{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/8.9A-328.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/8.9A-328.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/8.9A-328.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/8.9A-328.html"}],"law_id":71019,"edition_id":1,"section_id":71019,"structure_id":14251,"section_number":"8.9A-328","catch_line":"Priority of security interests in investment property","history":"1996, c. 216, \u00a7 8.9-115; 2000, c. 1007.","full_text":"The following rules govern priority among conflicting security interests in the same investment property:\n\n1\n\nA security interest held by a secured party having control of investment property under § 8.9A-106 has priority over a security interest held by a secured party that does not have control of the investment property.2\n\nExcept as otherwise provided in paragraphs (3) and (4), conflicting security interests held by secured parties each of which has control under \u00a7 8.9A-106 rank according to priority in time of:A\n\nif the collateral is a security, obtaining control;B\n\nif the collateral is a security entitlement carried in a securities account and:i\n\nif the secured party obtained control under \u00a7 8.8A-106 (d) (1), the secured party’s becoming the person for which the securities account is maintained;ii\n\nif the secured party obtained control under § 8.8A-106 (d) (2), the securities intermediary’s agreement to comply with the secured party’s entitlement orders with respect to security entitlements carried or to be carried in the securities account; oriii\n\nif the secured party obtained control through another person under § 8.8A-106 (d) (3), the time on which priority would be based under this paragraph if the other person were the secured party; orC\n\nif the collateral is a commodity contract carried with a commodity intermediary, the satisfaction of the requirement for control specified in § 8.9A-106 (b) (2) with respect to commodity contracts carried or to be carried with the commodity intermediary.3\n\nA security interest held by a securities intermediary in a security entitlement or a securities account maintained with the securities intermediary has priority over a conflicting security interest held by another secured party.4\n\nA security interest held by a commodity intermediary in a commodity contract or a commodity account maintained with the commodity intermediary has priority over a conflicting security interest held by another secured party.5\n\nA security interest in a certificated security in registered form which is perfected by taking delivery under § 8.9A-313 (a) and not by control under § 8.9A-314 has priority over a conflicting security interest perfected by a method other than control.6\n\nConflicting security interests created by a broker, securities intermediary, or commodity intermediary which are perfected without control under § 8.9A-106 rank equally.7\n\nIn all other cases, priority among conflicting security interests in investment property is governed by §§ 8.9A-322 and 8.9A-323.","order_by":null,"text":{"0":{"id":256059,"text":"The following rules govern priority among conflicting security interests in the same investment property:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":256060,"text":"A security interest held by a secured party having control of investment property under § 8.9A-106 has priority over a security interest held by a secured party that does not have control of the investment property.","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":256061,"text":"Except as otherwise provided in paragraphs (3) and (4), conflicting security interests held by secured parties each of which has control under \u00a7 8.9A-106 rank according to priority in time of:","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"2A"},"3":{"id":256062,"text":"if the collateral is a security, obtaining control;","type":"section","prefixes":["2","A"],"prefix":"A","entire_prefix":"2A","prefix_anchor":"2A","level":2,"prior_prefix":"2","next_prefix":"2B"},"4":{"id":256063,"text":"if the collateral is a security entitlement carried in a securities account and:","type":"section","prefixes":["2","B"],"prefix":"B","entire_prefix":"2B","prefix_anchor":"2B","level":2,"prior_prefix":"2A","next_prefix":"2i"},"5":{"id":256064,"text":"if the secured party obtained control under \u00a7 8.8A-106 (d) (1), the secured party’s becoming the person for which the securities account is maintained;","type":"section","prefixes":["2","i"],"prefix":"i","entire_prefix":"2i","prefix_anchor":"2i","level":2,"prior_prefix":"2B","next_prefix":"2iii"},"6":{"id":256065,"text":"if the secured party obtained control under § 8.8A-106 (d) (2), the securities intermediary’s agreement to comply with the secured party’s entitlement orders with respect to security entitlements carried or to be carried in the securities account; or","type":"section","prefixes":["2","i","ii"],"prefix":"ii","entire_prefix":"2iii","prefix_anchor":"2iii","level":3,"prior_prefix":"2i","next_prefix":"2iiii"},"7":{"id":256066,"text":"if the secured party obtained control through another person under § 8.8A-106 (d) (3), the time on which priority would be based under this paragraph if the other person were the secured party; or","type":"section","prefixes":["2","i","iii"],"prefix":"iii","entire_prefix":"2iiii","prefix_anchor":"2iiii","level":3,"prior_prefix":"2iii","next_prefix":"2C"},"8":{"id":256067,"text":"if the collateral is a commodity contract carried with a commodity intermediary, the satisfaction of the requirement for control specified in § 8.9A-106 (b) (2) with respect to commodity contracts carried or to be carried with the commodity intermediary.","type":"section","prefixes":["2","C"],"prefix":"C","entire_prefix":"2C","prefix_anchor":"2C","level":2,"prior_prefix":"2iiii","next_prefix":"3"},"9":{"id":256068,"text":"A security interest held by a securities intermediary in a security entitlement or a securities account maintained with the securities intermediary has priority over a conflicting security interest held by another secured party.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2C","next_prefix":"4"},"10":{"id":256069,"text":"A security interest held by a commodity intermediary in a commodity contract or a commodity account maintained with the commodity intermediary has priority over a conflicting security interest held by another secured party.","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"11":{"id":256070,"text":"A security interest in a certificated security in registered form which is perfected by taking delivery under § 8.9A-313 (a) and not by control under § 8.9A-314 has priority over a conflicting security interest perfected by a method other than control.","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"12":{"id":256071,"text":"Conflicting security interests created by a broker, securities intermediary, or commodity intermediary which are perfected without control under § 8.9A-106 rank equally.","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"13":{"id":256072,"text":"In all other cases, priority among conflicting security interests in investment property is governed by §§ 8.9A-322 and 8.9A-323.","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6"}},"ancestry":[{"id":14251,"edition_id":1,"name":"Priority","identifier":"3","label":"subpart","depth":3,"order_by":1,"parent_id":13858,"metadata":{},"date_created":"2026-06-26 03:47:27","date_modified":"2026-06-26 03:47:27","permalink":{"id":284025,"object_type":"structure","relational_id":14251,"identifier":"3","token":"8.9A\/3\/3","url":"\/8.9A\/3\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13858,"edition_id":1,"name":"Perfection and Priority","identifier":"3","label":"part","depth":2,"order_by":1,"parent_id":13277,"metadata":{},"date_created":"2026-06-26 03:46:06","date_modified":"2026-06-26 03:46:06","permalink":{"id":283943,"object_type":"structure","relational_id":13858,"identifier":"3","token":"8.9A\/3","url":"\/8.9A\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13277,"edition_id":1,"name":"Commercial Code \u2014 Secured Transactions","identifier":"8.9A","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:33","date_modified":"2026-06-26 03:44:33","permalink":{"id":283833,"object_type":"structure","relational_id":13277,"identifier":"8.9A","token":"8.9A","url":"\/8.9A\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":62358,"structure_id":14251,"section_number":"8.9A-317","catch_line":"Interests that take priority over or take free of security interest or agricultural lien","url":"\/8.9A-317\/","token":"8.9A\/3\/3\/8.9A-317","metadata":false},{"id":78831,"structure_id":14251,"section_number":"8.9A-318","catch_line":"No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers","url":"\/8.9A-318\/","token":"8.9A\/3\/3\/8.9A-318","metadata":false},{"id":70155,"structure_id":14251,"section_number":"8.9A-319","catch_line":"Rights and title of consignee with respect to creditors and purchasers","url":"\/8.9A-319\/","token":"8.9A\/3\/3\/8.9A-319","metadata":false},{"id":62582,"structure_id":14251,"section_number":"8.9A-320","catch_line":"Buyer of goods","url":"\/8.9A-320\/","token":"8.9A\/3\/3\/8.9A-320","metadata":false},{"id":59162,"structure_id":14251,"section_number":"8.9A-321","catch_line":"Licensee of general intangible and lessee of goods in ordinary course of business","url":"\/8.9A-321\/","token":"8.9A\/3\/3\/8.9A-321","metadata":false},{"id":61423,"structure_id":14251,"section_number":"8.9A-322","catch_line":"Priorities among conflicting security interests in and agricultural liens on same collateral","url":"\/8.9A-322\/","token":"8.9A\/3\/3\/8.9A-322","metadata":false},{"id":65781,"structure_id":14251,"section_number":"8.9A-323","catch_line":"Future advances","url":"\/8.9A-323\/","token":"8.9A\/3\/3\/8.9A-323","metadata":false},{"id":72557,"structure_id":14251,"section_number":"8.9A-324","catch_line":"Priority of purchase-money security interests","url":"\/8.9A-324\/","token":"8.9A\/3\/3\/8.9A-324","metadata":false},{"id":61420,"structure_id":14251,"section_number":"8.9A-325","catch_line":"Priority of security interests in transferred collateral","url":"\/8.9A-325\/","token":"8.9A\/3\/3\/8.9A-325","metadata":false},{"id":62923,"structure_id":14251,"section_number":"8.9A-326","catch_line":"Priority of security interests created by new debtor","url":"\/8.9A-326\/","token":"8.9A\/3\/3\/8.9A-326","metadata":false},{"id":66791,"structure_id":14251,"section_number":"8.9A-326.1","catch_line":"Priority of security interest in controllable account, controllable electronic record, and controllable payment intangible","url":"\/8.9A-326.1\/","token":"8.9A\/3\/3\/8.9A-326.1","metadata":false},{"id":71092,"structure_id":14251,"section_number":"8.9A-327","catch_line":"Priority of security interests in deposit account","url":"\/8.9A-327\/","token":"8.9A\/3\/3\/8.9A-327","metadata":false},{"id":71019,"structure_id":14251,"section_number":"8.9A-328","catch_line":"Priority of security interests in investment property","url":"\/8.9A-328\/","token":"8.9A\/3\/3\/8.9A-328","metadata":false},{"id":66602,"structure_id":14251,"section_number":"8.9A-329","catch_line":"Priority of security interests in letter-of-credit right","url":"\/8.9A-329\/","token":"8.9A\/3\/3\/8.9A-329","metadata":false},{"id":62875,"structure_id":14251,"section_number":"8.9A-330","catch_line":"Priority of purchaser of chattel paper or instrument","url":"\/8.9A-330\/","token":"8.9A\/3\/3\/8.9A-330","metadata":false},{"id":66143,"structure_id":14251,"section_number":"8.9A-331","catch_line":"Priority of rights of purchasers of controllable accounts, controllable electronic records, controllable payment intangibles, documents, instruments and securities under other titles, priority of interests in financial assets and security entitlements and protection against assertion of claims under Titles 8.8A and 8.12","url":"\/8.9A-331\/","token":"8.9A\/3\/3\/8.9A-331","metadata":false},{"id":59890,"structure_id":14251,"section_number":"8.9A-332","catch_line":"Transfer of money, transfer of funds from deposit account","url":"\/8.9A-332\/","token":"8.9A\/3\/3\/8.9A-332","metadata":false},{"id":79779,"structure_id":14251,"section_number":"8.9A-333","catch_line":"Priority of certain liens arising by operation of law","url":"\/8.9A-333\/","token":"8.9A\/3\/3\/8.9A-333","metadata":false},{"id":71252,"structure_id":14251,"section_number":"8.9A-334","catch_line":"Priority of security interests in fixtures and crops","url":"\/8.9A-334\/","token":"8.9A\/3\/3\/8.9A-334","metadata":false},{"id":66095,"structure_id":14251,"section_number":"8.9A-335","catch_line":"Accessions","url":"\/8.9A-335\/","token":"8.9A\/3\/3\/8.9A-335","metadata":false},{"id":80265,"structure_id":14251,"section_number":"8.9A-336","catch_line":"Commingled goods","url":"\/8.9A-336\/","token":"8.9A\/3\/3\/8.9A-336","metadata":false},{"id":55482,"structure_id":14251,"section_number":"8.9A-337","catch_line":"Priority of security interests in goods covered by certificate of title","url":"\/8.9A-337\/","token":"8.9A\/3\/3\/8.9A-337","metadata":false},{"id":72213,"structure_id":14251,"section_number":"8.9A-338","catch_line":"Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information","url":"\/8.9A-338\/","token":"8.9A\/3\/3\/8.9A-338","metadata":false},{"id":61256,"structure_id":14251,"section_number":"8.9A-339","catch_line":"Priority subject to subordination","url":"\/8.9A-339\/","token":"8.9A\/3\/3\/8.9A-339","metadata":false}],"previous_section":{"id":71092,"structure_id":14251,"section_number":"8.9A-327","catch_line":"Priority of security interests in deposit account","url":"\/8.9A-327\/","token":"8.9A\/3\/3\/8.9A-327","metadata":false},"next_section":{"id":66602,"structure_id":14251,"section_number":"8.9A-329","catch_line":"Priority of security interests in letter-of-credit right","url":"\/8.9A-329\/","token":"8.9A\/3\/3\/8.9A-329","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.9A-328\/","history_text":"

This law was first created in 1996. The record of its establishment is cataloged in chapter 216<\/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. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2000, chapter 1007<\/a>.<\/p>","references":[{"id":61423,"section_number":"8.9A-322","catch_line":"Priorities among conflicting security interests in and agricultural liens on same collateral","order_by":null,"url":"\/8.9A-322\/"}],"refers_to":[{"id":84402,"section_number":"8.8A-106","catch_line":"Control","order_by":null,"url":"\/8.8A-106\/"},{"id":81668,"section_number":"8.9A-106","catch_line":"Control of investment property","order_by":null,"url":"\/8.9A-106\/"},{"id":59813,"section_number":"8.9A-313","catch_line":"When possession by or delivery to secured party perfects security interest without filing","order_by":null,"url":"\/8.9A-313\/"},{"id":85234,"section_number":"8.9A-314","catch_line":"Perfection by control","order_by":null,"url":"\/8.9A-314\/"},{"id":61423,"section_number":"8.9A-322","catch_line":"Priorities among conflicting security interests in and agricultural liens on same collateral","order_by":null,"url":"\/8.9A-322\/"},{"id":65781,"section_number":"8.9A-323","catch_line":"Future advances","order_by":null,"url":"\/8.9A-323\/"}],"permalink":{"id":284075,"object_type":"law","relational_id":71019,"identifier":"8.9A-328","token":"8.9A\/3\/3\/8.9A-328","url":"\/8.9A-328\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/8.9A-328\/","token":"8.9A\/3\/3\/8.9A-328","dublin_core":{"Title":"Priority of security interests in investment property","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.9A-328","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The following rules govern priority among conflicting security interests in the same investment property:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> A security interest held by a secured party<\/span> having control of investment property under § 8.9A-106<\/a> has priority over a security interest held by a secured party<\/span> that does not have control of the investment property. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Except as otherwise provided in paragraphs (3) and (4), conflicting security interests held by secured parties each of which has control under \u00a7 8.9A-106<\/a> rank according to priority in time of: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

A.<\/span> if the collateral<\/span> is a security, obtaining control; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> if the collateral<\/span> is a security entitlement carried in a securities account and: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

i.<\/span> if the secured party<\/span> obtained control under \u00a7 8.8A-106<\/a> (d) (1), the secured party<\/span>’s becoming the person for which the securities account is maintained; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

ii.<\/span> if the secured party<\/span> obtained control under § 8.8A-106<\/a> (d) (2), the securities intermediary’s agreement to comply with the secured party<\/span>’s entitlement orders<\/span> with respect to security entitlements carried or to be carried in the securities account; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

iii.<\/span> if the secured party<\/span> obtained control through another person under § 8.8A-106<\/a> (d) (3), the time on which priority would be based under this paragraph if the other person were the secured party<\/span>; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> if the collateral<\/span> is a commodity contract<\/span> carried with a commodity intermediary, the satisfaction of the requirement for control specified in § 8.9A-106<\/a> (b) (2) with respect to commodity contracts<\/span> carried or to be carried with the commodity intermediary. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> A security interest held by a securities intermediary in a security entitlement or a securities account maintained with the securities intermediary has priority over a conflicting security interest held by another secured party<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> A security interest held by a commodity intermediary in a commodity contract<\/span> or a commodity account maintained with the commodity intermediary has priority over a conflicting security interest held by another secured party<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> A security interest in a certificated security in registered form which is perfected by taking delivery under § 8.9A-313<\/a> (a) and not by control under § 8.9A-314<\/a> has priority over a conflicting security interest perfected by a method other than control. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Conflicting security interests created by a broker, securities intermediary, or commodity intermediary which are perfected without control under § 8.9A-106<\/a> rank equally. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> In all other cases, priority among conflicting security interests in investment property is governed by §§ 8.9A-322<\/a> and 8.9A-323<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPRIORITY OF SECURITY INTERESTS IN INVESTMENT PROPERTY (\u00a7 8.9A-328)\n\nThe following rules govern priority among conflicting security interests in the\nsame investment property:\n\n1. A security interest held by a secured party having control of investment\nproperty under § 8.9A-106 has priority over a security interest held by a\nsecured party that does not have control of the investment property.\n\n2. Except as otherwise provided in paragraphs (3) and (4), conflicting security\ninterests held by secured parties each of which has control under \u00a7 8.9A-106\nrank according to priority in time of:\n\n A. if the collateral is a security, obtaining control;\n\n B. if the collateral is a security entitlement carried in a securities account\n and:\n\n i. if the secured party obtained control under \u00a7 8.8A-106 (d) (1), the\n secured party’s becoming the person for which the securities account is\n maintained;\n\n ii. if the secured party obtained control under § 8.8A-106 (d) (2), the\n securities intermediary’s agreement to comply with the secured\n party’s entitlement orders with respect to security entitlements\n carried or to be carried in the securities account; or\n\n iii. if the secured party obtained control through another person under\n § 8.8A-106 (d) (3), the time on which priority would be based under\n this paragraph if the other person were the secured party; or\n\n C. if the collateral is a commodity contract carried with a commodity\n intermediary, the satisfaction of the requirement for control specified in\n § 8.9A-106 (b) (2) with respect to commodity contracts carried or to be\n carried with the commodity intermediary.\n\n3. A security interest held by a securities intermediary in a security\nentitlement or a securities account maintained with the securities intermediary\nhas priority over a conflicting security interest held by another secured party.\n\n4. A security interest held by a commodity intermediary in a commodity contract\nor a commodity account maintained with the commodity intermediary has priority\nover a conflicting security interest held by another secured party.\n\n5. A security interest in a certificated security in registered form which is\nperfected by taking delivery under § 8.9A-313 (a) and not by control under\n§ 8.9A-314 has priority over a conflicting security interest perfected by a\nmethod other than control.\n\n6. Conflicting security interests created by a broker, securities intermediary,\nor commodity intermediary which are perfected without control under §\n8.9A-106 rank equally.\n\n7. In all other cases, priority among conflicting security interests in\ninvestment property is governed by §§ 8.9A-322 and 8.9A-323.\n\nHISTORY: 1996, c. 216, \u00a7 8.9-115; 2000, c. 1007.","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}}