                                 CODE OF VIRGINIA

NO INTEREST RETAINED IN RIGHT TO PAYMENT THAT IS SOLD; RIGHTS AND TITLE OF
SELLER OF ACCOUNT OR CHATTEL PAPER WITH RESPECT TO CREDITORS AND PURCHASERS (§
8.9A-318)

a. Seller retains no interest. A debtor that has sold an account, chattel paper,
payment intangible, or promissory note does not retain a legal or equitable
interest in the collateral sold.

b. Deemed rights of debtor if buyer&#8217;s security interest unperfected. For
purposes of determining the rights of creditors of, and purchasers for value of
an account or chattel paper from, a debtor that has sold an account or chattel
paper, while the buyer&#8217;s security interest is unperfected, the debtor is
deemed to have rights and title to the account or chattel paper identical to
those the debtor sold.

HISTORY: 2000, c. 1007.