Virginia Code 8.9A-704: Security interest unperfected before effective date
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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:
Terms Used In Virginia Code 8.9A-704
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
(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.