§ 8.9A-306.2 Law governing perfection and priority of security interests in controllable accounts, controllable electronic records, and controllable payment intangibles
a. Governing law: general rules. Except as provided in subsection (b), the local law of the controllable electronic record’s jurisdiction specified in § 8.12-107(c) and (d) governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a controllable electronic record and a security interest in a controllable account or controllable payment intangible evidenced by the controllable electronic record.
b. When perfection governed by law of jurisdiction where debtor located. The local law of the jurisdiction in which the debtor is located governs:
1. perfection of a security interest in a controllable account, controllable electronic record, or controllable payment intangible by filing; and
2. automatic perfection of a security interest in a controllable payment intangible created by a sale of the controllable payment intangible.
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.