Virginia Code 29.1-733.29: Savings clause.
A. The rights, duties, and interests flowing from a transaction, certificate of title, or record shall remain valid on and after July 1, 2014, if the transaction, certificate of title, or record:
Terms Used In Virginia Code 29.1-733.29
- 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.
- Person: means an individual, corporation, business trust, estate, trust, statutory trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency or instrumentality, or any other legal or commercial entity. 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
- Security interest: means an interest in a watercraft that secures payment or performance of an obligation if the interest is created by contract or arises under § Virginia Code 29.1-733.2
- 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
1. Relates to a watercraft;
2. Was validly entered into or created before July 1, 2014; and
3. Would be subject to this article if it had been entered into or created on or after July 1, 2014.
B. This article does not affect an action or proceeding commenced before July 1, 2014.
C. Except as otherwise provided in subsection D, a security interest that is enforceable immediately before July 1, 2014, and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this article.
D. A security interest perfected immediately before July 1, 2014, remains perfected until the earlier of:
1. The time perfection would have ceased under the law under which the security interest was perfected; or
2. Three years after July 1, 2014.
E. This article does not affect the priority of a security interest in a watercraft if immediately before July 1, 2014, the security interest is enforceable and perfected, and that priority is established.
2013, c. 787.