Code of Virginia § 8.8A-601. Savings clause.

174 words·~1 min read·/va/chapter-6/8-8a-601

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)This title does not affect an action or proceeding commenced before January 1, 1997.

(b)If a security interest in a security is perfected on January 1, 1997, and the action by which the security interest was perfected would suffice to perfect a security interest under this title, no further action is required to continue perfection.

If a security interest in a security is perfected on January 1, 1997, but the action by which the security interest was perfected would not suffice to perfect a security interest under this title, the security interest remains perfected for a period of four months, until May 1, 1997, and continues perfected thereafter if appropriate action to perfect under this title is taken within that period.

If a security interest is perfected on January 1, 1997, and the security interest can be perfected by filing under this title, a financing statement signed by the secured party instead of the debtor may be filed within that period to continue perfection or thereafter to perfect.

1996, c. 216 .