8.9A-601 - A-601. Rights after default; judicial enforcement, consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes. - Virginia Statutes

§ 8.9A-601. Rights after default; judicial enforcement, consignor or buyer ofaccounts, chattel paper, payment intangibles, or promissory notes.

(a) Rights of secured party after default. After default, a secured party hasthe rights provided in this part and, except as otherwise provided in §8.9A-602, those provided by agreement of the parties. A secured party:

(1) may reduce a claim to judgment, foreclose, or otherwise enforce theclaim, security interest, or agricultural lien by any available judicialprocedure; and

(2) if the collateral is documents, may proceed either as to the documents oras to the goods they cover.

(b) Rights and duties of secured party in possession or control. A securedparty in possession of collateral or control of collateral under §§ 8.7-106,8.9A-104, 8.9A-105, 8.9A-106, or § 8.9A-107 has the rights and dutiesprovided in § 8.9A-207.

(c) Rights cumulative; simultaneous exercise. The rights under subsections(a) and (b) are cumulative and may be exercised simultaneously.

(d) Rights of debtor and obligor. Except as otherwise provided in subsection(g) and § 8.9A-605, after default, a debtor and an obligor have the rightsprovided in this part and by agreement of the parties.

(e) Lien of levy after judgment. If a secured party has reduced its claim tojudgment, the lien of any levy that may be made upon the collateral by virtueof an execution based upon the judgment relates back to the earliest of:

(1) the date of perfection of the security interest or agricultural lien inthe collateral;

(2) the date of filing a financing statement covering the collateral; or

(3) any date specified in a statute under which the agricultural lien wascreated.

(f) Execution sale. A sale pursuant to an execution is a foreclosure of thesecurity interest or agricultural lien by judicial procedure within themeaning of this section. A secured party may purchase at the sale andthereafter hold the collateral free of any other requirements of this title.

(g) Consignor or buyer of certain rights to payment. Except as otherwiseprovided in § 8.9A-607 (c), this part imposes no duties upon a secured partythat is a consignor or is a buyer of accounts, chattel paper, paymentintangibles, or promissory notes.

(1964, c. 219, § 8.9-501; 1973, c. 509; 2000, c. 1007; 2004, c. 200.)