§ 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.
History
This law was first created in 1964. The record of its establishment is cataloged in chapter 219 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1964 “Acts” aren’t available online. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2000, chapter 1007.
1964, c. 219, § 8.9-506; 2000, c. 1007.