2.7 Retention of the Collateral in Full or Partial Satisfaction of Obligations

• Library: Enforcement of Liens and Judgments in Virginia (Virginia CLE) (2019 Ed.)

2.7 RETENTION OF THE COLLATERAL IN FULL OR PARTIAL SATISFACTION OF OBLIGATIONS

2.701 Proposal to Retain Collateral. section 8.9A-620 of the Virginia Code provides that a secured party in possession of any type of collateral (other than in consumer goods transactions) may, after default, propose to retain the collateral in full or partial satisfaction of the obligation secured.

The proposal must be in writing and be sent to the debtor, any secondary obligor, and any other secured party who has provided authenticated notification of an interest in the collateral to the secured party, or who has filed a financing...