Virginia Code 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:
Terms Used In Virginia Code 8.9A-609
- Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
(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.