§ 8.12-102 Definitions
1. “Controllable electronic record” means a record stored in an electronic medium that can be subjected to control under Section 8.12-105. The term does not include a controllable account, a controllable payment intangible, a deposit account, an electronic copy of a record evidencing chattel paper, an electronic document of title, electronic money, investment property, or a transferable record.
2. “Qualifying purchaser” means a purchaser of a controllable electronic record or an interest in a controllable electronic record that obtains control of the controllable electronic record for value, in good faith, and without notice of a claim of a property right in the controllable electronic record.
3. “Transferable record” has the meaning provided for that term in:
A. Section 201(a)(1) of the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7021(a)(1), as amended; or
B. Section 59.1-494 of the Uniform Electronic Transactions Act (§§ 59.1-479 et seq.).
4. “Value” has the meaning provided in Section 3-303(a), as if references in that subsection to an “instrument” were references to a controllable account, controllable electronic record, or controllable payment intangible.
b. Definitions in Article 9. The definitions in Article 9 of “account debtor,” “controllable account,” “controllable payment intangible,” “chattel paper,” “deposit account,” “electronic money,” and “investment property” apply to this article.
c. Article 1 definitions and principles. Article 1 contains general definitions and principles of construction and interpretation applicable throughout this article.
History
This law was first created in 2024. The record of its establishment is cataloged in chapter 652 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.
2024, c. 652.