                                 CODE OF VIRGINIA

EFFICACY AND COMMERCIAL REASONABLENESS OF ATTRIBUTION PROCEDURE (§ 59.1-502.12)

The efficacy, including the commercial reasonableness, of an attribution
procedure is determined by the court. In making this determination, the
following rules apply:

1. An attribution procedure established by law is effective for transactions
within the coverage of the statute, administrative rule, or regulation.

2. Except as otherwise provided in paragraph (1), commercial reasonableness and
effectiveness is determined in light of the purposes of the procedure and the
commercial circumstances at the time the parties agreed to or adopted the
procedure.

3. An attribution procedure may use any security device or method that is
commercially reasonable under the circumstances.

HISTORY: 2000, cc. 101, 996; 2001, cc. 762, 763.