§ 59.1-502.12 Efficacy and commercial reasonableness of attribution procedure
The efficacy, including the commercial reasonableness, of an attribution procedure is determined by the court. In making this determination, the following rules apply:
1. An attribution procedure established by law is effective for transactions within the coverage of the statute, administrative rule, or regulation.
2. Except as otherwise provided in paragraph (1), commercial reasonableness and effectiveness is determined in light of the purposes of the procedure and the commercial circumstances at the time the parties agreed to or adopted the procedure.
3. An attribution procedure may use any security device or method that is commercially reasonable under the circumstances.
History
This law was first created in 2000. The record of its establishment is cataloged in chapters 101 and 996 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2001, chapters 762 and 763.
2000, cc. 101, 996; 2001, cc. 762, 763.