                                 CODE OF VIRGINIA

PERFECTION OF CERTAIN SECURITY INTERESTS (§ 6.2-891)

When securities are sold by a bank subject to an obligation of repurchase, any
security interest or interest of ownership therein may be perfected:

1. As specified by Title 8.8A or Title 8.9A;

2. By designation to the person holding physical custody thereof, which shall
include a person keeping the master records, in case of securities identified by
book entry only, that certain securities identified by serial number or dollar
amount are held for the benefit of third parties other than the bank, who may,
but need not, be identified by name; or

3. By physical separation on the premises of the bank in a separate drawer,
compartment, or other facility. The bank may, from time to time, instruct any
third party holding such securities that the previously identified securities or
an amount of such securities previously identified as pledged or belonging to
third parties have been released from such pledge by payment of all or part of
the amount due, or have been repurchased. The records of the bank shall identify
the persons who are pledgees or owners of such securities. Book-entry securities
held in a bank&#8217;s customer-safekeeping account, used for the same purpose,
at the Federal Reserve Bank, notwithstanding that other customer securities are
held in the same account, shall be deemed in compliance with subdivision 2,
provided such securities are identified in the bank&#8217;s records as required
by this section.

HISTORY: 1982, c. 429, § 6.1-81; 1983, c. 250; 1986, c. 320; 2010, c. 794.