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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>64453</law_id><section_number>8.9A-312</section_number><catch_line>Perfection of security interests in chattel paper, controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money; perfection by permissive filing, temporary perfection without filing or transfer of possession</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>8.9A-310</reference><reference>8.9A-323</reference><reference>8.9A-324</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="8.9A">Commercial Code &#x2014; Secured Transactions</unit><unit label="part" level="2" order_by="1" identifier="3">Perfection and Priority</unit><unit label="subpart" level="3" order_by="1" identifier="2">Perfection</unit></structure><text>
						<section id="a"><p><span class="prefix-number">a.</span> Perfection by filing permitted. A security interest in chattel paper, controllable accounts, controllable electronic records, controllable payment intangibles, instruments, investment property, or negotiable documents may be perfected by filing. <a id="paragraph-234539" class="section-permalink" href="https://vacode.org/8.9A-312/#a"><i class="fa fa-link"/></a></p></section>
						<section id="b"><p><span class="prefix-number">b.</span> Control or <span class="dictionary">possession</span> of certain <span class="dictionary">collateral</span>. Except as otherwise provided in &#xA7;&#xA0;<a class="law" title="Secured party's rights on disposition of collateral and in proceeds" href="/8.9A-315/">8.9A-315</a> (c) and (d) for proceeds: <a id="paragraph-234540" class="section-permalink" href="https://vacode.org/8.9A-312/#b"><i class="fa fa-link"/></a></p></section>
						<section id="b1" class="indent-1"><p><span class="prefix-number">1.</span> a security interest in a deposit account may be perfected only by control under &#xA7; <a class="law" title="Perfection by control" href="/8.9A-314/">8.9A-314</a>; <a id="paragraph-234541" class="section-permalink" href="https://vacode.org/8.9A-312/#b1"><i class="fa fa-link"/></a></p></section>
						<section id="b2" class="indent-1"><p><span class="prefix-number">2.</span> except as otherwise provided in &#xA7; <a class="law" title="When security interest or agricultural lien is perfected; continuity of perfection" href="/8.9A-308/">8.9A-308</a> (d), a security interest in a letter-of-credit right may be perfected only by control under &#xA7; <a class="law" title="Perfection by control" href="/8.9A-314/">8.9A-314</a>; <a id="paragraph-234542" class="section-permalink" href="https://vacode.org/8.9A-312/#b2"><i class="fa fa-link"/></a></p></section>
						<section id="b3" class="indent-1"><p><span class="prefix-number">3.</span> a security interest in tangible money may be perfected only by the secured <span class="dictionary">party</span>&#x2019;s taking <span class="dictionary">possession</span> under &#xA7; <a class="law" title="When possession by or delivery to secured party perfects security interest without filing" href="/8.9A-313/">8.9A-313</a>; and <a id="paragraph-234543" class="section-permalink" href="https://vacode.org/8.9A-312/#b3"><i class="fa fa-link"/></a></p></section>
						<section id="b4" class="indent-1"><p><span class="prefix-number">4.</span> a security interest in electronic money may be perfected only by control under &#xA7; <a class="law" title="Perfection by control" href="/8.9A-314/">8.9A-314</a>. <a id="paragraph-234544" class="section-permalink" href="https://vacode.org/8.9A-312/#b4"><i class="fa fa-link"/></a></p></section>
						<section id="c"><p><span class="prefix-number">c.</span> Goods covered by negotiable document. While goods are in the <span class="dictionary">possession</span> of a bailee that has issued a negotiable document covering the goods: <a id="paragraph-234545" class="section-permalink" href="https://vacode.org/8.9A-312/#c"><i class="fa fa-link"/></a></p></section>
						<section id="c1" class="indent-1"><p><span class="prefix-number">1.</span> a security interest in the goods may be perfected by perfecting a security interest in the document; and <a id="paragraph-234546" class="section-permalink" href="https://vacode.org/8.9A-312/#c1"><i class="fa fa-link"/></a></p></section>
						<section id="c2" class="indent-1"><p><span class="prefix-number">2.</span> a security interest perfected in the document has priority over any security interest that becomes perfected in the goods by another method during that time. <a id="paragraph-234547" class="section-permalink" href="https://vacode.org/8.9A-312/#c2"><i class="fa fa-link"/></a></p></section>
						<section id="d"><p><span class="prefix-number">d.</span> Goods covered by nonnegotiable document. While goods are in the <span class="dictionary">possession</span> of a bailee that has issued a nonnegotiable document covering the goods, a security interest in the goods may be perfected by: <a id="paragraph-234548" class="section-permalink" href="https://vacode.org/8.9A-312/#d"><i class="fa fa-link"/></a></p></section>
						<section id="d1" class="indent-1"><p><span class="prefix-number">1.</span> issuance of a document in the name of the secured <span class="dictionary">party</span>; <a id="paragraph-234549" class="section-permalink" href="https://vacode.org/8.9A-312/#d1"><i class="fa fa-link"/></a></p></section>
						<section id="d2" class="indent-1"><p><span class="prefix-number">2.</span> the bailee&#x2019;s receipt of notification of the secured <span class="dictionary">party</span>&#x2019;s interest; or <a id="paragraph-234550" class="section-permalink" href="https://vacode.org/8.9A-312/#d2"><i class="fa fa-link"/></a></p></section>
						<section id="d3" class="indent-1"><p><span class="prefix-number">3.</span> filing as to the goods. <a id="paragraph-234551" class="section-permalink" href="https://vacode.org/8.9A-312/#d3"><i class="fa fa-link"/></a></p></section>
						<section id="e"><p><span class="prefix-number">e.</span> Temporary perfection; new value. A security interest in certificated securities, negotiable documents, or instruments is perfected without filing or the taking of <span class="dictionary">possession</span> or control for a period of 20 days from the time it attaches to the extent that it arises for new value given under a signed security agreement. <a id="paragraph-234552" class="section-permalink" href="https://vacode.org/8.9A-312/#e"><i class="fa fa-link"/></a></p></section>
						<section id="f"><p><span class="prefix-number">f.</span> Temporary perfection; goods or documents made available to debtor. A perfected security interest in a negotiable document or goods in <span class="dictionary">possession</span> of a bailee, other than one that has issued a negotiable document for the goods, remains perfected for 20 days without filing if the secured <span class="dictionary">party</span> makes available to the debtor the goods or documents representing the goods for the purpose of: <a id="paragraph-234553" class="section-permalink" href="https://vacode.org/8.9A-312/#f"><i class="fa fa-link"/></a></p></section>
						<section id="f1" class="indent-1"><p><span class="prefix-number">1.</span> ultimate sale or exchange; or <a id="paragraph-234554" class="section-permalink" href="https://vacode.org/8.9A-312/#f1"><i class="fa fa-link"/></a></p></section>
						<section id="f2" class="indent-1"><p><span class="prefix-number">2.</span> loading, unloading, storing, shipping, transshipping, manufacturing, processing, or otherwise dealing with them in a manner preliminary to their sale or exchange. <a id="paragraph-234555" class="section-permalink" href="https://vacode.org/8.9A-312/#f2"><i class="fa fa-link"/></a></p></section>
						<section id="g"><p><span class="prefix-number">g.</span> Temporary perfection; delivery of security certificate or instrument to debtor. A perfected security interest in a certificated security or instrument remains perfected for 20 days without filing if the secured <span class="dictionary">party</span> delivers the security certificate or instrument to the debtor for the purpose of: <a id="paragraph-234556" class="section-permalink" href="https://vacode.org/8.9A-312/#g"><i class="fa fa-link"/></a></p></section>
						<section id="g1" class="indent-1"><p><span class="prefix-number">1.</span> ultimate sale or exchange; or <a id="paragraph-234557" class="section-permalink" href="https://vacode.org/8.9A-312/#g1"><i class="fa fa-link"/></a></p></section>
						<section id="g2" class="indent-1"><p><span class="prefix-number">2.</span> presentation, collection, enforcement, renewal, or registration of transfer. <a id="paragraph-234558" class="section-permalink" href="https://vacode.org/8.9A-312/#g2"><i class="fa fa-link"/></a></p></section>
						<section id="h"><p><span class="prefix-number">h.</span> Expiration of temporary perfection. After the 20-day period specified in subsection (e), (f), or (g) expires, perfection depends upon compliance with this title. <a id="paragraph-234559" class="section-permalink" href="https://vacode.org/8.9A-312/#h"><i class="fa fa-link"/></a></p></section></text><history>1973, c. 509, &#xA7; 8.9-304; 1984, c. 613; 1996, c. 216, &#xA7; 8.9-115; 1997, c. 343; 2000, c. 1007; 2004, c. 200; 2024, c. 652.</history><metadata></metadata></law>
