                                 CODE OF VIRGINIA

REQUIRED REFILINGS (§ 8.11-106)

1. If a security interest is perfected or has priority when this act takes
effect as to all persons or as to certain persons without any filing or
recording, and if the filing of a financing statement would be required for the
perfection or priority of the security interest against those persons under this
act, the perfection and priority rights of the security interest continue until
three years after the effective date of this act. The perfection will then lapse
until a financing statement is filed as provided in subsection (4) or unless the
security interest is perfected otherwise than by filing.

2. If a security interest is perfected when this act takes effect under a law
other than Title 8.9A which requires no further filing, refiling or recording to
continue its perfection, perfection continues until and will lapse three years
after this act takes effect, unless a financing statement is filed as provided
in subsection (4) or unless the security interest is perfected otherwise than by
filing, or unless under subsection (3) of &#xA7; 8.9-302 the other law continues
to govern filing.

3. If a security interest is perfected by a filing, refiling or recording under
a law repealed by this act which required further filing, refiling or recording
to continue its perfection, perfection continues and will lapse on the date
provided by the law so repealed for such further filing, refiling or recording
unless a financing statement is filed as provided in subsection (4) or unless
the security interest is perfected otherwise than by filing.

4. A financing statement may be filed within six months before the perfection of
a security interest would otherwise lapse. Any such financing statement may be
signed by either the debtor or the secured party. It must identify the security
agreement, statement or notice (however denominated in any statute or other law
repealed or modified by this act), state the office where and the date when the
last filing, refiling or recording, if any, was made with respect thereto, and
the filing number, if any, or book and page, if any, of recording and further
state that the security agreement, statement or notice, however denominated, in
another filing office under Title 8.9 or under any statute or other law repealed
or modified by this act is still effective. Section 8.9-401 and &#xA7; 8.9-103
determine the proper place to file such a financing statement. Except as
specified in this subsection, the provisions of &#xA7; 8.9-403 (3) for
continuation statements apply to such a financing statement.

HISTORY: 1973, c. 509.