                                 CODE OF VIRGINIA

PERFECTION BY POSSESSION AND CONTROL OF CHATTEL PAPER (§ 8.9A-314.1)

a. Perfection by possession and control. A secured party may perfect a security
interest in chattel paper by taking possession of each authoritative tangible
copy of the record evidencing the chattel paper and obtaining control of each
authoritative electronic copy of the electronic record evidencing the chattel
paper.

b. Time of perfection; continuation of perfection. A security interest is
perfected under subsection (a) not earlier than the time the secured party takes
possession and obtains control and remains perfected under subsection (a) only
while the secured party retains possession and control.

c. Application of &#xA7; 8.9A-313 to perfection by possession of chattel paper.
&#xA7; 8.9A-313(c) and (f) through (i) applies to perfection by possession of an
authoritative tangible copy of a record evidencing chattel paper.

HISTORY: 2024, c. 652.