Section 34.1-9-508 – Effectiveness of Financing Statement if New Debtor Becomes Bound by Security Agreement.
34.1-9-508. Effectiveness of financing statement if new debtor becomes bound by security agreement. (a) Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights to the extent that the financing statement would […]
Section 34.1-9-408 – Restrictions on Assignment of Promissory Notes, Health-Care-Insurance Receivables and Certain General Intangibles Ineffective.
34.1-9-408. Restrictions on assignment of promissory notes, health-care-insurance receivables and certain general intangibles ineffective. (a) Except as otherwise provided in subsection (b), a term in a promissory note or in an agreement between an account debtor and a debtor which relates to a health-care-insurance receivable or a general intangible, including a contract, permit, license or […]
Section 34.1-9-409 – Restrictions on Assignment of Letter-of-Credit Rights Ineffective.
34.1-9-409. Restrictions on assignment of letter-of-credit rights ineffective. (a) A term in a letter of credit or a rule of law, statute, regulation, custom or practice applicable to the letter of credit which prohibits, restricts or requires the consent of an applicant, issuer or nominated person to a beneficiary’s assignment of or creation of a […]
Section 34.1-9-501 – Filing Office.
34.1-9-501. Filing office. (a) Except as otherwise provided in subsection (b), if the local law of this state governs perfection of a security interest or agricultural lien, the office in which to file a financing statement to perfect the security interest or agricultural lien is: (i) The office designated for the filing or recording of […]
Section 34.1-9-502 – Contents of Financing Statement; Record of Mortgage as Financing Statement; Time of Filing Financing Statement.
34.1-9-502. Contents of financing statement; record of mortgage as financing statement; time of filing financing statement. (a) Subject to subsection (b), a financing statement is sufficient only if it: (i) Provides the name of the debtor; (ii) Provides the name of the secured party or a representative of the secured party; and (iii) Indicates the […]
Section 34.1-9-503 – Name of Debtor and Secured Party.
34.1-9-503. Name of debtor and secured party. (a) A financing statement sufficiently provides the name of the debtor: (i) Except as otherwise provided in paragraph (iii) of this subsection, if the debtor is a registered organization or the collateral is held in a trust that is a registered organization, only if the financing statement provides […]
Section 34.1-9-404 – Rights Acquired by Assignee; Claims and Defenses Against Assignee.
34.1-9-404. Rights acquired by assignee; claims and defenses against assignee. (a) Unless an account debtor has made an enforceable agreement not to assert defenses or claims, and subject to subsections (b) through (e), the rights of an assignee are subject to: (i) All terms of the agreement between the account debtor and assignor and any […]
Section 34.1-9-405 – Modification of Assigned Contract.
34.1-9-405. Modification of assigned contract. (a) A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. The assignment may provide that the modification or substitution is a breach of contract by the assignor. This subsection […]
Section 34.1-9-406 – Discharge of Account Debtor; Notification of Assignment; Identification and Proof of Assignment; Restrictions on Assignment of Accounts, Chattel Paper, Payment Intangibles and Promissory Notes Ineffective.
34.1-9-406. Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles and promissory notes ineffective. (a) Subject to subsections (b) through (j), an account debtor on an account, chattel paper or a payment intangible may discharge its obligation by paying the assignor until, but […]
Section 34.1-9-407 – Restrictions on Creation or Enforcement of Security Interest in Leasehold Interest or in Lessor’s Residual Interest.
34.1-9-407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor’s residual interest. (a) Except as otherwise provided in subsection (b), a term in a lease agreement is ineffective to the extent that it: (i) Prohibits, restricts or requires the consent of a party to the lease to the assignment or […]