A security interest that is enforceable immediately before this title takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
(1) remains an enforceable security interest for one year after this takes effect;
(2) remains enforceable thereafter if the security interest becomes enforceable under § 8.9A-203 when this title takes effect or within one year thereafter; and
(3) becomes perfected:
(A) without further action, when this title takes effect if the applicable requirements for perfection under this title are satisfied before or at that time; or
(B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
2000, c. 1007.
Structure Code of Virginia
Title 8.9A - Commercial Code - Secured Transactions
§ 8.9A-703. Security interest perfected before effective date
§ 8.9A-704. Security interest unperfected before effective date
§ 8.9A-705. Effectiveness of action taken before effective date
§ 8.9A-707. Amendment of preeffective-date financing statement
§ 8.9A-708. Persons entitled to file initial financing statement or continuation statement