§ 8.9A-623 — Right to redeem collateral

Virginia § 8.9A-623

• Jurisdiction: Virginia
• Title 8.9A: COMMERCIAL CODE — SECURED TRANSACTIONS
• Part 6: DEFAULT
• Subpart 1: DEFAULT AND ENFORCEMENT OF SECURITY INTEREST

Text

(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 § 8.9A-615 (a) (1).

(c) When redemption may occur. A redemption may occur at any time before a secured party:

(1) has collected collateral under § 8.9A-607;

(2) has disposed of collateral or entered into a contract for its disposition under § 8.9A-610; or

(3) has accepted collateral in full or partial satisfaction of the obligation it secures under § 8.9A-622.

Legislative History

1964, c. 219, § 8.9-506; 2000, c. 1007.