(a) Agreed standards. The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in § 8.9A-602 if the standards are not manifestly unreasonable.
(b) Agreed standards inapplicable to breach of peace. Subsection (a) does not apply to the duty under § 8.9A-609 to refrain from breaching the peace.
1964, c. 219, § 8.9-501; 1973, c. 509; 2000, c. 1007.
Structure Code of Virginia
Title 8.9A - Commercial Code - Secured Transactions
Part 1 - Default and Enforcement of Security Interest
§ 8.9A-602. Waiver and variance of rights and duties
§ 8.9A-603. Agreement on standards concerning rights and duties
§ 8.9A-604. Procedure if security agreement covers real property or fixtures
§ 8.9A-605. Unknown debtor or secondary obligor
§ 8.9A-606. Time of default for agricultural lien
§ 8.9A-607. Collection and enforcement by secured party
§ 8.9A-609. Secured party's right to take possession after default
§ 8.9A-610. Disposition of collateral after default
§ 8.9A-611. Notification before disposition of collateral
§ 8.9A-612. Timeliness of notification before disposition of collateral
§ 8.9A-613. Contents and form of notification before disposition of collateral; general
§ 8.9A-615. Application of proceeds of disposition; liability for deficiency and right to surplus
§ 8.9A-616. Explanation of calculation of surplus or deficiency
§ 8.9A-617. Rights of transferee of collateral
§ 8.9A-618. Rights and duties of certain secondary obligors
§ 8.9A-619. Transfer of record or legal title
§ 8.9A-621. Notification of proposal to accept collateral
§ 8.9A-622. Effect of acceptance of collateral