CODE OF VIRGINIA

RIGHT TO REDEEM COLLATERAL (§ 8.9A-623)

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