                                 CODE OF VIRGINIA

DEFINITIONS (§ 8.12-102)

a. Title 8.12 definitions. In this article:

   1. &#8220;Controllable electronic record&#8221; means a record stored in an
   electronic medium that can be subjected to control under Section 8.12-105. The
   term does not include a controllable account, a controllable payment
   intangible, a deposit account, an electronic copy of a record evidencing
   chattel paper, an electronic document of title, electronic money, investment
   property, or a transferable record.

   2. &#8220;Qualifying purchaser&#8221; means a purchaser of a controllable
   electronic record or an interest in a controllable electronic record that
   obtains control of the controllable electronic record for value, in good
   faith, and without notice of a claim of a property right in the controllable
   electronic record.

   3. &#8220;Transferable record&#8221; has the meaning provided for that term
   in:

A. Section 201(a)(1) of the Electronic Signatures in Global and National
Commerce Act, 15 U.S.C. Section 7021(a)(1), as amended; or

B. Section 59.1-494 of the Uniform Electronic Transactions Act (§§ 59.1-479 et
seq.).

   4. &#8220;Value&#8221; has the meaning provided in Section 3-303(a), as if
   references in that subsection to an &#8220;instrument&#8221; were references
   to a controllable account, controllable electronic record, or controllable
   payment intangible.

b. Definitions in Article 9. The definitions in Article 9 of &#8220;account
debtor,&#8221; &#8220;controllable account,&#8221; &#8220;controllable payment
intangible,&#8221; &#8220;chattel paper,&#8221; &#8220;deposit account,&#8221;
&#8220;electronic money,&#8221; and &#8220;investment property&#8221; apply to
this article.

c. Article 1 definitions and principles. Article 1 contains general definitions
and principles of construction and interpretation applicable throughout this
article.

HISTORY: 2024, c. 652.