Section 34.1-9-628 – Nonliability and Limitation on Liability of Secured Party; Liability of Secondary Obligor.
34.1-9-628. Nonliability and limitation on liability of secured party; liability of secondary obligor. (a) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person: (i) The secured party is not liable to the person, or to a secured […]
Section 34.1-9-623 – Right to Redeem Collateral.
34.1-9-623. Right to redeem collateral. (a) A debtor, any secondary obligor or any other secured party or lienholder may redeem collateral. (b) To redeem collateral, a person shall tender: (i) Fulfillment of all obligations secured by the collateral; and (ii) The reasonable expenses and attorney’s fees described in section 34.1-9-615(a)(i). (c) A redemption may occur […]
Section 34.1-9-624 – Waiver.
34.1-9-624. Waiver. (a) A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 34.1-9-611 only by an agreement to that effect entered into and authenticated after default. (b) A debtor may waive the right to require disposition of collateral under section 34.1-9-620(e) only by an agreement to that […]
Section 34.1-9-625 – Remedies for Secured Party’s Failure to Comply With Article.
34.1-9-625. Remedies for secured party’s failure to comply with article. (a) If it is established that a secured party is not proceeding in accordance with this article, a court may order or restrain collection, enforcement or disposition of collateral on appropriate terms and conditions. (b) Subject to subsections (c), (d) and (f), a person is […]
Section 34.1-9-626 – Action in Which Deficiency or Surplus Is in Issue.
34.1-9-626. Action in which deficiency or surplus is in issue. (a) In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply: (i) A secured party need not prove compliance with the provisions of this part relating to […]
Section 34.1-9-627 – Determination of Whether Conduct Was Commercially Reasonable.
34.1-9-627. Determination of whether conduct was commercially reasonable. (a) The fact that a greater amount could have been obtained by a collection, enforcement, disposition or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that […]
Section 34.1-9-618 – Rights and Duties of Certain Secondary Obligors.
34.1-9-618. Rights and duties of certain secondary obligors. (a) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (i) Receives an assignment of a secured obligation from the secured party; (ii) Receives a transfer of collateral from the secured party and agrees to […]
Section 34.1-9-619 – Transfer of Record or Legal Title.
34.1-9-619. Transfer of record or legal title. (a) In this section, “transfer statement” means a record authenticated by a secured party stating: (i) That the debtor has defaulted in connection with an obligation secured by specified collateral; (ii) That the secured party has exercised its post-default remedies with respect to the collateral; (iii) That, by […]
Section 34.1-9-620 – Acceptance of Collateral in Full or Partial Satisfaction of Obligation; Compulsory Disposition of Collateral.
34.1-9-620. Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral. (a) Except as otherwise provided in subsection (g), a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: (i) The debtor consents to the acceptance under subsection (c); (ii) The secured party […]
Section 34.1-9-621 – Notification of Proposal to Accept Collateral.
34.1-9-621. Notification of proposal to accept collateral. (a) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: (i) Any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of […]