Va. Code § 8.9A-101
Short title
This title may be cited as Uniform Commercial Code-Secured Transactions.
Code of Virginia Title 8.9A — Commercial Code — Secured Transactions
Virginia · statute · Va. Code tit. 8.9A · 152 active provisions
Provisions
Va. Code § 8.9A-102
Definitions and index of definitions
(a) Title 8.9A definitions. In this title: (1) "Accession" means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. (2) "Account," except as used in "account for," "account statement," "account to," "commodity account" in paragraph (14), "customer's a…
Va. Code § 8.9A-103
Purchase-money security interest; application of payments; burden of establishing
(a) Definitions. In this section: (1) "purchase-money collateral" means goods or software that secures a purchase-money obligation incurred with respect to that collateral; and (2) "purchase-money obligation" means an obligation of an obligor incurred as all or part of the price of the collateral or for value given to…
Va. Code § 8.9A-104
Control of deposit account
(a) Requirements for control. A secured party has control of a deposit account if: (1) the secured party is the bank with which the deposit account is maintained; (2) the debtor, secured party, and bank have agreed in a signed record that the bank will comply with instructions originated by the secured party directing…
Va. Code § 8.9A-105
Control of electronic copy of record evidencing chattel paper
(a) General rule: control of electronic copy of a record evidencing chattel paper. A secured party has control of an authoritative electronic copy of a record evidencing chattel paper if a system employed for evidencing the assignment of interests in the chattel paper reliably establishes the purchaser as the person to…
Va. Code § 8.9A-105.1
Control of electronic money
(a) General rule: control of electronic money. A person has control of electronic money if: (1) the electronic money, a record attached to or logically associated with the electronic money, or a system in which the electronic money is recorded gives the person: (A) power to avail itself of substantially all the benefit…
Va. Code § 8.9A-106
Control of investment property
(a) Control under § 8.8A-106 . A person has control of a certificated security, uncertificated security, or security entitlement as provided in § 8.8A-106 . (b) Control of commodity contract. A secured party has control of a commodity contract if: (1) the secured party is the commodity intermediary with which the commo…
Va. Code § 8.9A-107.1
Control of controllable electronic record, controllable account, or controllable payment intangible
(a) Control under § 8.12-105 . A secured party has control of a controllable electronic record as provided in § 8.12-105 . (b) Control of controllable account and controllable payment intangible. A secured party has control of a controllable account or controllable payment intangible if the secured party has control of…
Va. Code § 8.9A-107.2
No requirement to acknowledge or confirm; no duties
(a) No requirement to acknowledge. A person that has control under 8.9A-104 , 8.9A-105 , or 8.9A-105.1 is not required to acknowledge that it has control on behalf of another person. (b) No duties or confirmation. If a person acknowledges that it has or will obtain control on behalf of another person, unless the person…
Va. Code § 8.9A-107
Control of letter-of-credit right
A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under subsection (c) of § 8.5A-114 or otherwise applicable law or practi…
Va. Code § 8.9A-108
Sufficiency of description
(a) Sufficiency of description. Except as otherwise provided in subsections (c), (d), and (e), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described. (b) Examples of reasonable identification. Except as otherwise provided in subsection (d)…
Va. Code § 8.9A-109
Scope
(a) General scope of title. Except as otherwise provided in subsections (c) and (d), this title applies to: (1) a transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract; (2) an agricultural lien; (3) a sale of accounts, chattel paper, payment intangibles, or p…
Va. Code § 8.9A-110
Security interests arising under Title 8.2 or Title 8.2A
A security interest arising under §§ 8.2-401 , 8.2-505 , 8.2-711 (3), or § 8.2A-508 (5) is subject to this title. However, until the debtor obtains possession of the goods: (1) the security interest is enforceable, even if subdivision (b) (3) of § 8.9A-203 has not been satisfied; (2) filing is not required to perfect t…
Va. Code § 8.9A-201
General effectiveness of security agreement
(a) General effectiveness. Except as otherwise provided in the Uniform Commercial Code, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors. (b) Applicable consumer laws and other law. A transaction subject to this title is subject to…
Va. Code § 8.9A-202
Title to collateral immaterial
Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this title with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor.
Va. Code § 8.9A-203
Attachment and enforceability of security interest; proceeds, supporting obligations; formal requisites
(a) Attachment. A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment. (b) Enforceability. Except as otherwise provided in subsections (c) through (i), a security interest is enforceable ag…
Va. Code § 8.9A-204
After-acquired property; future advances
(a) After-acquired collateral. Except as otherwise provided in subsection (b), a security agreement may create or provide for a security interest in after-acquired collateral. (b) When after-acquired property clause not effective. Subject to subsection (b.1), a security interest does not attach under a term constitutin…
Va. Code § 8.9A-204.1
Security interests in consumer goods
(a) Notwithstanding any other provision of the law to the contrary, a seller may take a security interest only in the goods sold; provided, however, this section shall apply only to the sale of consumer goods as defined in § 8.9A-102 (23). Where the unpaid debts from two or more sales of consumer goods are consolidated…
Va. Code § 8.9A-205
Use or disposition of collateral permissible
(a) When security interest not invalid or fraudulent. A security interest is not invalid or fraudulent against creditors solely because: (1) the debtor has the right or ability to: (A) use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods; (B) collect, compromise, enforce,…
Va. Code § 8.9A-206
Security interest arising in purchase or delivery of financial asset
(a) Security interest when person buys through securities intermediary. A security interest in favor of a securities intermediary attaches to a person's security entitlement if: (1) the person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchas…
Va. Code § 8.9A-207
Rights and duties of secured party having possession or control of collateral
(a) Duty of care when secured party in possession. Except as otherwise provided in subsection (d), a secured party shall use reasonable care in the custody and preservation of collateral in the secured party's possession. In the case of chattel paper or an instrument, reasonable care includes taking necessary steps to…
Va. Code § 8.9A-208
Additional duties of secured party having control of collateral
(a) Applicability of section. This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations, or otherwise give value. (b) Duties of secured party after receiving demand from debtor. Within 10 days after receiving a signed dem…
Va. Code § 8.9A-209
Duties of secured party if account debtor has been notified of assignment
(a) Applicability of section. Except as otherwise provided in subsection (c), this section applies if: (1) there is no outstanding secured obligation; and (2) the secured party is not committed to make advances, incur obligations, or otherwise give value. (b) Duties of secured party after receiving demand from debtor.…
Va. Code § 8.9A-210
Request for accounting; request regarding list of collateral or statement of account
(a) Definitions. In this section: (1) "Request" means a record of a type described in paragraph (2), (3), or (4). (2) "Request for an accounting" means a record signed by a debtor requesting that the recipient provide an accounting of the unpaid obligations secured by collateral and reasonably identifying the transacti…
Va. Code § 8.9A-301
Law governing perfection and priority of security interests
Except as otherwise provided in §§ 8.9A-303 through 8.9A-306.2 , the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral: (1) Except as otherwise provided in this section, while a debtor is located in a jurisdiction, th…
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