8.9A-709 - A-709. Priority. - Virginia Statutes

§ 8.9A-709. Priority.

(a) Law governing priority. This title determines the priority of conflictingclaims to collateral. However, if the relative priorities of the claims wereestablished before this title takes effect, former Title 8.9 determinespriority.

(b) Priority if security interest becomes enforceable under § 8.9A-203. Forpurposes of § 8.9A-322 (a), the priority of a security interest that becomesenforceable under § 8.9A-203 dates from the time this title takes effect ifthe security interest is perfected under this title by the filing of afinancing statement before this title takes effect which would not have beeneffective to perfect the security interest under former Title 8.9. Thissubsection does not apply to conflicting security interests each of which isperfected by the filing of such a financing statement.

(2000, c. 1007.)