The following rules govern priority among conflicting security interests in the same deposit account:
(1) A security interest held by a secured party having control of the deposit account under § 8.9A-104 has priority over a conflicting security interest held by a secured party that does not have control.
(2) Except as otherwise provided in paragraphs (3) and (4), security interests perfected by control under § 8.9A-314 rank according to priority in time of obtaining control.
(3) Except as otherwise provided in paragraph (4), a security interest held by the bank with which the deposit account is maintained has priority over a conflicting security interest held by another secured party.
(4) A security interest perfected by control under § 8.9A-104 (a) (3) has priority over a security interest held by the bank with which the deposit account is maintained.
1996, c. 216, § 8.9-115; 2000, c. 1007.
Structure Code of Virginia
Title 8.9A - Commercial Code - Secured Transactions
§ 8.9A-317. Interests that take priority over or take free of security interest or agricultural lien
§ 8.9A-319. Rights and title of consignee with respect to creditors and purchasers
§ 8.9A-321. Licensee of general intangible and lessee of goods in ordinary course of business
§ 8.9A-324. Priority of purchase-money security interests
§ 8.9A-325. Priority of security interests in transferred collateral
§ 8.9A-326. Priority of security interests created by new debtor
§ 8.9A-327. Priority of security interests in deposit account
§ 8.9A-328. Priority of security interests in investment property
§ 8.9A-329. Priority of security interests in letter-of-credit right
§ 8.9A-330. Priority of purchaser of chattel paper or instrument
§ 8.9A-332. Transfer of money, transfer of funds from deposit account
§ 8.9A-333. Priority of certain liens arising by operation of law
§ 8.9A-334. Priority of security interests in fixtures and crops
§ 8.9A-337. Priority of security interests in goods covered by certificate of title