Code of Virginia § 8.9A-704. Security interest unperfected before effective date.
118 words·~1 min read·
/va/chapter-7/8-9a-704A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A security interest that is enforceable immediately before this title takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
(1)remains an enforceable security interest for one year after this takes effect;
(2)remains enforceable thereafter if the security interest becomes enforceable under § 8.9A-203 when this title takes effect or within one year thereafter; and
(3)becomes perfected:
(A)without further action, when this title takes effect if the applicable requirements for perfection under this title are satisfied before or at that time; or
(B)when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
2000, c. 1007 .