8.9A-303 - A-303. Law governing perfection and priority of security interests in goods covered by a certificate of title. - Virginia Statutes

§ 8.9A-303. Law governing perfection and priority of security interests ingoods covered by a certificate of title.

(a) Applicability of section. This section applies to goods covered by acertificate of title, even if there is no other relationship between thejurisdiction under whose certificate of title the goods are covered and thegoods or the debtor.

(b) When goods covered by certificate of title. Goods become covered by acertificate of title when a valid application for the certificate of titleand the applicable fee are delivered to the appropriate authority. Goodscease to be covered by a certificate of title at the earlier of the time thecertificate of title ceases to be effective under the law of the issuingjurisdiction or the time the goods become covered subsequently by acertificate of title issued by another jurisdiction.

(c) Applicable law. The local law of the jurisdiction under whose certificateof title the goods are covered governs perfection, the effect of perfectionor nonperfection, and the priority of a security interest in goods covered bya certificate of title from the time the goods become covered by thecertificate of title until the goods cease to be covered by the certificateof title.

(1964, c. 219, § 8.9-103; 1973, c. 509; 1984, c. 613; 1996, c. 216; 1997, c.343; 2000, c. 1007.)