{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/8.9A-621.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/8.9A-621.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/8.9A-621.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/8.9A-621.html"}],"law_id":69990,"edition_id":1,"section_id":69990,"structure_id":15263,"section_number":"8.9A-621","catch_line":"Notification of proposal to accept collateral","history":"Code 1950, \u00a7 55-93; 1964, cc. 219, 410, \u00a7 8.9-505; 1973, c. 509; 2000, c. 1007; 2024, c. 652.","full_text":"a\n\nPersons to which proposal to be sent. A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:1\n\nany person from which the secured party has received, before the debtor consented to the acceptance, a signed notification of a claim of an interest in the collateral;2\n\nany other secured party or lienholder that, ten days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:A\n\nidentified the collateral;B\n\nwas indexed under the debtor’s name as of that date; andC\n\nwas filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and3\n\nany other secured party that, ten days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in § 8.9A-311 (a).b\n\nProposal to be sent to secondary obligor in partial satisfaction. A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in subsection (a).","order_by":null,"text":{"0":{"id":252868,"text":"Persons to which proposal to be sent. A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"next_prefix":"a1"},"1":{"id":252869,"text":"any person from which the secured party has received, before the debtor consented to the acceptance, a signed notification of a claim of an interest in the collateral;","type":"section","prefixes":["a","1"],"prefix":"1","entire_prefix":"a1","prefix_anchor":"a1","level":2,"prior_prefix":"a","next_prefix":"a2"},"2":{"id":252870,"text":"any other secured party or lienholder that, ten days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:","type":"section","prefixes":["a","2"],"prefix":"2","entire_prefix":"a2","prefix_anchor":"a2","level":2,"prior_prefix":"a1","next_prefix":"A"},"3":{"id":252871,"text":"identified the collateral;","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"prior_prefix":"a2","next_prefix":"B"},"4":{"id":252872,"text":"was indexed under the debtor’s name as of that date; and","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"5":{"id":252873,"text":"was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"C3"},"6":{"id":252874,"text":"any other secured party that, ten days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in § 8.9A-311 (a).","type":"section","prefixes":["C","3"],"prefix":"3","entire_prefix":"C3","prefix_anchor":"C3","level":2,"prior_prefix":"C","next_prefix":"b"},"7":{"id":252875,"text":"Proposal to be sent to secondary obligor in partial satisfaction. A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in subsection (a).","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"C3"}},"ancestry":[{"id":15263,"edition_id":1,"name":"Default and Enforcement of Security Interest","identifier":"1","label":"subpart","depth":3,"order_by":1,"parent_id":15262,"metadata":{},"date_created":"2026-06-26 03:53:25","date_modified":"2026-06-26 03:53:25","permalink":{"id":284295,"object_type":"structure","relational_id":15263,"identifier":"1","token":"8.9A\/6\/1","url":"\/8.9A\/6\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":15262,"edition_id":1,"name":"Default","identifier":"6","label":"part","depth":2,"order_by":1,"parent_id":13277,"metadata":{},"date_created":"2026-06-26 03:53:25","date_modified":"2026-06-26 03:53:25","permalink":{"id":284293,"object_type":"structure","relational_id":15262,"identifier":"6","token":"8.9A\/6","url":"\/8.9A\/6\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13277,"edition_id":1,"name":"Commercial Code \u2014 Secured Transactions","identifier":"8.9A","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:33","date_modified":"2026-06-26 03:44:33","permalink":{"id":283833,"object_type":"structure","relational_id":13277,"identifier":"8.9A","token":"8.9A","url":"\/8.9A\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":87391,"structure_id":15263,"section_number":"8.9A-601","catch_line":"Rights after default; judicial enforcement, consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes","url":"\/8.9A-601\/","token":"8.9A\/6\/1\/8.9A-601","metadata":false},{"id":74406,"structure_id":15263,"section_number":"8.9A-602","catch_line":"Waiver and variance of rights and duties","url":"\/8.9A-602\/","token":"8.9A\/6\/1\/8.9A-602","metadata":false},{"id":69348,"structure_id":15263,"section_number":"8.9A-603","catch_line":"Agreement on standards concerning rights and duties","url":"\/8.9A-603\/","token":"8.9A\/6\/1\/8.9A-603","metadata":false},{"id":61411,"structure_id":15263,"section_number":"8.9A-604","catch_line":"Procedure if security agreement covers real property or fixtures","url":"\/8.9A-604\/","token":"8.9A\/6\/1\/8.9A-604","metadata":false},{"id":69925,"structure_id":15263,"section_number":"8.9A-605","catch_line":"Unknown debtor or secondary obligor","url":"\/8.9A-605\/","token":"8.9A\/6\/1\/8.9A-605","metadata":false},{"id":82913,"structure_id":15263,"section_number":"8.9A-606","catch_line":"Time of default for agricultural lien","url":"\/8.9A-606\/","token":"8.9A\/6\/1\/8.9A-606","metadata":false},{"id":78656,"structure_id":15263,"section_number":"8.9A-607","catch_line":"Collection and enforcement by secured party","url":"\/8.9A-607\/","token":"8.9A\/6\/1\/8.9A-607","metadata":false},{"id":58414,"structure_id":15263,"section_number":"8.9A-608","catch_line":"Application of proceeds of collection or enforcement; liability for deficiency and right to surplus","url":"\/8.9A-608\/","token":"8.9A\/6\/1\/8.9A-608","metadata":false},{"id":76317,"structure_id":15263,"section_number":"8.9A-609","catch_line":"Secured party's right to take possession after default","url":"\/8.9A-609\/","token":"8.9A\/6\/1\/8.9A-609","metadata":false},{"id":83035,"structure_id":15263,"section_number":"8.9A-610","catch_line":"Disposition of collateral after default","url":"\/8.9A-610\/","token":"8.9A\/6\/1\/8.9A-610","metadata":false},{"id":69700,"structure_id":15263,"section_number":"8.9A-611","catch_line":"Notification before disposition of collateral","url":"\/8.9A-611\/","token":"8.9A\/6\/1\/8.9A-611","metadata":false},{"id":60808,"structure_id":15263,"section_number":"8.9A-612","catch_line":"Timeliness of notification before disposition of collateral","url":"\/8.9A-612\/","token":"8.9A\/6\/1\/8.9A-612","metadata":false},{"id":72203,"structure_id":15263,"section_number":"8.9A-613","catch_line":"Contents and form of notification before disposition of collateral; general","url":"\/8.9A-613\/","token":"8.9A\/6\/1\/8.9A-613","metadata":false},{"id":83544,"structure_id":15263,"section_number":"8.9A-614","catch_line":"Contents and form of notification before disposition of collateral; consumer-goods transaction","url":"\/8.9A-614\/","token":"8.9A\/6\/1\/8.9A-614","metadata":false},{"id":63326,"structure_id":15263,"section_number":"8.9A-615","catch_line":"Application of proceeds of disposition; liability for deficiency and right to surplus","url":"\/8.9A-615\/","token":"8.9A\/6\/1\/8.9A-615","metadata":false},{"id":58094,"structure_id":15263,"section_number":"8.9A-616","catch_line":"Explanation of calculation of surplus or deficiency","url":"\/8.9A-616\/","token":"8.9A\/6\/1\/8.9A-616","metadata":false},{"id":70895,"structure_id":15263,"section_number":"8.9A-617","catch_line":"Rights of transferee of collateral","url":"\/8.9A-617\/","token":"8.9A\/6\/1\/8.9A-617","metadata":false},{"id":74054,"structure_id":15263,"section_number":"8.9A-618","catch_line":"Rights and duties of certain secondary obligors","url":"\/8.9A-618\/","token":"8.9A\/6\/1\/8.9A-618","metadata":false},{"id":82499,"structure_id":15263,"section_number":"8.9A-619","catch_line":"Transfer of record or legal title","url":"\/8.9A-619\/","token":"8.9A\/6\/1\/8.9A-619","metadata":false},{"id":83620,"structure_id":15263,"section_number":"8.9A-620","catch_line":"Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral","url":"\/8.9A-620\/","token":"8.9A\/6\/1\/8.9A-620","metadata":false},{"id":69990,"structure_id":15263,"section_number":"8.9A-621","catch_line":"Notification of proposal to accept collateral","url":"\/8.9A-621\/","token":"8.9A\/6\/1\/8.9A-621","metadata":false},{"id":87445,"structure_id":15263,"section_number":"8.9A-622","catch_line":"Effect of acceptance of collateral","url":"\/8.9A-622\/","token":"8.9A\/6\/1\/8.9A-622","metadata":false},{"id":76014,"structure_id":15263,"section_number":"8.9A-623","catch_line":"Right to redeem collateral","url":"\/8.9A-623\/","token":"8.9A\/6\/1\/8.9A-623","metadata":false},{"id":86883,"structure_id":15263,"section_number":"8.9A-624","catch_line":"Waiver","url":"\/8.9A-624\/","token":"8.9A\/6\/1\/8.9A-624","metadata":false}],"previous_section":{"id":83620,"structure_id":15263,"section_number":"8.9A-620","catch_line":"Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral","url":"\/8.9A-620\/","token":"8.9A\/6\/1\/8.9A-620","metadata":false},"next_section":{"id":87445,"structure_id":15263,"section_number":"8.9A-622","catch_line":"Effect of acceptance of collateral","url":"\/8.9A-622\/","token":"8.9A\/6\/1\/8.9A-622","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.9A-621\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1964, chapters 219 and 410; in 1973, chapter 509; in 2000, chapter 1007<\/a>; in 2024, chapter 652<\/a>.<\/p>","references":[{"id":58431,"section_number":"8.9A-102","catch_line":"Definitions and index of definitions","order_by":null,"url":"\/8.9A-102\/"},{"id":74406,"section_number":"8.9A-602","catch_line":"Waiver and variance of rights and duties","order_by":null,"url":"\/8.9A-602\/"},{"id":83620,"section_number":"8.9A-620","catch_line":"Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral","order_by":null,"url":"\/8.9A-620\/"}],"refers_to":[{"id":59215,"section_number":"8.9A-311","catch_line":"Perfection of security interests in property subject to certain statutes, regulations, and treaties","order_by":null,"url":"\/8.9A-311\/"}],"permalink":{"id":284377,"object_type":"law","relational_id":69990,"identifier":"8.9A-621","token":"8.9A\/6\/1\/8.9A-621","url":"\/8.9A-621\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/8.9A-621\/","token":"8.9A\/6\/1\/8.9A-621","dublin_core":{"Title":"Notification of proposal to accept collateral","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.9A-621","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

a.<\/span> Persons to which proposal to be sent. A secured party<\/span> that desires to accept collateral<\/span> in full or partial satisfaction of the obligation it secures shall send its proposal to: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> any person from which the secured party<\/span> has received, before the debtor consented to the acceptance, a signed notification of a claim of an interest in the collateral<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> any other secured party<\/span> or lienholder that, ten days before the debtor consented to the acceptance, held a security interest in or other lien<\/span> on the collateral<\/span> perfected by the filing of a financing statement that: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

A.<\/span> identified the collateral<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> was indexed under the debtor’s name as of that date; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> was filed in the office or offices in which to file a financing statement against the debtor covering the collateral<\/span> as of that date; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> any other secured party<\/span> that, ten days before the debtor consented to the acceptance, held a security interest in the collateral<\/span> perfected by compliance with a statute<\/span>, regulation, or treaty described in § 8.9A-311<\/a> (a). <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> Proposal to be sent to secondary obligor in partial satisfaction. A secured party<\/span> that desires to accept collateral<\/span> in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in subsection (a). <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nNOTIFICATION OF PROPOSAL TO ACCEPT COLLATERAL (\u00a7 8.9A-621)\n\na. Persons to which proposal to be sent. A secured party that desires to accept\ncollateral in full or partial satisfaction of the obligation it secures shall\nsend its proposal to:\n\n 1. any person from which the secured party has received, before the debtor\n consented to the acceptance, a signed notification of a claim of an interest\n in the collateral;\n\n 2. any other secured party or lienholder that, ten days before the debtor\n consented to the acceptance, held a security interest in or other lien on the\n collateral perfected by the filing of a financing statement that:\n\nA. identified the collateral;\n\nB. was indexed under the debtor’s name as of that date; and\n\nC. was filed in the office or offices in which to file a financing statement\nagainst the debtor covering the collateral as of that date; and\n\n 3. any other secured party that, ten days before the debtor consented to the\n acceptance, held a security interest in the collateral perfected by compliance\n with a statute, regulation, or treaty described in § 8.9A-311 (a).\n\nb. Proposal to be sent to secondary obligor in partial satisfaction. A secured\nparty that desires to accept collateral in partial satisfaction of the\nobligation it secures shall send its proposal to any secondary obligor in\naddition to the persons described in subsection (a).\n\nHISTORY: Code 1950, \u00a7 55-93; 1964, cc. 219, 410, \u00a7 8.9-505; 1973, c. 509;\n2000, c. 1007; 2024, c. 652.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}