(a) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.\n(b) Requirements for redemption. To redeem collateral, a person shall tender:\n(1) fulfillment of all obligations secured by the collateral; and\n(2) the reasonable expenses and attorney's fees described in § 8.9A-615 (a) (1).\n(c) When redemption may occur. A redemption may occur at any time before a secured party:\n(1) has collected collateral under § 8.9A-607;\n(2) has disposed of collateral or entered into a contract for its disposition under § 8.9A-610; or\n(3) has accepted collateral in full or partial satisfaction of the obligation it secures under § 8.9A-622.\n1964, c. 219, § 8.9-506; 2000, c. 1007.
Virginia Legal Code