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Can you summarize 8.9A VACV Part 1?
Commercial Code Secured Transactions >
Short Summary
The legal document titled ‘Sufficiency of description’ provides guidelines for the identification and description of personal or real property in secured transactions. It states that a description of the property is considered sufficient if it reasonably identifies what is described. The document provides examples of reasonable identification methods, such as specific listing, category, type of collateral defined in the Uniform Commercial Code, quantity, computational or allocational formula or procedure, or any other method that objectively determines the identity of the collateral. However, it specifies that supergeneric descriptions like ‘all the debtor’s assets’ or ‘all the debtor’s personal property’ are not sufficient. The document also addresses the description of investment property and when a description by type is insufficient for certain types of collateral. It applies to parties involved in transactions that create security interests under the mentioned sections of the Code of Virginia. However, there are exemptions where this title does not apply, such as when preempted by federal law, when another statute of the Commonwealth governs the security interest, when a statute of another state or foreign country governs the security interest, when the rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior, and when specific types of transactions or assignments are involved. The document does not specify any specific penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Parties involved in transactions that create security interests under the mentioned sections of the Code
What does it govern?
Identification and description of personal or real property in secured transactions
What are exemptions?
Preempted by federal law, another statute of the Commonwealth governs the security interest, statute of another state or foreign country governs the security interest, rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior, specific types of transactions or assignments
What are the Penalties?
No specific penalties are mentioned in the document.
Jurisdiction
Virginia