46.2-637 - Security interests subsequently created. - Virginia Statutes

§ 46.2-637. Security interests subsequently created.

Security interests, other than those in inventory held for sale, in motorvehicles, trailers, or semitrailers created by the voluntary act of the ownerafter the original issue of a certificate of title to the owner must be shownon the certificate of title. In such cases, the owner shall file anapplication with the Department on a form furnished for that purpose, settingforth the security interests and whatever additional information theDepartment may deem necessary. If satisfied that it is proper for thesecurity interest to be recorded, when the certificate of title covering themotor vehicle, trailer, or semitrailer, is surrendered, the Department shallissue a new certificate of title, showing security interests in the order oftheir priority according to the date of the filing of the application. Forthe purpose of recording a subsequent security interest, the Commissioner mayrequire any secured party to deliver to him the certificate of title. The newcertificate shall be sent or delivered to the secured party from whom theprior certificate was obtained. Notwithstanding any other provision of law, asecurity interest in a motor vehicle, trailer, or semitrailer which isinventory held for sale shall be perfected only as provided in §§ 8.9A-301through 8.9A-527.

(Code 1950, § 46-70; 1958, c. 541, § 46.1-70; 1966, c. 558; 1989, c. 727;2006, c. 896.)