Section 34.1-9-329 – Priority of Security Interests in Letter-of-Credit Right.
34.1-9-329. Priority of security interests in letter-of-credit right. (a) The following rules govern priority among conflicting security interests in the same letter-of-credit right: (i) A security interest held by a secured party having control of the letter-of-credit right under section 34.1-9-107 has priority to the extent of its control over a conflicting security interest held […]
Section 34.1-9-321 – Licensee of General Intangible and Lessee of Goods in Ordinary Course of Business.
34.1-9-321. Licensee of general intangible and lessee of goods in ordinary course of business. (a) In this section, “licensee in ordinary course of business” means a person that becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible and in […]
Section 34.1-9-322 – Priorities Among Conflicting Security Interests in and Agricultural Liens on Same Collateral.
34.1-9-322. Priorities among conflicting security interests in and agricultural liens on same collateral. (a) Except as otherwise provided in this section, priority among conflicting security interests and agricultural liens in the same collateral is determined according to the following rules: (i) Conflicting perfected security interests and agricultural liens rank according to priority in time of […]
Section 34.1-9-323 – Future Advances.
34.1-9-323. Future advances. (a) Except as otherwise provided in subsection (c), for purposes of determining the priority of a perfected security interest under section 34.1-9-322(a)(i), perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that: (i) Is made while the security […]
Section 34.1-9-324 – Priority of Purchase-Money Security Interests.
34.1-9-324. Priority of purchase-money security interests. (a) Except as otherwise provided in subsection (g), a perfected purchase-money security interest in goods other than inventory or livestock has priority over a conflicting security interest in the same goods, and, except as otherwise provided in section 34.1-9-327, a perfected security interest in its identifiable proceeds also has […]
Section 34.1-9-324A – Priority of Production-Money Security Interests and Agricultural Liens.
34.1-9-324A. Priority of production-money security interests and agricultural liens. (a) Except as otherwise provided in subsections (c), (d) and (e), if the requirements of subsection (b) are satisfied, a perfected production-money security interest in production-money crops has priority over a conflicting security interest in the same crops and, except as otherwise provided in section 34.1-9-327, […]
Section 34.1-9-316 – Effect of Change in Governing Law.
34.1-9-316. Effect of change in governing law. (a) A security interest perfected pursuant to the law of the jurisdiction designated in section 34.1-9-301(a)(i) or 34.1-9-305(c) remains perfected until the earliest of: (i) The time perfection would have ceased under the law of that jurisdiction; (ii) The expiration of four (4) months after a change of […]
Section 34.1-9-317 – Interests That Take Priority Over or Take Free of Security Interest or Agricultural Lien.
34.1-9-317. Interests that take priority over or take free of security interest or agricultural lien. (a) A security interest or agricultural lien is subordinate to the rights of: (i) A person entitled to priority under section 34.1-9-322; and (ii) Except as otherwise provided in subsection (e), a person that becomes a lien creditor before the […]
Section 34.1-9-318 – No Interest Retained in Right to Payment That Is Sold; Rights and Title of Seller of Account or Chattel Paper With Respect to Creditors and Purchasers.
34.1-9-318. No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers. (a) A debtor that has sold an account, chattel paper, payment intangible or promissory note does not retain a legal or equitable interest in the collateral sold. (b) […]
Section 34.1-9-319 – Rights and Title of Consignee With Respect to Creditors and Purchasers.
34.1-9-319. Rights and title of consignee with respect to creditors and purchasers. (a) Except as otherwise provided in subsection (b), for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, while the goods are in the possession of the consignee, the consignee is deemed to have rights […]