Code of Virginia (Last Updated:July 28, 2020) |
TITLE 8.9A. Commercial Code - Secured Transactions |
PART 7. Transition |
SECTION 8.9A-704. Security interest unperfected before effective date |
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: (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. 8.9A-203 . |