CODE OF VIRGINIA

SECURED PARTY’S RIGHT TO TAKE POSSESSION AFTER DEFAULT (§ 8.9A-609)

a. Possession; rendering equipment unusable; disposition on debtor’s
premises. After default, a secured party:

   1. may take possession of the collateral; and

   2. without removal, may render equipment unusable and dispose of collateral on
   a debtor’s premises under § 8.9A-610.

b. Judicial and nonjudicial process. A secured party may proceed under
subsection (a):

   1. pursuant to judicial process; or

   2. without judicial process, if it proceeds without breach of the peace.

c. Assembly of collateral. If so agreed, and in any event after default, a
secured party may require the debtor to assemble the collateral and make it
available to the secured party at a place to be designated by the secured party
which is reasonably convenient to both parties.

HISTORY: 1964, c. 219, § 8.9-503; 2000, c. 1007.