{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/8.9A-622.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/8.9A-622.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/8.9A-622.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/8.9A-622.html"}],"law_id":87445,"edition_id":1,"section_id":87445,"structure_id":15263,"section_number":"8.9A-622","catch_line":"Effect of acceptance of collateral","history":"2000, c. 1007.","full_text":"a\n\nEffect of acceptance. A secured party&#8217;s acceptance of collateral in full or partial satisfaction of the obligation it secures:1\n\ndischarges the obligation to the extent consented to by the debtor;2\n\ntransfers to the secured party all of a debtor&#8217;s rights in the collateral;3\n\ndischarges the security interest or agricultural lien that is the subject of the debtor&#8217;s consent and any subordinate security interest or other subordinate lien; and4\n\nterminates any other subordinate interest.b\n\nDischarge of subordinate interest notwithstanding noncompliance. A subordinate interest is discharged or terminated under subsection (a), even if the secured party fails to comply with this title.","order_by":null,"text":{"0":{"id":313041,"text":"Effect of acceptance. A secured party&#8217;s acceptance of collateral in full or partial satisfaction of the obligation it secures:","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"next_prefix":"a1"},"1":{"id":313042,"text":"discharges the obligation to the extent consented to by the debtor;","type":"section","prefixes":["a","1"],"prefix":"1","entire_prefix":"a1","prefix_anchor":"a1","level":2,"prior_prefix":"a","next_prefix":"a2"},"2":{"id":313043,"text":"transfers to the secured party all of a debtor&#8217;s rights in the collateral;","type":"section","prefixes":["a","2"],"prefix":"2","entire_prefix":"a2","prefix_anchor":"a2","level":2,"prior_prefix":"a1","next_prefix":"a3"},"3":{"id":313044,"text":"discharges the security interest or agricultural lien that is the subject of the debtor&#8217;s consent and any subordinate security interest or other subordinate lien; and","type":"section","prefixes":["a","3"],"prefix":"3","entire_prefix":"a3","prefix_anchor":"a3","level":2,"prior_prefix":"a2","next_prefix":"a4"},"4":{"id":313045,"text":"terminates any other subordinate interest.","type":"section","prefixes":["a","4"],"prefix":"4","entire_prefix":"a4","prefix_anchor":"a4","level":2,"prior_prefix":"a3","next_prefix":"b"},"5":{"id":313046,"text":"Discharge of subordinate interest notwithstanding noncompliance. A subordinate interest is discharged or terminated under subsection (a), even if the secured party fails to comply with this title.","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"a4"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.9A-622\/","history_text":"<p>This law was first created in 2000. The record of its establishment is cataloged in chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?001+ful+CHAP1007\">1007<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":74406,"section_number":"8.9A-602","catch_line":"Waiver and variance of rights and duties","order_by":null,"url":"\/8.9A-602\/"},{"id":76014,"section_number":"8.9A-623","catch_line":"Right to redeem collateral","order_by":null,"url":"\/8.9A-623\/"}],"refers_to":false,"permalink":{"id":284381,"object_type":"law","relational_id":87445,"identifier":"8.9A-622","token":"8.9A\/6\/1\/8.9A-622","url":"\/8.9A-622\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/8.9A-622\/","token":"8.9A\/6\/1\/8.9A-622","dublin_core":{"Title":"Effect of acceptance of collateral","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.9A-622","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"a\"><p><span class=\"prefix-number\">a.<\/span> Effect of acceptance. A secured <span class=\"dictionary\">party<\/span>&#8217;s acceptance of <span class=\"dictionary\">collateral<\/span> in full or partial satisfaction of the obligation it secures: <a id=\"paragraph-313041\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/8.9A-622\/#a\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"a1\" class=\"indent-1\"><p><span class=\"prefix-number\">1.<\/span> discharges the obligation to the extent consented to by the debtor; <a id=\"paragraph-313042\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/8.9A-622\/#a1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"a2\" class=\"indent-1\"><p><span class=\"prefix-number\">2.<\/span> transfers to the secured <span class=\"dictionary\">party<\/span> all of a debtor&#8217;s rights in the <span class=\"dictionary\">collateral<\/span>; <a id=\"paragraph-313043\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/8.9A-622\/#a2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"a3\" class=\"indent-1\"><p><span class=\"prefix-number\">3.<\/span> discharges the security interest or agricultural <span class=\"dictionary\">lien<\/span> that is the subject of the debtor&#8217;s consent and any subordinate security interest or other subordinate <span class=\"dictionary\">lien<\/span>; and <a id=\"paragraph-313044\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/8.9A-622\/#a3\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"a4\" class=\"indent-1\"><p><span class=\"prefix-number\">4.<\/span> terminates any other subordinate interest. <a id=\"paragraph-313045\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/8.9A-622\/#a4\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"b\"><p><span class=\"prefix-number\">b.<\/span> Discharge of subordinate interest notwithstanding noncompliance. A subordinate interest is discharged or terminated under subsection (a), even if the secured <span class=\"dictionary\">party<\/span> fails to comply with this title. <a id=\"paragraph-313046\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/8.9A-622\/#b\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nEFFECT OF ACCEPTANCE OF COLLATERAL (\u00a7 8.9A-622)\n\na. Effect of acceptance. A secured party&#8217;s acceptance of collateral in\nfull or partial satisfaction of the obligation it secures:\n\n   1. discharges the obligation to the extent consented to by the debtor;\n\n   2. transfers to the secured party all of a debtor&#8217;s rights in the\n   collateral;\n\n   3. discharges the security interest or agricultural lien that is the subject\n   of the debtor&#8217;s consent and any subordinate security interest or other\n   subordinate lien; and\n\n   4. terminates any other subordinate interest.\n\nb. Discharge of subordinate interest notwithstanding noncompliance. A\nsubordinate interest is discharged or terminated under subsection (a), even if\nthe secured party fails to comply with this title.\n\nHISTORY: 2000, c. 1007.","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}}