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 […]
Section 34.1-9-402 – Secured Party Not Obligated on Contract of Debtor or in Tort.
34.1-9-402. Secured party not obligated on contract of debtor or in tort. The existence of a security interest, agricultural lien or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor’s acts or omissions.
Section 34.1-9-340 – Effectiveness of Right of Recoupment or Set-Off Against Deposit Account.
34.1-9-340. Effectiveness of right of recoupment or set-off against deposit account. (a) Except as otherwise provided in subsection (c), a bank with which a deposit account is maintained may exercise any right of recoupment or set-off against a secured party that holds a security interest in the deposit account. (b) Except as otherwise provided in […]
Section 34.1-9-341 – Bank’s Rights and Duties With Respect to Deposit Account.
34.1-9-341. Bank’s rights and duties with respect to deposit account. (a) Except as otherwise provided in section 34.1-9-340(c), and unless the bank otherwise agrees in an authenticated record, a bank’s rights and duties with respect to a deposit account maintained with the bank are not terminated, suspended or modified by: (i) The creation, attachment or […]
Section 34.1-9-342 – Bank’s Right to Refuse to Enter Into or Disclose Existence of Control Agreement.
34.1-9-342. Bank’s right to refuse to enter into or disclose existence of control agreement. This article does not require a bank to enter into an agreement of the kind described in section 34.1-9-104(a)(ii), even if its customer so requests or directs. A bank that has entered into such an agreement is not required to confirm […]
Section 34.1-9-401 – Alienability of Debtor’s Rights.
34.1-9-401. Alienability of debtor’s rights. (a) Except as otherwise provided in subsection (b) and sections 34.1-9-406, 34.1-9-407, 34.1-9-408 and 34.1-9-409, whether a debtor’s rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this article. (b) An agreement between the debtor and secured party which prohibits a transfer of the […]
Section 34.1-9-335 – Accessions.
34.1-9-335. Accessions. (a) A security interest may be created in an accession and continues in collateral that becomes an accession. (b) If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the collateral. (c) Except as otherwise provided in subsection (d), the other provisions of this part […]
Section 34.1-9-336 – Commingled Goods.
34.1-9-336. Commingled goods. (a) In this section, “commingled goods” means goods that are physically united with other goods in such a manner that their identity is lost in a product or mass. (b) A security interest does not exist in commingled goods as such. However, a security interest may attach to a product or mass […]
Section 34.1-9-337 – Priority of Security Interests in Goods Covered by Certificate of Title.
34.1-9-337. Priority of security interests in goods covered by certificate of title. (a) If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this state issues a certificate of title that does not show that the goods are subject to the security interest or contain a statement […]
Section 34.1-9-338 – Priority of Security Interest or Agricultural Lien Perfected by Filed Financing Statement Providing Certain Incorrect Information.
34.1-9-338. Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information. (a) If a security interest or agricultural lien is perfected by a filed financing statement providing information described in section 34.1-9-516(b)(v) which is incorrect at the time the financing statement is filed: (i) The security interest or agricultural […]