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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>69990</law_id><section_number>8.9A-621</section_number><catch_line>Notification of proposal to accept collateral</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>8.9A-102</reference><reference>8.9A-602</reference><reference>8.9A-620</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="8.9A">Commercial Code &#x2014; Secured Transactions</unit><unit label="part" level="2" order_by="1" identifier="6">Default</unit><unit label="subpart" level="3" order_by="1" identifier="1">Default and Enforcement of Security Interest</unit></structure><text>
						<section id="a"><p><span class="prefix-number">a.</span> Persons to which proposal to be sent. A secured <span class="dictionary">party</span> that desires to accept <span class="dictionary">collateral</span> in full or partial satisfaction of the obligation it secures shall send its proposal to: <a id="paragraph-252868" class="section-permalink" href="https://vacode.org/8.9A-621/#a"><i class="fa fa-link"/></a></p></section>
						<section id="a1" class="indent-1"><p><span class="prefix-number">1.</span> any person from which the secured <span class="dictionary">party</span> has received, before the debtor consented to the acceptance, a signed notification of a claim of an interest in the <span class="dictionary">collateral</span>; <a id="paragraph-252869" class="section-permalink" href="https://vacode.org/8.9A-621/#a1"><i class="fa fa-link"/></a></p></section>
						<section id="a2" class="indent-1"><p><span class="prefix-number">2.</span> any other secured <span class="dictionary">party</span> or lienholder that, ten days before the debtor consented to the acceptance, held a security interest in or other <span class="dictionary">lien</span> on the <span class="dictionary">collateral</span> perfected by the filing of a financing statement that: <a id="paragraph-252870" class="section-permalink" href="https://vacode.org/8.9A-621/#a2"><i class="fa fa-link"/></a></p></section>
						<section id="A"><p><span class="prefix-number">A.</span> identified the <span class="dictionary">collateral</span>; <a id="paragraph-252871" class="section-permalink" href="https://vacode.org/8.9A-621/#A"><i class="fa fa-link"/></a></p></section>
						<section id="B"><p><span class="prefix-number">B.</span> was indexed under the debtor&#x2019;s name as of that date; and <a id="paragraph-252872" class="section-permalink" href="https://vacode.org/8.9A-621/#B"><i class="fa fa-link"/></a></p></section>
						<section id="C"><p><span class="prefix-number">C.</span> was filed in the office or offices in which to file a financing statement against the debtor covering the <span class="dictionary">collateral</span> as of that date; and <a id="paragraph-252873" class="section-permalink" href="https://vacode.org/8.9A-621/#C"><i class="fa fa-link"/></a></p></section>
						<section id="C3" class="indent-1"><p><span class="prefix-number">3.</span> any other secured <span class="dictionary">party</span> that, ten days before the debtor consented to the acceptance, held a security interest in the <span class="dictionary">collateral</span> perfected by compliance with a <span class="dictionary">statute</span>, regulation, or treaty described in &#xA7; <a class="law" title="Perfection of security interests in property subject to certain statutes, regulations, and treaties" href="/8.9A-311/">8.9A-311</a> (a). <a id="paragraph-252874" class="section-permalink" href="https://vacode.org/8.9A-621/#C3"><i class="fa fa-link"/></a></p></section>
						<section id="b"><p><span class="prefix-number">b.</span> Proposal to be sent to secondary obligor in partial satisfaction. A secured <span class="dictionary">party</span> that desires to accept <span class="dictionary">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). <a id="paragraph-252875" class="section-permalink" href="https://vacode.org/8.9A-621/#b"><i class="fa fa-link"/></a></p></section></text><history>Code 1950, &#xA7; 55-93; 1964, cc. 219, 410, &#xA7; 8.9-505; 1973, c. 509; 2000, c. 1007; 2024, c. 652.</history><metadata></metadata></law>
