Virginia § 8.9A-703 - Security interest perfected before effective date
Full text of Virginia Code of Virginia § 8.9A-703 — Security interest perfected before effective date, with citation guidance and answers to common questions.
§ 8.9A-703. Security interest perfected before effective date
(a) Continuing priority over lien creditor; perfection requirements satisfied. A security interest that is enforceable immediately before this title takes effect 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 title if, when this takes effect, the applicable requirements for enforceability and perfection under this title are satisfied without further action.
(b) Continuing priority over lien creditor; perfection requirements not satisfied. Except as otherwise provided in § 8.9A-705, if, immediately before this title takes effect, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this title are not satisfied when this takes effect, the security interest:
(1) is a perfected security interest for one year after this takes effect;
(2) remains enforceable thereafter only if the security interest becomes enforceable under § 8.9A-203 before the year expires; and
(3) remains perfected thereafter only if the applicable requirements for perfection under this title are satisfied before the year expires.
(c) Notwithstanding subsections (a) and (b) of this section, a lien, pledge or security interest granted by the Commonwealth or a governmental unit of the Commonwealth prior to July 1, 2001, which is enforceable immediately before July 1, 2001, and would have priority over the rights of a person that becomes a lien creditor at that time, shall remain enforceable and continue to have such priority on or after July 1, 2001.
Frequently Asked Questions About Virginia § 8.9A-703
What does Code of Virginia § 8.9A-703 cover?
Section 8.9A-703 ("Security interest perfected before effective date") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 8.9A-703?
A common citation format is "Code of Virginia § 8.9A-703" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 8.9A-703 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.