Ask a question on the site
Questions
Lawyers
Blogs
Legislation
Contacts
Become a lawyer
Login Registration
Part 1 - Short Title, Definitions and General Concepts
§ 8.9A-101. Short title - This title may be cited as Uniform Commercial Code-Secured Transactions....
§ 8.9A-102. Definitions and index of definitions - (a) Title 8.9A definitions. In this title: (1) "Accession" means...
§ 8.9A-103. Purchase-money security interest; application of payments; burden of establishing - (a) Definitions. In this section: (1) "purchase-money collateral" means goods...
§ 8.9A-104. Control of deposit account - (a) Requirements for control. A secured party has control of...
§ 8.9A-105. Control of electronic chattel paper - (a) General rule: control of electronic chattel paper. A secured...
§ 8.9A-106. Control of investment property - (a) Control under § 8.8A-106. A person has control of...
§ 8.9A-107. Control of letter-of-credit right - A secured party has control of a letter-of-credit right to...
§ 8.9A-108. Sufficiency of description - (a) Sufficiency of description. Except as otherwise provided in subsections...
Part 2 - Applicability of Title
§ 8.9A-109. Scope - (a) General scope of title. Except as otherwise provided in...
§ 8.9A-110. Security interests arising under Title 8.2 or Title 8.2A - A security interest arising under §§ 8.2-401, 8.2-505, 8.2-711 (3),...
Part 1 - Effectiveness and Attachment
§ 8.9A-201. General effectiveness of security agreement - (a) General effectiveness. Except as otherwise provided in the Uniform...
§ 8.9A-202. Title to collateral immaterial - Except as otherwise provided with respect to consignments or sales...
§ 8.9A-203. Attachment and enforceability of security interest; proceeds, supporting obligations; formal requisites - (a) Attachment. A security interest attaches to collateral when it...
§ 8.9A-204. After-acquired property; future advances - (a) After-acquired collateral. Except as otherwise provided in subsection (b),...
§ 8.9A-204.1. Security interests in consumer goods - (a) Notwithstanding any other provision of the law to the...
§ 8.9A-205. Use or disposition of collateral permissible - (a) When security interest not invalid or fraudulent. A security...
§ 8.9A-206. Security interest arising in purchase or delivery of financial asset - (a) Security interest when person buys through securities intermediary. A...
Part 2 - Rights and Duties
§ 8.9A-207. Rights and duties of secured party having possession or control of collateral - (a) Duty of care when secured party in possession. Except...
§ 8.9A-208. Additional duties of secured party having control of collateral - (a) Applicability of section. This section applies to cases in...
§ 8.9A-209. Duties of secured party if account debtor has been notified of assignment - (a) Applicability of section. Except as otherwise provided in subsection...
§ 8.9A-210. Request for accounting; request regarding list of collateral or statement of account - (a) Definitions. In this section: (1) "Request" means a record...
Part 1 - Law Governing Perfection and Priority
§ 8.9A-301. Law governing perfection and priority of security interests - Except as otherwise provided in §§ 8.9A-303 through 8.9A-306, the...
§ 8.9A-302. Law governing perfection and priority of agricultural liens - While farm products are located in a jurisdiction, the local...
§ 8.9A-303. Law governing perfection and priority of security interests in goods covered by a certificate of title - (a) Applicability of section. This section applies to goods covered...
§ 8.9A-304. Law governing perfection and priority of security interests in deposit accounts - (a) Law of bank's jurisdiction governs. The local law of...
§ 8.9A-305. Law governing perfection and priority of security interests in investment property - (a) Governing law; general rules. Except as otherwise provided in...
§ 8.9A-306. Law governing perfection and priority of security interests in letter-of-credit rights - (a) Governing law; issuer's or nominated person's jurisdiction. Subject to...
§ 8.9A-307. Location of debtor - (a)"Place of business." In this section, "place of business" means...
Part 2 - Perfection
§ 8.9A-308. When security interest or agricultural lien is perfected; continuity of perfection - (a) Perfection of security interest. Except as otherwise provided in...
§ 8.9A-309. Security interest perfected upon attachment - The following security interests are perfected when they attach: (1)...
§ 8.9A-310. When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply - (a) General rule; perfection by filing. Except as otherwise provided...
§ 8.9A-311. Perfection of security interests in property subject to certain statutes, regulations, and treaties - (a) Security interest subject to other law. Except as otherwise...
§ 8.9A-312. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money; perfection by permissive filing, temporary perfection withou... - (a) Perfection by filing permitted. A security interest in chattel...
§ 8.9A-313. When possession by or delivery to secured party perfects security interest without filing - (a) Perfection by possession or delivery. Except as otherwise provided...
§ 8.9A-314. Perfection by control - (a) Perfection by control. A security interest in investment property,...
§ 8.9A-315. Secured party's rights on disposition of collateral and in proceeds - (a) Disposition of collateral; continuation of security interest or agricultural...
§ 8.9A-316. Effect of change in governing law - (a) General rule; effect on perfection of change in governing...
Part 3 - Priority
§ 8.9A-317. Interests that take priority over or take free of security interest or agricultural lien - (a) Conflicting security interests and rights of lien creditors. A...
§ 8.9A-318. 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 - (a) Seller retains no interest. A debtor that has sold...
§ 8.9A-319. Rights and title of consignee with respect to creditors and purchasers - (a) Consignee has consignor's rights. Except as otherwise provided in...
§ 8.9A-320. Buyer of goods - (a) Buyer in ordinary course of business. Except as otherwise...
§ 8.9A-321. Licensee of general intangible and lessee of goods in ordinary course of business - (a) "Licensee in ordinary course of business." In this section,...
§ 8.9A-322. Priorities among conflicting security interests in and agricultural liens on same collateral - (a) General priority rules. Except as otherwise provided in this...
§ 8.9A-323. Future advances - (a) When priority based on time of advance. Except as...
§ 8.9A-324. Priority of purchase-money security interests - (a) General rule; purchase-money priority. Except as otherwise provided in...
§ 8.9A-325. Priority of security interests in transferred collateral - (a) Subordination of security interest in transferred collateral. Except as...
§ 8.9A-326. Priority of security interests created by new debtor - (a) Subordination of security interest created by new debtor. Subject...
§ 8.9A-327. Priority of security interests in deposit account - The following rules govern priority among conflicting security interests in...
§ 8.9A-328. Priority of security interests in investment property - The following rules govern priority among conflicting security interests in...
§ 8.9A-329. Priority of security interests in letter-of-credit right - The following rules govern priority among conflicting security interests in...
§ 8.9A-330. Priority of purchaser of chattel paper or instrument - (a) Purchaser's priority; security interest claimed merely as proceeds. A...
§ 8.9A-331. Priority of rights of purchasers of instruments, documents, and securities under other titles, priority of interests in financial assets and security entitlements under Title 8.8A - (a) Rights under Titles 8.3A, 8.7, and 8.8A not limited....
§ 8.9A-332. Transfer of money, transfer of funds from deposit account - (a) Transferee of money. A transferee of money takes the...
§ 8.9A-333. Priority of certain liens arising by operation of law - (a) "Possessory lien." In this section, "possessory lien" means an...
§ 8.9A-334. Priority of security interests in fixtures and crops - (a) Security interest in fixtures under this title. A security...
§ 8.9A-335. Accessions - (a) Creation of security interest in accession. A security interest...
§ 8.9A-336. Commingled goods - (a) "Commingled goods." In this section, "commingled goods" means goods...
§ 8.9A-337. Priority of security interests in goods covered by certificate of title - If, while a security interest in goods is perfected by...
§ 8.9A-338. Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information - If a security interest or agricultural lien is perfected by...
§ 8.9A-339. Priority subject to subordination - This title does not preclude subordination by agreement by a...
Part 4 - Rights of Bank
§ 8.9A-340. Effectiveness of right of recoupment or set-off against deposit account - (a) Exercise of recoupment or set-off. Except as otherwise provided...
§ 8.9A-341. Bank's rights and duties with respect to deposit account - Except as otherwise provided in § 8.9A-340 (c), and unless...
§ 8.9A-342. Bank's right to refuse to enter into or disclose existence of control agreement - This title does not require a bank to enter into...
Sections
§ 8.9A-401. Alienability of debtor's rights - (a) Other law governs alienability; exceptions. Except as otherwise provided...
§ 8.9A-402. Secured party not obligated on contract of debtor or in tort - The existence of a security interest, agricultural lien, or authority...
§ 8.9A-403. Agreement not to assert defenses against assignee - (a) "Value." In this section, "value" has the meaning provided...
§ 8.9A-404. Rights acquired by assignee; claims and defenses against assignee - (a) Assignee's rights subject to terms, claims, and defenses; exceptions....
§ 8.9A-405. Modification of assigned contract - (a) Effect of modification on assignee. A modification of or...
§ 8.9A-406. Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles, and promissory notes ineffective - (a) Discharge of account debtor; effect of notification. Subject to...
§ 8.9A-407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest - (a) Term restricting assignment generally ineffective. Except as otherwise provided...
§ 8.9A-408. Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles ineffective - (a) Term restricting assignment generally ineffective. Except as otherwise provided...
§ 8.9A-409. Restrictions on assignment of letter-of-credit rights ineffective - (a) Term or law restricting assignment generally ineffective. A term...
Part 1 - Filing Office, Contents and Effectiveness of Financing Statement
§ 8.9A-501. Filing office - (a) Filing offices. Except as otherwise provided in subsection (b),...
§ 8.9A-502. Contents of financing statement; record of mortgage as financing statement; time of filing financing statement - (a) Sufficiency of financing statement. Subject to subsection (b), a...
§ 8.9A-503. Name of debtor and secured party - (a) Sufficiency of debtor's name. A financing statement sufficiently provides...
§ 8.9A-504. Indication of collateral - A financing statement sufficiently indicates the collateral that it covers...
§ 8.9A-505. Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions - (a) Use of terms other than "debtor" and "secured party."...
§ 8.9A-506. Effect of errors or omissions - (a) Minor errors and omissions. A financing statement substantially satisfying...
§ 8.9A-507. Effect of certain events on effectiveness of financing statement - (a) Disposition. A filed financing statement remains effective with respect...
§ 8.9A-508. Effectiveness of financing statement if new debtor becomes bound by security agreement - (a) Financing statement naming original debtor. Except as otherwise provided...
§ 8.9A-509. Persons entitled to file a record - (a) Person entitled to file record. A person may file...
§ 8.9A-510. Effectiveness of filed record - (a) Filed record effective if authorized. A filed record is...
§ 8.9A-511. Secured party of record - (a) Secured party of record. A secured party of record...
§ 8.9A-512. Amendment of financing statement - (a) Amendment of information in financing statement. Subject to §...
§ 8.9A-513. Termination statement - (a) Consumer goods. A secured party shall cause the secured...
§ 8.9A-514. Assignment of powers of secured party of record - (a) Assignment reflected on initial financing statement. Except as otherwise...
§ 8.9A-515. Duration and effectiveness of financing statement; effect of lapsed financing statement - (a) Five-year effectiveness. Except as otherwise provided in subsections (b),...
§ 8.9A-516. What constitutes filing; effectiveness of filing - (a) What constitutes filing. Except as otherwise provided in subsection...
§ 8.9A-517. Effect of indexing errors - The failure of the filing office to index a record...
§ 8.9A-518. Claim concerning inaccurate or wrongfully filed record - (a) Statement with respect to record indexed under person's name....
Part 2 - Duties and Operation of Filing Office
§ 8.9A-519. Numbering, maintaining, and indexing records; communicating information provided in records - (a) Filing office duties. For each record filed in a...
§ 8.9A-520. Acceptance and refusal to accept record - (a) Mandatory refusal to accept record. A filing office shall...
§ 8.9A-521. Repealed - Repealed by Acts 2012, c. 155, cl. 2, effective July...
§ 8.9A-521.1. Format of statements and records - A filing office that accepts written records may not refuse...
§ 8.9A-522. Maintenance and destruction of records - (a) Post-lapse maintenance and retrieval of information. The filing office...
§ 8.9A-523. Information from filing office; sale or license of records - (a) Acknowledgment of filing written record. -- If a person...
§ 8.9A-524. Delay by filing office - Delay by the filing office beyond a time limit prescribed...
§ 8.9A-525. Fees - (a) Initial financing statement or other record; general rule. --...
§ 8.9A-526. Promulgation of rules - (a) The State Corporation Commission shall promulgate and make available...
§ 8.9A-527. Duty to report - The State Corporation Commission may report annually to the Governor...
Part 1 - Default and Enforcement of Security Interest
§ 8.9A-601. Rights after default; judicial enforcement, consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes - (a) Rights of secured party after default. After default, a...
§ 8.9A-602. Waiver and variance of rights and duties - Except as otherwise provided in § 8.9A-624, to the extent...
§ 8.9A-603. Agreement on standards concerning rights and duties - (a) Agreed standards. The parties may determine by agreement the...
§ 8.9A-604. Procedure if security agreement covers real property or fixtures - (a) Enforcement; personal and real property. If a security agreement...
§ 8.9A-605. Unknown debtor or secondary obligor - A secured party does not owe a duty based on...
§ 8.9A-606. Time of default for agricultural lien - For purposes of this part, a default occurs in connection...
§ 8.9A-607. Collection and enforcement by secured party - (a) Collection and enforcement generally. If so agreed, and in...
§ 8.9A-608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus - (a) Application of proceeds, surplus, and deficiency if obligation secured....
§ 8.9A-609. Secured party's right to take possession after default - (a) Possession; rendering equipment unusable; disposition on debtor's premises. After...
§ 8.9A-610. Disposition of collateral after default - (a) Disposition after default. After default, a secured party may...
§ 8.9A-611. Notification before disposition of collateral - (a) "Notification date." In this section, "notification date" means the...
§ 8.9A-612. Timeliness of notification before disposition of collateral - A notification of disposition sent after default and ten days...
§ 8.9A-613. Contents and form of notification before disposition of collateral; general - Except in a consumer-goods transaction, the following rules apply: (1)...
§ 8.9A-614. Contents and form of notification before disposition of collateral; consumer-goods transaction - In a consumer-goods transaction, the following rules apply: (1) A...
§ 8.9A-615. Application of proceeds of disposition; liability for deficiency and right to surplus - (a) Application of proceeds. A secured party shall apply or...
§ 8.9A-616. Explanation of calculation of surplus or deficiency - (a) Definitions. In this section: (1) "Explanation" means a writing...
§ 8.9A-617. Rights of transferee of collateral - (a) Effects of disposition. A secured party's disposition of collateral...
§ 8.9A-618. Rights and duties of certain secondary obligors - (a) Rights and duties of secondary obligor. A secondary obligor...
§ 8.9A-619. Transfer of record or legal title - (a) "Transfer statement." In this section, "transfer statement" means a...
§ 8.9A-620. Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral - (a) Conditions to acceptance in satisfaction. Except as otherwise provided...
§ 8.9A-621. Notification of proposal to accept collateral - (a) Persons to which proposal to be sent. A secured...
§ 8.9A-622. Effect of acceptance of collateral - (a) Effect of acceptance. A secured party's acceptance of collateral...
§ 8.9A-623. Right to redeem collateral - (a) Persons that may redeem. A debtor, any secondary obligor,...
§ 8.9A-624. Waiver - (a) Waiver of disposition notification. A debtor or secondary obligor...
Part 2 - Noncompliance with Title
§ 8.9A-625. Remedies for secured party's failure to comply with title - (a) Judicial orders concerning noncompliance. If it is established that...
§ 8.9A-626. Action in which deficiency or surplus is in issue - Applicable rules if amount of deficiency or surplus in issue....
§ 8.9A-627. Determination of whether conduct was commercially reasonable - (a) Greater amount obtainable under other circumstances; no preclusion of...
§ 8.9A-628. Nonliability and limitation on liability of secured party; liability of secondary obligor - (a) Limitation of liability of secured party for noncompliance with...
§ 8.9A-701. Effective date - This title takes effect on July 1, 2001. 2000, c....
§ 8.9A-702. Savings clause - (a) Preeffective-date transactions or liens. Except as otherwise provided in...
§ 8.9A-703. Security interest perfected before effective date - (a) Continuing priority over lien creditor; perfection requirements satisfied. A...
§ 8.9A-704. Security interest unperfected before effective date - A security interest that is enforceable immediately before this title...
§ 8.9A-705. Effectiveness of action taken before effective date - (a) Preeffective-date action; one-year perfection period unless reperfected. If action,...
§ 8.9A-706. When initial financing statement suffices to continue effectiveness of financing statement - (a) Initial financing statement in lieu of continuation statement. The...
§ 8.9A-707. Amendment of preeffective-date financing statement - (a) Preeffective-date financing statement. In this section, "preeffective-date financing statement"...
§ 8.9A-708. Persons entitled to file initial financing statement or continuation statement - A person may file an initial financing statement or a...
§ 8.9A-709. Priority - (a) Law governing priority. This title determines the priority of...
§ 8.9A-801. Effective date of amendments - (a) In this part, "2013 amendments" means the amendments to...
§ 8.9A-802. Savings clause - (a) Pre-effective-date transactions or liens. Except as otherwise provided in...
§ 8.9A-803. Security interest perfected before July 1, 2013 - (a) Continuing perfection; perfection requirements satisfied. A security interest that...
§ 8.9A-804. Security interest unperfected before July 1, 2013 - A security interest that is an unperfected security interest immediately...
§ 8.9A-805. Effectiveness of action taken before July 1, 2013 - (a) Pre-effective-date filing effective. The filing of a financing statement...
§ 8.9A-806. When initial financing statement suffices to continue effectiveness of financing statement - (a) Initial financing statement in lieu of continuation statement. The...
§ 8.9A-807. Amendment of pre-effective-date financing statement - (a) "Pre-effective-date financing statement." In this section, "pre-effective-date financing statement"...
§ 8.9A-808. Person entitled to file initial financing statement or continuation statement - A person may file an initial financing statement or a...
§ 8.9A-809. Priority - The 2013 amendments determine the priority of conflicting claims to...