8.9A-704 - A-704. Security interest unperfected before effective date. - Virginia Statutes

§ 8.9A-704. Security interest unperfected before effective date.

A security interest that is enforceable immediately before this title takeseffect but which would be subordinate to the rights of a person that becomesa lien creditor at that time:

(1) remains an enforceable security interest for one year after this takeseffect;

(2) remains enforceable thereafter if the security interest becomesenforceable under § 8.9A-203 when this title takes effect or within one yearthereafter; and

(3) becomes perfected:

(A) without further action, when this title takes effect if the applicablerequirements for perfection under this title are satisfied before or at thattime; or

(B) when the applicable requirements for perfection are satisfied if therequirements are satisfied after that time.

(2000, c. 1007.)