8.9A-201 - A-201. General effectiveness of security agreement. - Virginia Statutes

§ 8.9A-201. General effectiveness of security agreement.

(a) General effectiveness. Except as otherwise provided in the UniformCommercial Code, a security agreement is effective according to its termsbetween the parties, against purchasers of the collateral, and againstcreditors.

(b) Applicable consumer laws and other law. A transaction subject to thistitle is subject to any applicable rule of law which establishes a differentrule for consumers.

(c) Other applicable law controls. In case of conflict between this title anda rule of law, statute, or regulation described in subsection (b), the ruleof law, statute, or regulation controls. Failure to comply with a statute orregulation described in subsection (b) has only the effect the statute orregulation specifies.

(d) Further deference to other applicable law. This title does not:

(1) validate any rate, charge, agreement, or practice that violates a rule oflaw, statute, or regulation described in subsection (b); or

(2) extend the application of the rule of law, statute, or regulation to atransaction not otherwise subject to it.

(Code 1950, §§ 6-551, 6-552; 1964, c. 219, §§ 8.9-201, 8.9-203; 1973, c. 509;1984, c. 613; 1996, c. 216; 2000, c. 1007.)