Virginia Code > Title 8.9A > Part 2 – Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement
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Part 1 | Effectiveness and Attachment | 8.9A-201 – 8.9A-206 |
Part 2 | Rights and Duties | 8.9A-207 – 8.9A-210 |
Terms Used In Virginia Code > Title 8.9A > Part 2 - Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement
- Adjournment sine die: The end of a legislative session "without day." These adjournments are used to indicate the final adjournment of an annual or the two-year session of legislature.
- Advisory agency: means any board, commission, committee or post which does not exercise any sovereign power or duty, but is appointed by a governmental agency or officer or is created by law for the purpose of making studies or recommendations, or advising or consulting with a governmental agency. See Virginia Code 2.2-3101
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Affiliated business entity relationship: means a relationship, other than a parent-subsidiary relationship, that exists when (i) one business entity has a controlling ownership interest in the other business entity, (ii) a controlling owner in one entity is also a controlling owner in the other entity, or (iii) there is shared management or control between the business entities. See Virginia Code 2.2-3101
- Agreement: means the agreement or agreements between the Commonwealth, as seller of the Tobacco Assets, and the Corporation, as purchaser of the Tobacco Assets. See Virginia Code 3.2-3100
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Amortization: Paying off a loan by regular installments.
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Association: means a corporation organized as an industrial loan association under the provisions of the Virginia Stock Corporation Act (§ Virginia Code 6.2-1400
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
- Board: means the Virginia Spirits Board. See Virginia Code 3.2-3007
- Board: means the Board of Agriculture and Consumer Services. See Virginia Code 3.2-100
- Business: means a corporation, partnership, sole proprietorship, firm, enterprise, franchise, association, trust or foundation, or any other individual or entity carrying on a business or profession, whether or not for profit. See Virginia Code 2.2-3101
- Candidate: means a person who seeks or campaigns for an office of the Commonwealth or one of its governmental units in a general, primary, or special election and who is qualified to have his name placed on the ballot for the office. See Virginia Code 2.2-3101
- Chief: means the Chief of the Division of Mines of the Department of Energy. See Virginia Code 45.2-100
- Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- Commission: means the Tobacco Region Revitalization Commission created pursuant to § Virginia Code 3.2-3100
- Commission Allocation: means 50 percent of the annual amount received under the Master Settlement Agreement by the Commonwealth, or that would have been received but for a sale of such allocation pursuant to an agreement, between the commencing and ending dates specified in the agreement. See Virginia Code 3.2-3100
- Commissioner: means the Commissioner of Financial Institutions. See Virginia Code 6.2-100
- Commissioner: means the Commissioner of Agriculture and Consumer Services. See Virginia Code 3.2-100
- Continuance: Putting off of a hearing ot trial until a later time.
- Contract: includes a subcontract only when the contract of which it is a part is with the officer's or employee's own governmental agency. See Virginia Code 2.2-3101
- Conviction: A judgement of guilt against a criminal defendant.
- Cooper: means a commercial producer of wooden casks, barrels, and other staved wooden containers who sells at least $10,000 worth of such wooden containers of a type used for the production of spirits. See Virginia Code 3.2-3007
- Corporation: means the Tobacco Settlement Financing Corporation as created under state law. See Virginia Code 3.2-3100
- Council: means the Virginia Conflict of Interest and Ethics Advisory Council established in § 30-355. See Virginia Code 2.2-3101
- Counterclaim: A claim that a defendant makes against a plaintiff.
- Courts of record: means the Supreme Court of Virginia, the Court of Appeals of Virginia, and the circuit courts. See Virginia Code 1-212
- Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Department: means the Department of Agriculture and Consumer Services. See Virginia Code 3.2-100
- Dependent: A person dependent for support upon another.
- Docket: A log containing brief entries of court proceedings.
- Employee: means all persons employed by a governmental or advisory agency, unless otherwise limited by the context of its use. See Virginia Code 2.2-3101
- Endowment: means the Tobacco Indemnification and Community Revitalization Endowment established pursuant to § Virginia Code 3.2-3100
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- farm: means any person that obtains at least 51 percent of its annual gross income from agricultural operations and produces the agricultural waste used as feedstock for the waste-to-energy technology, (ii) "agricultural waste" means biomass waste materials capable of decomposition that are produced from the raising of plants and animals during agricultural operations, including animal manures, bedding, plant stalks, hulls, and vegetable matter, and (iii) "waste-to-energy technology" means any technology, including but not limited to a methane digester, that converts agricultural waste into gas, steam, or heat that is used to generate electricity on-site. See Virginia Code 1-222.1
- Financial institution: means any bank, trust company, savings institution, industrial loan association, consumer finance company, credit union, broker-dealer as defined in subsection A of § Virginia Code 2.2-3101
- Foreign country: means a government other than any of the following: the United States; a state, district, commonwealth, territory, or insular possession of the United States; or a government with regard to which the decision in the Commonwealth as to whether to recognize a judgment of that government's courts is initially subject to determination under the Virginia Code 8.01-465.13:1
- foreign judgment: means any judgment, decree, or order of a court of the United States or of any other court which is entitled to full faith and credit in this state. See Virginia Code 8.01-465.1
- Foreign-country judgment: means a judgment of a court of a foreign country. See Virginia Code 8.01-465.13:1
- Fraud: Intentional deception resulting in injury to another.
- Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
- Fund: means the Virginia Spirits Promotion Fund. See Virginia Code 3.2-3007
- Fund: means the Tobacco Indemnification and Community Revitalization Fund established pursuant to § Virginia Code 3.2-3100
- Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
- Governmental agency: means each component part of the legislative, executive or judicial branches of state and local government, including each office, department, authority, post, commission, committee, and each institution or board created by law to exercise some regulatory or sovereign power or duty as distinguished from purely advisory powers or duties. See Virginia Code 2.2-3101
- Immediate family: means (i) a spouse and (ii) any other person who resides in the same household as the officer or employee and who is a dependent of the officer or employee. See Virginia Code 2.2-3101
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- Intestate: Dying without leaving a will.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Maltster: means a commercial producer of malt who (i) sells at least $10,000 worth of malt annually or (ii) has planted and maintains at least three acres of grains of a type used for the production of spirits. See Virginia Code 3.2-3007
- Master Settlement Agreement: means the settlement agreement and related documents between the Commonwealth and leading United States tobacco product manufacturers dated November 23, 1998, and including the Consent Decree and Final Judgment entered in the Circuit Court of the City of Richmond on February 23, 1999, Chancery Number HJ-2241-4. See Virginia Code 3.2-3100
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: means a loan made to an individual, the proceeds of which are to be used primarily for personal, family or household purposes, which loan is secured by a mortgage or deed of trust upon any interest in one- to four-family residential property located in the Commonwealth, regardless of where made, including the renewal or refinancing of any such loan, but excluding (i) loans or extensions of credit to buyers of real property for any part of the purchase price of such property by persons selling such property owned by them, (ii) loans to persons related to the lender by blood or marriage, and (iii) loans to persons who are bona fide employees of the lender. See Virginia Code 6.2-1400
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Nonlegislative citizen member: means any natural person who is not a member of the General Assembly of Virginia. See Virginia Code 1-225
- Oath: includes affirmation. See Virginia Code 1-228
- Oath: A promise to tell the truth.
- Office: means the Office of the State Inspector General. See Virginia Code 2.2-307
- officer: includes members of the judiciary. See Virginia Code 2.2-3101
- Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
- Period of sale: means the time during which a purchaser under an agreement is entitled to receive the Commission Allocation. See Virginia Code 3.2-3100
- Person: means any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
- Personal interest: means a financial benefit or liability accruing to an officer or employee or to a member of his immediate family. See Virginia Code 2.2-3101
- Personal interest in a contract: means a personal interest that an officer or employee has in a contract with a governmental agency, whether due to his being a party to the contract or due to a personal interest in a business that is a party to the contract. See Virginia Code 2.2-3101
- Personal interest in a transaction: means a personal interest of an officer or employee in any matter considered by his agency. See Virginia Code 2.2-3101
- Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
- Quorum: The number of legislators that must be present to do business.
- real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
- relative: means the donee's spouse, child, uncle, aunt, niece, nephew, or first cousin; a person to whom the donee is engaged to be married; the donee's or his spouse's parent, grandparent, grandchild, brother, sister, step-parent, step-grandparent, step-grandchild, step-brother, or step-sister; or the donee's brother's or sister's spouse or the donee's son-in-law or daughter-in-law. See Virginia Code 2.2-3101
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Spirits: means the same as that term is defined in § Virginia Code 3.2-3007
- State agency: means any agency, institution, board, bureau, commission, council, or instrumentality of state government in the executive branch listed in the appropriation act. See Virginia Code 2.2-307
- Statute: A law passed by a legislature.
- Strategic Plan: means the strategic plan required pursuant to subsection C of § Virginia Code 3.2-3100
- Testate: To die leaving a will.
- Testify: Answer questions in court.
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
- Tobacco Assets: means all right, title, and interest in and to the portion of the Commission Allocation that may be sold to the Corporation. See Virginia Code 3.2-3100
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
- Transaction: means any matter considered by any governmental or advisory agency, whether in a committee, subcommittee, or other entity of that agency or before the agency itself, on which official action is taken or contemplated. See Virginia Code 2.2-3101
- Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
- 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
- Writ: A formal written command, issued from the court, requiring the performance of a specific act.