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Can you summarize 8.9A VACV Part 8?
Commercial Code Secured Transactions >
Short Summary
These legal documents pertain to the Code of Virginia, specifically the Commercial Code Secured Transactions. They address the continuation of the effectiveness of financing statements, the priority of conflicting claims to collateral, and the amendment of pre-effective-date financing statements. The documents specify that the relative priorities of conflicting claims to collateral are determined based on whether they were established before or after July 1, 2013. A security interest that is unperfected before July 1, 2013, can become perfected if the applicable requirements for perfection are satisfied. The filing of an initial financing statement can continue the effectiveness of a financing statement filed before the 2013 amendments, under certain conditions. The documents also outline the methods of amending pre-effective-date financing statements and continuing their effectiveness. They further state that a security interest that is perfected before July 1, 2013, remains perfected if the applicable requirements for attachment and perfection are satisfied on or after that date. The 2013 amendments apply to transactions or liens within their scope, even if entered into or created before July 1, 2013. However, they do not affect actions, cases, or proceedings commenced before that date. These documents apply to creditors, secured parties, and individuals or entities involved in filing financing statements. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Creditors, secured parties, individuals or entities involved in filing financing statements
What does it govern?
Continuation of the effectiveness of financing statements, priority of conflicting claims to collateral, amendment of pre-effective-date financing statements
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Virginia