8.9A-335 - A-335. Accessions. - Virginia Statutes

§ 8.9A-335. Accessions.

(a) Creation of security interest in accession. A security interest may becreated in an accession and continues in collateral that becomes an accession.

(b) Perfection of security interest. If a security interest is perfected whenthe collateral becomes an accession, the security interest remains perfectedin the collateral.

(c) Priority of security interest. Except as otherwise provided in subsection(d), the other provisions of this part determine the priority of a securityinterest in an accession.

(d) Compliance with certificate-of-title statute. A security interest in anaccession is subordinate to a security interest in the whole which isperfected by compliance with the requirements of a certificate-of-titlestatute under § 8.9A-311 (b).

(e) Removal of accession after default. After default, subject to Part 6 (§8.9A-601 et seq.) of this title, a secured party may remove an accession fromother goods if the security interest in the accession has priority over theclaims of every person having an interest in the whole.

(f) Reimbursement following removal. A secured party that removes anaccession from other goods under subsection (e) shall promptly reimburse anyholder of a security interest or other lien on, or owner of, the whole or ofthe other goods, other than the debtor, for the cost of repair of anyphysical injury to the whole or the other goods. The secured party need notreimburse the holder or owner for any diminution in value of the whole or theother goods caused by the absence of the accession removed or by anynecessity for replacing it. A person entitled to reimbursement may refusepermission to remove until the secured party gives adequate assurance for theperformance of the obligation to reimburse.

(2000, c. 1007.)