                                 CODE OF VIRGINIA

LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS IN GOODS COVERED BY
A CERTIFICATE OF TITLE (§ 8.9A-303)

a. Applicability of section. This section applies to goods covered by a
certificate of title, even if there is no other relationship between the
jurisdiction under whose certificate of title the goods are covered and the
goods or the debtor.

b. When goods covered by certificate of title. Goods become covered by a
certificate of title when a valid application for the certificate of title and
the applicable fee are delivered to the appropriate authority. Goods cease to be
covered by a certificate of title at the earlier of the time the certificate of
title ceases to be effective under the law of the issuing jurisdiction or the
time the goods become covered subsequently by a certificate of title issued by
another jurisdiction.

c. Applicable law. The local law of the jurisdiction under whose certificate of
title the goods are covered governs perfection, the effect of perfection or
nonperfection, and the priority of a security interest in goods covered by a
certificate of title from the time the goods become covered by the certificate
of title until the goods cease to be covered by the certificate of title.

HISTORY: 1964, c. 219, § 8.9-103; 1973, c. 509; 1984, c. 613; 1996, c. 216;
1997, c. 343; 2000, c. 1007.