{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/8.12-104.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/8.12-104.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/8.12-104.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/8.12-104.html"}],"law_id":70284,"edition_id":1,"section_id":70284,"structure_id":12822,"section_number":"8.12-104","catch_line":"Rights in controllable account, controllable electronic record, and controllable payment intangible.","history":"2024, c. 652.","full_text":"a\n\nApplicability of section to controllable account and controllable payment intangible. This section applies to the acquisition and purchase of rights in a controllable account or controllable payment intangible, including the rights and benefits under subsections (c), (d), (e), (g), and (h) of a purchaser and qualifying purchaser, in the same manner this section applies to a controllable electronic record.b\n\nControl of controllable account and controllable payment intangible. To determine whether a purchaser of a controllable account or a controllable payment intangible is a qualifying purchaser, the purchaser obtains control of the account or payment intangible if it obtains control of the controllable electronic record that evidences the account or payment intangible.c\n\nApplicability of other law to acquisition of rights. Except as provided in this section, law other than this article determines whether a person acquires a right in a controllable electronic record and the right the person acquires.d\n\nShelter principle and purchase of limited interest. A purchaser of a controllable electronic record acquires all rights in the controllable electronic record that the transferor had or had power to transfer, except that a purchaser of a limited interest in a controllable electronic record acquires rights only to the extent of the interest purchased.e\n\nRights of qualifying purchaser. A qualifying purchaser acquires its rights in the controllable electronic record free of a claim of a property right in the controllable electronic record.f\n\nLimitation of rights of qualifying purchaser in other property. Except as provided in subsections (a) and (e) for a controllable account and a controllable payment intangible or law other than this article, a qualifying purchaser takes a right to payment, right to performance, or other interest in property evidenced by the controllable electronic record subject to a claim of a property right in the right to payment, right to performance, or other interest in property.g\n\nNo-action protection for qualifying purchaser. An action may not be asserted against a qualifying purchaser based on both a purchase by the qualifying purchaser of a controllable electronic record and a claim of a property right in another controllable electronic record, whether the action is framed in conversion, replevin, constructive trust, equitable lien, or other theory.h\n\nFiling not notice. Filing of a financing statement under Article 9 is not notice of a claim of a property right in a controllable electronic record.","order_by":null,"text":{"0":{"id":253766,"text":"Applicability of section to controllable account and controllable payment intangible. This section applies to the acquisition and purchase of rights in a controllable account or controllable payment intangible, including the rights and benefits under subsections (c), (d), (e), (g), and (h) of a purchaser and qualifying purchaser, in the same manner this section applies to a controllable electronic record.","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"next_prefix":"b"},"1":{"id":253767,"text":"Control of controllable account and controllable payment intangible. To determine whether a purchaser of a controllable account or a controllable payment intangible is a qualifying purchaser, the purchaser obtains control of the account or payment intangible if it obtains control of the controllable electronic record that evidences the account or payment intangible.","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"a","next_prefix":"c"},"2":{"id":253768,"text":"Applicability of other law to acquisition of rights. Except as provided in this section, law other than this article determines whether a person acquires a right in a controllable electronic record and the right the person acquires.","type":"section","prefixes":["c"],"prefix":"c","entire_prefix":"c","prefix_anchor":"c","level":1,"prior_prefix":"b","next_prefix":"d"},"3":{"id":253769,"text":"Shelter principle and purchase of limited interest. A purchaser of a controllable electronic record acquires all rights in the controllable electronic record that the transferor had or had power to transfer, except that a purchaser of a limited interest in a controllable electronic record acquires rights only to the extent of the interest purchased.","type":"section","prefixes":["d"],"prefix":"d","entire_prefix":"d","prefix_anchor":"d","level":1,"prior_prefix":"c","next_prefix":"e"},"4":{"id":253770,"text":"Rights of qualifying purchaser. A qualifying purchaser acquires its rights in the controllable electronic record free of a claim of a property right in the controllable electronic record.","type":"section","prefixes":["e"],"prefix":"e","entire_prefix":"e","prefix_anchor":"e","level":1,"prior_prefix":"d","next_prefix":"f"},"5":{"id":253771,"text":"Limitation of rights of qualifying purchaser in other property. Except as provided in subsections (a) and (e) for a controllable account and a controllable payment intangible or law other than this article, a qualifying purchaser takes a right to payment, right to performance, or other interest in property evidenced by the controllable electronic record subject to a claim of a property right in the right to payment, right to performance, or other interest in property.","type":"section","prefixes":["f"],"prefix":"f","entire_prefix":"f","prefix_anchor":"f","level":1,"prior_prefix":"e","next_prefix":"g"},"6":{"id":253772,"text":"No-action protection for qualifying purchaser. An action may not be asserted against a qualifying purchaser based on both a purchase by the qualifying purchaser of a controllable electronic record and a claim of a property right in another controllable electronic record, whether the action is framed in conversion, replevin, constructive trust, equitable lien, or other theory.","type":"section","prefixes":["g"],"prefix":"g","entire_prefix":"g","prefix_anchor":"g","level":1,"prior_prefix":"f","next_prefix":"h"},"7":{"id":253773,"text":"Filing not notice. Filing of a financing statement under Article 9 is not notice of a claim of a property right in a controllable electronic record.","type":"section","prefixes":["h"],"prefix":"h","entire_prefix":"h","prefix_anchor":"h","level":1,"prior_prefix":"g"}},"ancestry":[{"id":12822,"edition_id":1,"name":"Controllable Electronic Records","identifier":"8.12","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:55","date_modified":"2026-06-26 03:43:55","permalink":{"id":281747,"object_type":"structure","relational_id":12822,"identifier":"8.12","token":"8.12","url":"\/8.12\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":80508,"structure_id":12822,"section_number":"8.12-101","catch_line":"Title","url":"\/8.12-101\/","token":"8.12\/8.12-101","metadata":false},{"id":67134,"structure_id":12822,"section_number":"8.12-102","catch_line":"Definitions","url":"\/8.12-102\/","token":"8.12\/8.12-102","metadata":false},{"id":72693,"structure_id":12822,"section_number":"8.12-103","catch_line":"Relation to Article 9 and consumer laws","url":"\/8.12-103\/","token":"8.12\/8.12-103","metadata":{"court_decisions":""}},{"id":70284,"structure_id":12822,"section_number":"8.12-104","catch_line":"Rights in controllable account, controllable electronic record, and controllable payment intangible.","url":"\/8.12-104\/","token":"8.12\/8.12-104","metadata":{"court_decisions":""}},{"id":53978,"structure_id":12822,"section_number":"8.12-105","catch_line":"Control of controllable electronic record","url":"\/8.12-105\/","token":"8.12\/8.12-105","metadata":false},{"id":56311,"structure_id":12822,"section_number":"8.12-106","catch_line":"Discharge of account debtor on controllable account or controllable payment intangible","url":"\/8.12-106\/","token":"8.12\/8.12-106","metadata":false},{"id":70196,"structure_id":12822,"section_number":"8.12-107","catch_line":"Governing law","url":"\/8.12-107\/","token":"8.12\/8.12-107","metadata":{"court_decisions":""}}],"previous_section":{"id":72693,"structure_id":12822,"section_number":"8.12-103","catch_line":"Relation to Article 9 and consumer laws","url":"\/8.12-103\/","token":"8.12\/8.12-103","metadata":{"court_decisions":""}},"next_section":{"id":53978,"structure_id":12822,"section_number":"8.12-105","catch_line":"Control of controllable electronic record","url":"\/8.12-105\/","token":"8.12\/8.12-105","metadata":false},"metadata":{"court_decisions":""},"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.12-104\/","history_text":"

This law was first created in 2024. The record of its establishment is cataloged in chapter 652<\/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":70196,"section_number":"8.12-107","catch_line":"Governing law","order_by":null,"url":"\/8.12-107\/"}],"refers_to":false,"permalink":{"id":281761,"object_type":"law","relational_id":70284,"identifier":"8.12-104","token":"8.12\/8.12-104","url":"\/8.12-104\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/8.12-104\/","token":"8.12\/8.12-104","dublin_core":{"Title":"Rights in controllable account, controllable electronic record, and controllable payment intangible.","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.12-104","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

a.<\/span> Applicability of section to controllable account and controllable payment intangible. This section applies to the acquisition and purchase of rights in a controllable account or controllable payment intangible, including the rights and benefits under subsections (c), (d), (e), (g), and (h) of a purchaser and qualifying purchaser, in the same manner this section applies to a controllable electronic record. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> Control of controllable account and controllable payment intangible. To determine whether a purchaser of a controllable account or a controllable payment intangible is a qualifying purchaser, the purchaser obtains control of the account or payment intangible if it obtains control of the controllable electronic record that evidences<\/span> the account or payment intangible. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

c.<\/span> Applicability of other law<\/span> to acquisition of rights. Except as provided in this section, law<\/span> other than this article determines whether a person acquires a right in a controllable electronic record and the right the person acquires. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

d.<\/span> Shelter principle and purchase of limited interest. A purchaser of a controllable electronic record acquires all rights in the controllable electronic record that the transferor had or had power to transfer, except that a purchaser of a limited interest in a controllable electronic record acquires rights only to the extent of the interest purchased. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

e.<\/span> Rights of qualifying purchaser. A qualifying purchaser acquires its rights in the controllable electronic record free of a claim of a property right in the controllable electronic record. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

f.<\/span> Limitation of rights of qualifying purchaser in other property. Except as provided in subsections (a) and (e) for a controllable account and a controllable payment intangible or law<\/span> other than this article, a qualifying purchaser takes a right to payment, right to performance, or other interest in property evidenced by the controllable electronic record subject to a claim of a property right in the right to payment, right to performance, or other interest in property. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

g.<\/span> No-action protection for qualifying purchaser. An action may not be asserted against a qualifying purchaser based on both a purchase by the qualifying purchaser of a controllable electronic record and a claim of a property right in another controllable electronic record, whether the action is framed in conversion, replevin, constructive trust, equitable<\/span> lien<\/span>, or other theory. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

h.<\/span> Filing not notice. Filing of a financing statement under Article 9 is not notice of a claim of a property right in a controllable electronic record. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRIGHTS IN CONTROLLABLE ACCOUNT, CONTROLLABLE ELECTRONIC RECORD, AND CONTROLLABLE\nPAYMENT INTANGIBLE. (\u00a7 8.12-104)\n\na. Applicability of section to controllable account and controllable payment\nintangible. This section applies to the acquisition and purchase of rights in a\ncontrollable account or controllable payment intangible, including the rights\nand benefits under subsections (c), (d), (e), (g), and (h) of a purchaser and\nqualifying purchaser, in the same manner this section applies to a controllable\nelectronic record.\n\nb. Control of controllable account and controllable payment intangible. To\ndetermine whether a purchaser of a controllable account or a controllable\npayment intangible is a qualifying purchaser, the purchaser obtains control of\nthe account or payment intangible if it obtains control of the controllable\nelectronic record that evidences the account or payment intangible.\n\nc. Applicability of other law to acquisition of rights. Except as provided in\nthis section, law other than this article determines whether a person acquires a\nright in a controllable electronic record and the right the person acquires.\n\nd. Shelter principle and purchase of limited interest. A purchaser of a\ncontrollable electronic record acquires all rights in the controllable\nelectronic record that the transferor had or had power to transfer, except that\na purchaser of a limited interest in a controllable electronic record acquires\nrights only to the extent of the interest purchased.\n\ne. Rights of qualifying purchaser. A qualifying purchaser acquires its rights in\nthe controllable electronic record free of a claim of a property right in the\ncontrollable electronic record.\n\nf. Limitation of rights of qualifying purchaser in other property. Except as\nprovided in subsections (a) and (e) for a controllable account and a\ncontrollable payment intangible or law other than this article, a qualifying\npurchaser takes a right to payment, right to performance, or other interest in\nproperty evidenced by the controllable electronic record subject to a claim of a\nproperty right in the right to payment, right to performance, or other interest\nin property.\n\ng. No-action protection for qualifying purchaser. An action may not be asserted\nagainst a qualifying purchaser based on both a purchase by the qualifying\npurchaser of a controllable electronic record and a claim of a property right in\nanother controllable electronic record, whether the action is framed in\nconversion, replevin, constructive trust, equitable lien, or other theory.\n\nh. Filing not notice. Filing of a financing statement under Article 9 is not\nnotice of a claim of a property right in a controllable electronic record.\n\nHISTORY: 2024, c. 652.","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}}