Code of Virginia § 8.9A-806. When initial financing statement suffices to continue effectiveness of financing statement.

288 words·~1 min read·/va/chapter-8/8-9a-806

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

(a)Initial financing statement in lieu of continuation statement. The filing statement of an initial financing statement in the office specified in § 8.9A-501 continues the effectiveness of a financing statement filed before the 2013 amendments take effect if:

(1)the filing of an initial financing statement in that office would be effective to perfect a security interest under this title, as amended by the 2013 amendments;

(2)the pre-effective-date financing statement was filed in an office in another state; and

(3)the initial financing statement satisfies subsection (c).

(b)Period of continued effectiveness. The filing of an initial financing statement under subsection

(a)continues the effectiveness of the pre-effective-date financing statement:

(1)if the initial financing statement is filed before July 1, 2013, for the period provided in § 8.9A-515 as § 8.9A-515 was in effect on June 30, 2013, with respect to an initial financing statement; and

(2)if the initial financing statement is filed on or after July 1, 2013, for the period provided in § 8.9A-515 , as amended by the 2013 amendments, with respect to an initial financing statement.

(c)Requirements for initial financing statement under subsection (a). To be effective for purposes of subsection (a), an initial financing statement must:

(1)satisfy the requirements of Part 5 (§ 8.9A-501 et seq.), as amended by the 2013 amendments, for an initial financing statement;

(2)identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and

(3)indicate that the pre-effective-date financing statement remains effective.

2012, c. 155 .