Virginia Code 29.1-733.23: Rights of purchaser other than secured party.
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A. A buyer in ordinary course of business has the protections afforded by subsection (2) of § 8.2-403 and subsection (a) of § 8.9A-320 even if an existing certificate of title was not signed and delivered to the buyer or a new certificate listing the buyer as owner of record was not created.
Terms Used In Virginia Code 29.1-733.23
- Buyer: means a person that buys or contracts to buy a watercraft. See Virginia Code 29.1-733.2
- Buyer in ordinary course of business: means the same as that term is defined in subdivision (b)(9) of § Virginia Code 29.1-733.2
- Certificate of title: means a record, created by the Department under this article or by a governmental agency of another jurisdiction under the law of that jurisdiction that is designated as a certificate of title by the Department or agency and is evidence of ownership of a watercraft. See Virginia Code 29.1-733.2
- Lien: A claim against real or personal property in satisfaction of a debt.
- Owner: means a person that has legal title to a watercraft. See Virginia Code 29.1-733.2
- Purchaser: means a person that takes by purchase. See Virginia Code 29.1-733.2
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Virginia Code 29.1-733.2
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
- Watercraft: means any vessel that is used or capable of being used as a means of transportation on water and is propelled by machinery, whether or not the machinery is the principal source of propulsion, except:
1. See Virginia Code 29.1-733.2
B. Except as otherwise provided in §§ 29.1-733.17 and 29.1-733.24, the rights of a purchaser of a watercraft that is not a buyer in ordinary course of business or a lien creditor are governed by the Uniform Commercial Code.
2013, c. 787.