                                 CODE OF VIRGINIA

SAVINGS CLAUSE (§ 29.1-733.29)

A. The rights, duties, and interests flowing from a transaction, certificate of
title, or record shall remain valid on and after July 1, 2014, if the
transaction, certificate of title, or record:

   1. Relates to a watercraft;

   2. Was validly entered into or created before July 1, 2014; and

   3. Would be subject to this article if it had been entered into or created on
   or after July 1, 2014.

B. This article does not affect an action or proceeding commenced before July 1,
2014.

C. Except as otherwise provided in subsection D, a security interest that is
enforceable immediately before July 1, 2014, and would have priority over the
rights of a person that becomes a lien creditor at that time is a perfected
security interest under this article.

D. A security interest perfected immediately before July 1, 2014, remains
perfected until the earlier of:

   1. The time perfection would have ceased under the law under which the
   security interest was perfected; or

   2. Three years after July 1, 2014.

E. This article does not affect the priority of a security interest in a
watercraft if immediately before July 1, 2014, the security interest is
enforceable and perfected, and that priority is established.

HISTORY: 2013, c. 787.