CODE OF VIRGINIA

SECURITY INTEREST UNPERFECTED BEFORE EFFECTIVE DATE (§ 8.9A-704)

A security interest that is enforceable immediately before this title takes
effect but which would be subordinate to the rights of a person that becomes a
lien creditor at that time:

1. remains an enforceable security interest for one year after this takes
effect;

2. remains enforceable thereafter if the security interest becomes enforceable
under § 8.9A-203 when this title takes effect or within one year
thereafter; and

3. becomes perfected:

   A. without further action, when this title takes effect if the applicable
   requirements for perfection under this title are satisfied before or at that
   time; or

   B. when the applicable requirements for perfection are satisfied if the
   requirements are satisfied after that time.

HISTORY: 2000, c. 1007.