Code of Virginia

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Code of Virginia
Title 8.9A. Commercial Code — Secured Transactions
Part 6. Default
Part 1. Default and Enforcement of Security Interest
7/5/2022

§ 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 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.

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

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.