                                 CODE OF VIRGINIA

PERFECTION OF SECURITY INTERESTS IN PROPERTY SUBJECT TO CERTAIN STATUTES,
REGULATIONS, AND TREATIES (§ 8.9A-311)

a. Security interest subject to other law. Except as otherwise provided in
subsection (d), the filing of a financing statement is not necessary or
effective to perfect a security interest in property subject to:

   1. a statute, regulation, or treaty of the United States whose requirements
   for a security interest&#8217;s obtaining priority over the rights of a lien
   creditor with respect to the property preempt &#xA7; 8.9A-310 (a);

   2. a statute of the Commonwealth covering automobiles or other goods, which
   provides for a security interest to be indicated on a certificate of title as
   a condition to or result of perfection of the security interest; or

   3. a statute of another jurisdiction which provides for a security interest to
   be indicated on a certificate of title as a condition or result of the
   security interest&#8217;s obtaining priority over the rights of a lien
   creditor with respect to the property.

b. Compliance with other law. Compliance with the requirements of a statute,
regulation, or treaty described in subsection (a) for obtaining priority over
the rights of a lien creditor is equivalent to the filing of a financing
statement under this title. Except as otherwise provided in subsection (d) and
&#xA7;&#xA7; 8.9A-313 and 8.9A-316 (d) and (e) for goods covered by a
certificate of title, a security interest in property subject to a statute,
regulation, or treaty described in subsection (a) may be perfected only by
compliance with those requirements, and a security interest so perfected remains
perfected notwithstanding a change in the use or transfer of possession of the
collateral.

c. Duration and renewal of perfection. Except as otherwise provided in
subsection (d) and &#xA7; 8.9A-316 (d) and (e), duration and renewal of
perfection of a security interest perfected by compliance with the requirements
prescribed by a statute, regulation, or treaty described in subsection (a) are
governed by the statute, regulation, or treaty. In other respects, the security
interest is subject to this title.

d. Inapplicability to certain inventory. During any period in which collateral
subject to a statute specified in subsection (a) (2) is inventory held for sale
or lease by a person or leased by that person as lessor and that person is in
the business of selling goods of that kind, this section does not apply to a
security interest in that collateral created by that person.

HISTORY: 1964, c. 219, § 8.9-302; 1966, c. 569; 1973, c. 509; 1983, cc. 204,
367; 1984, c. 613; 1996, c. 216; 2000, c. 1007; 2012, c. 155.