{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-4902.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-4902.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-4902.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-4902.1.html"}],"law_id":63861,"edition_id":1,"section_id":63861,"structure_id":14932,"section_number":"2.2-4902.1","catch_line":"Pledges and security interests created by governmental units","history":"2001, cc. 289, 296, \u00a7 2.1-304.1:2.","full_text":"Except for security interests, liens or pledges in goods or software, or the proceeds thereof, described in \u00a7 8.9A-109(e), the creation, perfection, priority and enforcement of a security interest, lien or pledge created, made or granted by the Commonwealth or a governmental unit of the Commonwealth, as defined in \u00a7 8.9A-102, to pay or secure any bonds, notes, obligations or other debt securities, herein collectively called “bonds,” shall be governed by this section, the provisions of law under which the bonds were authorized, and the ordinance, resolution, trust agreement, indenture, financing agreement or similar instrument securing the bonds, herein called the “security interest.” Property pledged or in which a security interest is created for the payment or security of any bonds, whether presently held by the governmental unit or as thereafter received by or otherwise credited to the governmental unit, shall immediately be subject to the lien of such pledge or security interest without any physical delivery, control, filing or further act. The lien of such pledge or security interest made or granted in the security instrument shall have priority over any other obligations or liabilities of the governmental unit, except as may be otherwise provided in the security instrument. The lien of each such pledge or security interest shall be valid, binding and enforceable as against all persons having claims of any kind in tort, contract, or otherwise against the governmental unit regardless of whether such persons have notice of such pledge or security interest.","order_by":null,"text":{"0":{"id":232616,"text":"Except for security interests, liens or pledges in goods or software, or the proceeds thereof, described in \u00a7 8.9A-109(e), the creation, perfection, priority and enforcement of a security interest, lien or pledge created, made or granted by the Commonwealth or a governmental unit of the Commonwealth, as defined in \u00a7 8.9A-102, to pay or secure any bonds, notes, obligations or other debt securities, herein collectively called “bonds,” shall be governed by this section, the provisions of law under which the bonds were authorized, and the ordinance, resolution, trust agreement, indenture, financing agreement or similar instrument securing the bonds, herein called the “security interest.” Property pledged or in which a security interest is created for the payment or security of any bonds, whether presently held by the governmental unit or as thereafter received by or otherwise credited to the governmental unit, shall immediately be subject to the lien of such pledge or security interest without any physical delivery, control, filing or further act. The lien of such pledge or security interest made or granted in the security instrument shall have priority over any other obligations or liabilities of the governmental unit, except as may be otherwise provided in the security instrument. The lien of each such pledge or security interest shall be valid, binding and enforceable as against all persons having claims of any kind in tort, contract, or otherwise against the governmental unit regardless of whether such persons have notice of such pledge or security interest.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14932,"edition_id":1,"name":"Public Debt; Issuance of Bonds and Certificates of Indebtedness","identifier":"49","label":"chapter","depth":4,"order_by":1,"parent_id":12751,"metadata":{},"date_created":"2026-06-26 03:50:52","date_modified":"2026-06-26 03:50:52","permalink":{"id":177689,"object_type":"structure","relational_id":14932,"identifier":"49","token":"2.2\/II\/B\/49","url":"\/2.2\/II\/B\/49\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12751,"edition_id":1,"name":"Transaction of Public Business","identifier":"B","label":"part","depth":3,"order_by":1,"parent_id":12750,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":176445,"object_type":"structure","relational_id":12751,"identifier":"B","token":"2.2\/II\/B","url":"\/2.2\/II\/B\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12750,"edition_id":1,"name":"Administration of State Government","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12749,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":176253,"object_type":"structure","relational_id":12750,"identifier":"II","token":"2.2\/II","url":"\/2.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12749,"edition_id":1,"name":"Administration of Government","identifier":"2.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":171453,"object_type":"structure","relational_id":12749,"identifier":"2.2","token":"2.2","url":"\/2.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":69226,"structure_id":14932,"section_number":"2.2-4900","catch_line":"Authority of Governor to contract debts","url":"\/2.2-4900\/","token":"2.2\/II\/B\/49\/2.2-4900","metadata":false},{"id":83386,"structure_id":14932,"section_number":"2.2-4901","catch_line":"Acts concerning issuance of bonds and certificates of indebtedness continued in effect","url":"\/2.2-4901\/","token":"2.2\/II\/B\/49\/2.2-4901","metadata":false},{"id":87182,"structure_id":14932,"section_number":"2.2-4902","catch_line":"Ratings of bonds issued by governmental instrumentalities","url":"\/2.2-4902\/","token":"2.2\/II\/B\/49\/2.2-4902","metadata":false},{"id":63861,"structure_id":14932,"section_number":"2.2-4902.1","catch_line":"Pledges and security interests created by governmental units","url":"\/2.2-4902.1\/","token":"2.2\/II\/B\/49\/2.2-4902.1","metadata":false},{"id":62784,"structure_id":14932,"section_number":"2.2-4903","catch_line":"Governor's consideration of tax-supported debt","url":"\/2.2-4903\/","token":"2.2\/II\/B\/49\/2.2-4903","metadata":false},{"id":74043,"structure_id":14932,"section_number":"2.2-4904","catch_line":"Cooperation of the Commonwealth's instrumentalities","url":"\/2.2-4904\/","token":"2.2\/II\/B\/49\/2.2-4904","metadata":false},{"id":56983,"structure_id":14932,"section_number":"2.2-4905","catch_line":"Limitation of chapter","url":"\/2.2-4905\/","token":"2.2\/II\/B\/49\/2.2-4905","metadata":false},{"id":82365,"structure_id":14932,"section_number":"2.2-4906","catch_line":"How lost bond or certificate renewed","url":"\/2.2-4906\/","token":"2.2\/II\/B\/49\/2.2-4906","metadata":false}],"previous_section":{"id":87182,"structure_id":14932,"section_number":"2.2-4902","catch_line":"Ratings of bonds issued by governmental instrumentalities","url":"\/2.2-4902\/","token":"2.2\/II\/B\/49\/2.2-4902","metadata":false},"next_section":{"id":62784,"structure_id":14932,"section_number":"2.2-4903","catch_line":"Governor's consideration of tax-supported debt","url":"\/2.2-4903\/","token":"2.2\/II\/B\/49\/2.2-4903","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-4902.1\/","history_text":"

This law was first created in 2001. The record of its establishment is cataloged in chapters 289<\/a> and 296<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":59732,"section_number":"8.9A-109","catch_line":"Scope","order_by":null,"url":"\/8.9A-109\/"}],"refers_to":[{"id":58431,"section_number":"8.9A-102","catch_line":"Definitions and index of definitions","order_by":null,"url":"\/8.9A-102\/"},{"id":59732,"section_number":"8.9A-109","catch_line":"Scope","order_by":null,"url":"\/8.9A-109\/"}],"permalink":{"id":177703,"object_type":"law","relational_id":63861,"identifier":"2.2-4902.1","token":"2.2\/II\/B\/49\/2.2-4902.1","url":"\/2.2-4902.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-4902.1\/","token":"2.2\/II\/B\/49\/2.2-4902.1","dublin_core":{"Title":"Pledges and security interests created by governmental units","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-4902.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Except for security interests, liens<\/span> or pledges in goods or software, or the proceeds thereof, described in \u00a7 8.9A-109<\/a>(e), the creation, perfection, priority and enforcement of a security interest, lien<\/span> or pledge created, made or granted by the Commonwealth or a governmental unit of the Commonwealth, as defined in \u00a7 8.9A-102<\/a>, to pay or secure any bonds<\/span>, notes, obligations or other debt securities, herein collectively called “bonds<\/span>,” shall be governed by this section, the provisions of law<\/span> under which the bonds<\/span> were authorized, and the ordinance<\/span>, resolution, trust agreement, indenture, financing agreement or similar instrument securing the bonds<\/span>, herein called the “security interest.” Property pledged or in which a security interest is created for the payment or security of any bonds<\/span>, whether presently held by the governmental unit or as thereafter received by or otherwise credited to the governmental unit, shall immediately be subject to the lien<\/span> of such pledge or security interest without any physical delivery, control, filing or further act. The lien<\/span> of such pledge or security interest made or granted in the security instrument shall have priority over any other obligations or liabilities of the governmental unit, except as may be otherwise provided in the security instrument. The lien<\/span> of each such pledge or security interest shall be valid, binding and enforceable as against all persons having claims of any kind in tort<\/span>, contract<\/span>, or otherwise against the governmental unit regardless of whether such persons have notice of such pledge or security interest.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPLEDGES AND SECURITY INTERESTS CREATED BY GOVERNMENTAL UNITS (\u00a7 2.2-4902.1)\n\nExcept for security interests, liens or pledges in goods or software, or the\nproceeds thereof, described in \u00a7 8.9A-109(e), the creation, perfection,\npriority and enforcement of a security interest, lien or pledge created, made or\ngranted by the Commonwealth or a governmental unit of the Commonwealth, as\ndefined in \u00a7 8.9A-102, to pay or secure any bonds, notes, obligations or other\ndebt securities, herein collectively called “bonds,” shall be\ngoverned by this section, the provisions of law under which the bonds were\nauthorized, and the ordinance, resolution, trust agreement, indenture, financing\nagreement or similar instrument securing the bonds, herein called the\n“security interest.” Property pledged or in which a security\ninterest is created for the payment or security of any bonds, whether presently\nheld by the governmental unit or as thereafter received by or otherwise credited\nto the governmental unit, shall immediately be subject to the lien of such\npledge or security interest without any physical delivery, control, filing or\nfurther act. The lien of such pledge or security interest made or granted in the\nsecurity instrument shall have priority over any other obligations or\nliabilities of the governmental unit, except as may be otherwise provided in the\nsecurity instrument. The lien of each such pledge or security interest shall be\nvalid, binding and enforceable as against all persons having claims of any kind\nin tort, contract, or otherwise against the governmental unit regardless of\nwhether such persons have notice of such pledge or security interest.\n\nHISTORY: 2001, cc. 289, 296, \u00a7 2.1-304.1:2.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}