                                 CODE OF VIRGINIA

SECURITY INTEREST PERFECTED BEFORE EFFECTIVE DATE (§ 8.13-302)

a. Continuing perfection: perfection requirements satisfied. A security interest
that is enforceable and perfected immediately before the effective date of this
act is a perfected security interest under this act if, on the effective date of
this act, the requirements for enforceability and perfection under this act are
satisfied without further action.

b. Continuing perfection: enforceability or perfection requirements not
satisfied. If a security interest is enforceable and perfected immediately
before the effective date of this act, but the requirements for enforceability
or perfection under this act are not satisfied on the effective date of this
act, the security interest:

   1. is a perfected security interest until the earlier of the time perfection
   would have ceased under the law in effect immediately before the effective
   date of this act or the adjustment date;

   2. remains enforceable thereafter only if the security interest satisfies the
   requirements for enforceability under &#xA7; 8.9A-203, as amended by this act,
   before the adjustment date; and

   3. remains perfected thereafter only if the requirements for perfection under
   this act are satisfied before the time specified in paragraph (1).

HISTORY: 2024, c. 652.