8.9A-327 - A-327. Priority of security interests in deposit account. - Virginia Statutes

§ 8.9A-327. Priority of security interests in deposit account.

The following rules govern priority among conflicting security interests inthe same deposit account:

(1) A security interest held by a secured party having control of the depositaccount under § 8.9A-104 has priority over a conflicting security interestheld by a secured party that does not have control.

(2) Except as otherwise provided in paragraphs (3) and (4), securityinterests perfected by control under § 8.9A-314 rank according to priority intime of obtaining control.

(3) Except as otherwise provided in paragraph (4), a security interest heldby the bank with which the deposit account is maintained has priority over aconflicting security interest held by another secured party.

(4) A security interest perfected by control under § 8.9A-104 (a) (3) haspriority over a security interest held by the bank with which the depositaccount is maintained.

(1996, c. 216, § 8.9-115; 2000, c. 1007.)