Section 34.1-9-320 – Buyer of Goods.
34.1-9-320. Buyer of goods. (a) Except as otherwise provided in subsection (e), a buyer in ordinary course of business, other than a person buying farm products from a person engaged in farming operations, takes free of a security interest created by the buyer’s seller, even if the security interest is perfected and the buyer knows […]
Section 34.1-9-311 – Perfection of Security Interests in Property Subject to Certain Statutes, Regulations and Treaties.
34.1-9-311. Perfection of security interests in property subject to certain statutes, regulations and treaties. (a) Except as otherwise provided in subsection (d), the filing of a financing statement is not necessary or effective to perfect a security interest in property subject to: (i) A statute, regulation or treaty of the United States whose requirements for […]
Section 34.1-9-312 – Perfection of Security Interests in Chattel Paper, Deposit Accounts, Documents, Goods Covered by Documents, Instruments, Investment Property, Letter-of-Credit Rights and Money; Perfection by Permissive Filing; Temporary Perfection Without Filing or Transfer of Possession.
34.1-9-312. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money; perfection by permissive filing; temporary perfection without filing or transfer of possession. (a) A security interest in chattel paper, negotiable documents, instruments or investment property may be perfected by filing. (b) Except as […]
Section 34.1-9-313 – When Possession by or Delivery to Secured Party Perfects Security Interest Without Filing.
34.1-9-313. When possession by or delivery to secured party perfects security interest without filing. (a) Except as otherwise provided in subsection (b), a secured party may perfect a security interest in tangible negotiable documents, goods, instruments, money or tangible chattel paper by taking possession of the collateral. A secured party may perfect a security interest […]
Section 34.1-9-314 – Perfection by Control.
34.1-9-314. Perfection by control. (a) A security interest in investment property, deposit accounts, letter-of-credit rights, electronic chattel paper or electronic documents may be perfected by control of the collateral under section 34.1-7-106, 34.1-9-104, 34.1-9-105, 34.1-9-106 or 34.1-9-107. (b) A security interest in deposit accounts, electronic chattel paper, letter-of-credit rights or electronic documents is perfected by […]
Section 34.1-9-315 – Secured Party’s Rights on Disposition of Collateral and in Proceeds.
34.1-9-315. Secured party’s rights on disposition of collateral and in proceeds. (a) Except as otherwise provided in this article and in section 34.1-2-403(b): (i) A security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange or other disposition thereof unless the secured party authorized the disposition free of the security interest or […]
Section 34.1-9-308 – When Security Interest or Agricultural Lien Is Perfected; Continuity of Perfection.
34.1-9-308. When security interest or agricultural lien is perfected; continuity of perfection. (a) Except as otherwise provided in this section and section 34.1-9-309, a security interest is perfected if it has attached and all of the applicable requirements for perfection in sections 34.1-9-310 through 34.1-9-316 have been satisfied. A security interest is perfected when it […]
Section 34.1-9-309 – Security Interest Perfected Upon Attachment.
34.1-9-309. Security interest perfected upon attachment. (a) The following security interests are perfected when they attach: (i) A purchase-money security interest in consumer goods, except as otherwise provided in section 34.1-9-311(b) with respect to consumer goods that are subject to a statute or treaty described in section 34.1-9-311(a); (ii) An assignment of accounts or payment […]
Section 34.1-9-310 – When Filing Required to Perfect Security Interest or Agricultural Lien; Security Interests and Agricultural Liens to Which Filing Provisions Do Not Apply.
34.1-9-310. When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply. (a) Except as otherwise provided in subsection (b) and section 34.1-9-312(b), a financing statement must be filed to perfect all security interests and agricultural liens. (b) The filing of a financing statement […]
Section 34.1-9-306 – Law Governing Perfection and Priority of Security Interests in Letter-of-Credit Rights.
34.1-9-306. Law governing perfection and priority of security interests in letter-of-credit rights. (a) Subject to subsection (c), the local law of the issuer’s jurisdiction or a nominated person’s jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a letter-of-credit right if the issuer’s jurisdiction or nominated person’s […]