Va. Code § 8.9A-622

Current with changes from the 2024 Special Session I, ch. 2
Section 8.9A-622 - Effect of acceptance of collateral
(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.

Va. Code § 8.9A-622

2000, c. 1007.
Amended by Acts 2000, § c.1007.