
(a) "Transfer statement." In this section, "transfer statement" means a record authenticated by a secured party stating: (1) that the debtor has defaulted in connection ...
- 8.9A-620 Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of c...
(a) Conditions to acceptance in satisfaction. Except as otherwise provided in subsection (g), a secured party may accept collateral in full or partial satisfaction of ...
- 8.9A-621 Notification of proposal to accept collateral
(a) Persons to which proposal to be sent. A secured party that desires to accept collateral in full or partial satisfaction of the obligation it ...
- 8.9A-622 Effect of acceptance of collateral
(a) Effect of acceptance. A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures: (1) discharges the obligation to ...
- 8.9A-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 ...
- 8.9A-624 Waiver
(a) Waiver of disposition notification. A debtor or secondary obligor may waive the right to notification of disposition of collateral under § 8.9A-611 only by ...
- 8.9A-625 Remedies for secured party's failure to comply with title
(a) Judicial orders concerning noncompliance. If it is established that a secured party is not proceeding in accordance with this title, a court may order ...
- 8.9A-626 Action in which deficiency or surplus is in issue
Applicable rules if amount of deficiency or surplus in issue. In an action arising from a transaction in which the amount of a deficiency or ...
- 8.9A-627 Determination of whether conduct was commercially reasonable
(a) Greater amount obtainable under other circumstances; no preclusion of commercial reasonableness. The fact that a greater amount could have been obtained by a collection, ...
- 8.9A-628 Nonliability and limitation on liability of secured party; liability of secondary obligor
(a) Limitation of liability of secured party for noncompliance with title. Unless a secured party knows that a person is a debtor or obligor, knows ...
Last modified: April 3, 2009