reglab/housing_qa huggingface dataset:
VA Code § 8.9A-607 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Default and Enforcement of Security Interest|§ 8.9A-607. Collection and enforcement by secured party

(a) Collection and enforcement generally. If so agreed, and in any event after default, a secured party:(1) may notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party;(2) may take any proceeds to which the secured party is entitled under § 8.9A-315;(3) may enforce the obligations of an account debtor or other person obligated on collateral and exercise the rights of the debtor with respect to the obligation of the account debtor or other person obligated on collateral to make payment or otherwise render performance to the debtor, and with respect to any property that secures the obligations of the account debtor or other person obligated on the collateral;(4) if it holds a security interest in a deposit account perfected by control under § 8.9A-104 (a) (1), may apply the balance of the deposit account to the obligation secured by the deposit account; and(5) if it holds a security interest in a deposit account perfected by control under § 8.9A-104 (a) (2) or (3), may instruct the bank to pay the balance of the deposit account to or for the benefit of the secured party.(b) Nonjudicial enforcement of mortgage. If necessary to enable a secured party to exercise under subsection (a)(3) the right of a debtor to enforce a mortgage nonjudicially, the secured party may record in the office in which a record of the mortgage is recorded:(1) a copy of the security agreement that creates or provides for a security interest in the obligation secured by the mortgage; and(2) the secured party's sworn affidavit in recordable form stating that:(A) a default has occurred with respect to the obligation secured by the mortgage; and(B) the secured party is entitled to enforce the mortgage nonjudicially.(c) Commercially reasonable collection and enforcement. A secured party shall proceed in a commercially reasonable manner if the secured party:(1) undertakes to collect from or enforce an obligation of an account debtor or other person obligated on collateral; and(2) is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor.(d) Expenses of collection and enforcement. A secured party may deduct from the collections made pursuant to subsection (c) reasonable expenses of collection and enforcement, including reasonable attorney's fees and legal expenses incurred by the secured party.(e) Duties to secured party not affected. This section does not determine whether an account debtor, bank, or other person obligated on collateral owes a duty to a secured party.1964, c. 219, § 8.9-502; 1973, c. 509; 2000, c. 1007; 2012, c. 155.
VA Code § 8.9A-608 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Default and Enforcement of Security Interest|§ 8.9A-608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus

(a) Application of proceeds, surplus, and deficiency if obligation secured. If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply:(1) A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under § 8.9A-607 in the following order to:(A) the reasonable expenses of collection and enforcement and, to the extent provided for by agreement and not prohibited by law, reasonable attorney's fees and legal expenses incurred by the secured party;(B) the satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made; and(C) the satisfaction of obligations secured by any subordinate security interest in or other lien on the collateral subject to the security interest or agricultural lien under which the collection or enforcement is made if the secured party receives an authenticated demand for proceeds before distribution of the proceeds is completed.(2) If requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder complies, the secured party need not comply with the holder's demand under subsection (a) (1) (C).(3) A secured party need not apply or pay over for application noncash proceeds of collection and enforcement under § 8.9A-607 unless the failure to do so would be commercially unreasonable. A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.(4) A secured party shall account to and pay a debtor for any surplus, and the obligor is liable for any deficiency.(b) No surplus or deficiency in sales of certain rights to payment. If the underlying transaction is a sale of accounts, chattel paper, payment intangibles, or promissory notes, the debtor is not entitled to any surplus, and the obligor is not liable for any deficiency.2000, c. 1007.
VA Code § 8.9A-609 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Default and Enforcement of Security Interest|§ 8.9A-609. Secured party's right to take possession after default

(a) Possession; rendering equipment unusable; disposition on debtor's premises. After default, a secured party:(1) may take possession of the collateral; and(2) without removal, may render equipment unusable and dispose of collateral on a debtor's premises under § 8.9A-610.(b) Judicial and nonjudicial process. A secured party may proceed under subsection (a):(1) pursuant to judicial process; or(2) without judicial process, if it proceeds without breach of the peace.(c) Assembly of collateral. If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties.1964, c. 219, § 8.9-503; 2000, c. 1007.
VA Code § 8.9A-610 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Default and Enforcement of Security Interest|§ 8.9A-610. Disposition of collateral after default

(a) Disposition after default. After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing.(b) Commercially reasonable disposition. Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be commercially reasonable. If commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by one or more contracts, as a unit or in parcels, and at any time and place and on any terms.(c) Purchase by secured party. A secured party may purchase collateral:(1) at a public disposition; or(2) at a private disposition only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations.(d) Warranties on disposition. A contract for sale, lease, license, or other disposition includes the warranties relating to title, possession, quiet enjoyment, and the like which by operation of law accompany a voluntary disposition of property of the kind subject to the contract.(e) Disclaimer of warranties. A secured party may disclaim or modify warranties under subsection (d):(1) in a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition; or(2) by communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties.(f) Record sufficient to disclaim warranties. A record is sufficient to disclaim warranties under subsection (e) if it indicates "There is no warranty relating to title, possession, quiet enjoyment, or the like in this disposition" or uses words of similar import.1964, c. 219, § 8.9-504; 1973, c. 509; 2000, c. 1007.
VA Code § 8.9A-611 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Default and Enforcement of Security Interest|§ 8.9A-611. Notification before disposition of collateral

(a) "Notification date." In this section, "notification date" means the earlier of the date on which:(1) a secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or(2) the debtor and any secondary obligor waive the right to notification.(b) Notification of disposition required. Except as otherwise provided in subsection (d), a secured party that disposes of collateral under § 8.9A-610 shall send to the persons specified in subsection (c) a reasonable authenticated notification of disposition.(c) Persons to be notified. To comply with subsection (b), the secured party shall send an authenticated notification of disposition to:(1) the debtor;(2) any secondary obligor; and(3) if the collateral is other than consumer goods:(A) any other person from which the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral;(B) any other secured party or lienholder that, ten days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:(i) identified the collateral;(ii) was indexed under the debtor's name as of that date; and(iii) was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and(C) any other secured party that, ten days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in § 8.9A-311 (a).(d) Subsection (b) inapplicable; perishable collateral; recognized market. Subsection (b) does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.(e) Compliance with subsection (c) (3) (B). A secured party complies with the requirement for notification prescribed by subsection (c) (3) (B) if:(1) not later than twenty days or earlier than thirty days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor's name in the office indicated in subsection (c) (3) (B); and(2) before the notification date, the secured party:(A) did not receive a response to the request for information; or(B) received a response to the request for information and sent an authenticated notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.1964, c. 219, § 8.9-504; 1973, c. 509; 2000, c. 1007.
VA Code § 8.9A-612 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Default and Enforcement of Security Interest|§ 8.9A-612. Timeliness of notification before disposition of collateral

A notification of disposition sent after default and ten days or more before the earliest time of disposition set forth in the notification is considered sent within a reasonable time before the disposition.2000, c. 1007.
VA Code § 8.9A-613 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Default and Enforcement of Security Interest|§ 8.9A-613. Contents and form of notification before disposition of collateral; general

Except in a consumer-goods transaction, the following rules apply:(1) The contents of a notification of disposition are sufficient if the notification:(A) describes the debtor and the secured party;(B) describes the collateral that is the subject of the intended disposition;(C) states the method of intended disposition;(D) states that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and(E) states the time and place of a public disposition or the time after which any other disposition is to be made.(2) Whether the contents of a notification that lacks any of the information specified in paragraph (1) are nevertheless sufficient is a question of fact.(3) The contents of a notification providing substantially the information specified in paragraph (1) are sufficient, even if the notification includes:(A) information not specified by that paragraph; or(B) minor errors that are not seriously misleading.(4) A particular phrasing of the notification is not required.(5) The following form of notification and the form appearing in § 8.9A-614 (3), when completed, each provides sufficient information:NOTIFICATION OF DISPOSITION OF COLLATERALTo: Name of debtor, obligor, or other person to whichthe notification is sentFrom: Name, address, and telephone number of secured partyName ofDebtor(s): Include only if debtor(s) are not an addresseeFor a public disposition:We will sell or lease or license, as applicable, the (describe collateral) to the highest qualified bidder in public as follows:Day and Date: Time: Place: For a private disposition:We will sell or lease or license, as applicable, the (describe collateral) privately sometime after (day and date).You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell or lease or license, as applicable, for a charge of $. You may request an accounting by calling us at (telephone number).2000, c. 1007.
VA Code § 8.9A-617 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Default and Enforcement of Security Interest|§ 8.9A-617. Rights of transferee of collateral

(a) Effects of disposition. A secured party's disposition of collateral after default:(1) transfers to a transferee for value all of the debtor's rights in the collateral;(2) discharges the security interest under which the disposition is made; and(3) discharges any subordinate security interest or other subordinate lien.(b) Rights of good-faith transferee. A transferee that acts in good faith takes free of the rights and interests described in subsection (a), even if the secured party fails to comply with this title or the requirements of any judicial proceeding.(c) Rights of other transferee. If a transferee does not take free of the rights and interests described in subsection (a), the transferee takes the collateral subject to:(1) the debtor's rights in the collateral;(2) the security interest or agricultural lien under which the disposition is made; and(3) any other security interest or other lien.1964, c. 219, § 8.9-504; 1973, c. 509; 2000, c. 1007.
VA Code § 8.9A-618 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Default and Enforcement of Security Interest|§ 8.9A-618. Rights and duties of certain secondary obligors

(a) Rights and duties of secondary obligor. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:(1) receives an assignment of a secured obligation from the secured party;(2) receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or(3) is subrogated to the rights of the secured party with respect to collateral.(b) Effect of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described in subsection (a):(1) is not a disposition of collateral under § 8.9A-610; and(2) relieves the secured party of further duties under this title.1964, c. 219, § 8.9-504; 1973, c. 509; 2000, c. 1007.
VA Code § 8.9A-619 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Default and Enforcement of Security Interest|§ 8.9A-619. Transfer of record or legal title

(a) "Transfer statement." In this section, "transfer statement" means a record authenticated by a secured party stating:(1) that the debtor has defaulted in connection with an obligation secured by specified collateral;(2) that the secured party has exercised its postdefault remedies with respect to the collateral;(3) that, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and(4) the name and mailing address of the secured party, debtor, and transferee.(b) Effect of transfer statement. A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the collateral specified in the statement in any official filing, recording, registration, or certificate-of-title system covering the collateral. If a transfer statement is presented with the applicable fee and request form to the official or office responsible for maintaining the system, the official or office shall:(1) accept the transfer statement;(2) promptly amend its records to reflect the transfer; and(3) if applicable, issue a new appropriate certificate of title in the name of the transferee.(c) Transfer not a disposition; no relief of secured party's duties. A transfer of the record or legal title to collateral to a secured party under subsection (b) or otherwise is not of itself a disposition of collateral under this title and does not of itself relieve the secured party of its duties under this title.2000, c. 1007.
VA Code § 8.9A-621 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Default and Enforcement of Security Interest|§ 8.9A-621. Notification of proposal to accept collateral

(a) Persons to which proposal to be sent. A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:(1) any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral;(2) any other secured party or lienholder that, ten days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:(A) identified the collateral;(B) was indexed under the debtor's name as of that date; and(C) was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and(3) any other secured party that, ten days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in § 8.9A-311 (a).(b) Proposal to be sent to secondary obligor in partial satisfaction. A secured party that desires to accept collateral 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).Code 1950, § 55-93; 1964, cc. 219, 410, § 8.9-505; 1973, c. 509; 2000, c. 1007.
VA Code § 8.9A-622 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Default and Enforcement of Security Interest|§ 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.2000, c. 1007.
VA Code § 8.9A-623 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Default and Enforcement of Security Interest|§ 8.9A-623. Right to redeem collateral

(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-622.1964, c. 219, § 8.9-506; 2000, c. 1007.
VA Code § 8.9A-624 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Default and Enforcement of Security Interest|§ 8.9A-624. Waiver

(a) Waiver of disposition notification. A debtor or secondary obligor may waive the right to notification of disposition of collateral under § 8.9A-611 only by an agreement to that effect entered into and authenticated after default.(b) Waiver of mandatory disposition. A debtor may waive the right to require disposition of collateral under § 8.9A-620 (e) only by an agreement to that effect entered into and authenticated after default.(c) Waiver of redemption right. Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under § 8.9A-623 only by an agreement to that effect entered into and authenticated after default.Code 1950, § 55-93; 1964, c. 219, §§ 8.9-504, 8.9-505, 8.9-506; 1964, c. 410, § 8.9-505; 1973, c. 509, §§ 8.9-504, 8.9-505; 2000, c. 1007.
VA Code § 8.9A-625 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 2 - Noncompliance with Title|§ 8.9A-625. Remedies for secured party's failure to comply with title

(a) Judicial orders concerning noncompliance. If it is established that a secured party is not proceeding in accordance with this title, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions.(b) Damages for noncompliance. Subject to subsections (c), (d), and (f), a person is liable for damages in the amount of any loss caused by a failure to comply with this title. Loss caused by a failure to comply may include loss resulting from the debtor's inability to obtain, or increased costs of, alternative financing.(c) Persons entitled to recover damages; statutory damages in consumer-goods transaction. Except as otherwise provided in § 8.9A-628:(1) a person that, at the time of the failure, was a debtor, was an obligor, or held a security interest in or other lien on the collateral may recover damages under subsection (b) for its loss; and(2) if the collateral is consumer goods, a person that was a debtor or a secondary obligor at the time a secured party failed to comply with this part may recover for that failure in any event an amount not less than the credit service charge plus ten percent of the principal amount of the obligation or the time-price differential plus ten percent of the cash price.(d) Recovery when deficiency eliminated or reduced. A debtor whose deficiency is eliminated under § 8.9A-626 may recover damages for the loss of any surplus. However, a debtor or secondary obligor whose deficiency is eliminated or reduced under § 8.9A-626 may not otherwise recover under subsection (b) for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance.(e) Limitation of security interest; noncompliance with § 8.9A-210. If a secured party fails to comply with a request regarding a list of collateral or a statement of account under § 8.9A-210, the secured party may claim a security interest only as shown in the list or statement included in the request as against a person that is reasonably misled by the failure.1964, c. 219, § 8.9-507; 2000, c. 1007.