                                 CODE OF VIRGINIA

EFFECTIVENESS OF ACTION TAKEN BEFORE JULY 1, 2013 (§ 8.9A-805)

a. Pre-effective-date filing effective. The filing of a financing statement
before July 1, 2013, is effective to perfect a security interest to the extent
the filing would satisfy the applicable requirements for perfection under this
title, as amended by the 2013 amendments.

b. When pre-effective-date filing becomes ineffective. The 2013 amendments do
not render ineffective an effective financing statement that, before July 1,
2013, is filed and satisfies the applicable requirements for perfection under
the law of the jurisdiction governing perfection as provided in this title, as
it existed before the 2013 amendments. However, except as otherwise provided in
subsections (c) and (d) and § 8.9A-806, the financing statement ceases to be
effective:

   1. if the financing statement is filed in the Commonwealth, at the time the
   financing statement would have ceased to be effective had the 2013 amendments
   not taken effect; or

   2. if the financing statement is filed in another jurisdiction, at the earlier
   of:

A. the time the financing statement would have ceased to be effective under the
law of that jurisdiction; or

B. June 30, 2018.

c. Continuation statement. The filing of a continuation statement on or after
July 1, 2013, does not continue the effectiveness of the financing statement
filed before July 1, 2013. However, upon the timely filing of a continuation
statement on or after July 1, 2013, and in accordance with the law of the
jurisdiction governing perfection as provided in this title, as amended by the
2013 amendments, the effectiveness of a financing statement filed in the same
office in that jurisdiction before July 1, 2013, continues for the period
provided by the law of that jurisdiction.

d. Application of subsection (b)(2)(B) to transmitting utility financing
statement. Subsection (b)(2)(B) applies to a financing statement that, before
July 1, 2013, is filed against a transmitting utility and satisfies the
applicable requirements for perfection under the law of the jurisdiction
governing perfection as provided in this title, as it existed before the 2013
amendments, only to the extent that this title, as amended by the 2013
amendments, provides that the law of a jurisdiction other than the jurisdiction
in which the financing statement is filed governs perfection of a security
interest in collateral covered by the financing statement.

e. Application of Part 5 (&#xA7; 8.9A-501 et seq.). A financing statement that
includes a financing statement filed before July 1, 2013, and a continuation
statement filed on or after July 1, 2013, is effective only to the extent that
it satisfies the requirements of Part 5, as amended by the 2013 amendments, for
an initial financing statement. A financing statement that indicates that the
debtor is a decedent&#8217;s estate indicates that the collateral is being
administered by a personal representative within the meaning of &#xA7;
8.9A-503(a)(2), as amended by the 2013 amendments. A financing statement that
indicates that the debtor is a trust or is a trustee acting with respect to a
property held in trust indicates that the collateral is held in a trust within
the meaning of &#xA7; 8.9A-503(a)(3), as amended by the 2013 amendments.

HISTORY: 2012, c. 155.