6.1-81 - (Repealed effective October 1, 2010) Perfection of certain security interests. - Virginia Statutes

§ 6.1-81. (Repealed effective October 1, 2010) Perfection of certain securityinterests.

When securities are sold by a bank subject to an obligation of repurchase,any security interest or interest of ownership therein may be perfected:

1. As specified by Title 8.8A or Title 8.9A;

2. By designation to the person holding physical custody thereof (which shallinclude a person keeping the master records, in case of securities identifiedby book entry only) that certain securities identified by serial number ordollar amount are held for the benefit of third parties other than the bank,who may, but need not be, identified by name; or

3. By physical separation on the premises of the bank in a separate drawer,compartment, or other facility. The bank may, from time to time, instruct anythird party holding such securities that the previously identified securitiesor an amount of such securities previously identified as pledged or belongingto third parties, have been released from such pledge by payment of all orpart of the amount due, or have been repurchased. There shall be anidentification on the records of the bank of the persons who are pledgees orowners of such securities. Book-entry securities held in a bank'scustomer-safekeeping account, used for the same purpose, at the FederalReserve Bank, notwithstanding that other customer securities are held in thesame account, shall be deemed in compliance with subdivision 2 of thissection, provided such securities are identified in the bank's records asrequired by this section.

(1982, c. 429; 1983, c. 250; 1986, c. 320.)