Virginia § 29.1-733.29 - Savings clause

§ 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:

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.