Skip to main content
Find a Lawyer

Virginia Code Title 8.9A. Commercial Code Secured Transactions § 8.9A-622. Effect of acceptance of collateral

Current as of January 01, 2020 | Updated by FindLaw Staff

(a) Effect of acceptance.  A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:

(1) discharges the obligation to the extent consented to by the debtor;

(2) transfers to the secured party all of a debtor's rights in the collateral;

(3) discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien;  and

(4) terminates any other subordinate interest.

(b) 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.

Back to chapter list
Previous part of code Next part of code
Back to chapter list

Cite this article: FindLaw.com - Virginia Code Title 8.9A. Commercial Code Secured Transactions § 8.9A-622. Effect of acceptance of collateral - last updated January 01, 2020 | https://codes.findlaw.com/va/title-8-9a-commercial-code-secured-transactions/va-code-sect-8-9a-622/

Read this complete Virginia Code Title 8.9A. Commercial Code Secured Transactions § 8.9A-622. Effect of acceptance of collateral on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

Was this helpful?

Search all Virginia Codes

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About the Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to find an attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

    More Options
    Copied to clipboard