Source: https://law.onecle.com/virginia/commercial-code-secured-transactions/8.9A-323.html
Timestamp: 2019-07-22 16:49:08
Document Index: 317827469

Matched Legal Cases: ['§ 8', '§ 8', '§ 8', '§ 8', '§ 8', '§ 8', '§ 43', '§ 8', '§ 8']

Code of Virginia - Title 8.9A Commercial Code - Secured Transactions - Section 8.9A-323 Future advances - Legal Research
Code of Virginia - Title 8.9A Commercial Code - Secured Transactions - Section 8.9A-323 Future advances
§ 8.9A-323. Future advances
(a) When priority based on time of advance. Except as otherwise provided in subsection (c), for purposes of determining the priority of a perfected security interest under § 8.9A-322 (a) (1), perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that:
(A) under § 8.9A-309 when it attaches; or
(B) temporarily under § 8.9A-312 (e), (f), or (g); and
(2) is not made pursuant to a commitment entered into before or while the security interest is perfected by a method other than under § 8.9A-309 or § 8.9A-312 (e), (f), or (g).
(b) Lien creditor. Except as otherwise provided in subsection (c), a security interest is subordinate to the rights of a person that becomes a lien creditor to the extent that the security interest secures an advance made more than forty-five days after the person becomes a lien creditor unless the advance is made:
(c) Buyer of receivables. Subsections (a) and (b) do not apply to a security interest held by a secured party that is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor.
(e) Advances made pursuant to commitment; priority of buyer of goods. Subsection (d) does not apply if the advance is made pursuant to a commitment entered into without knowledge of the buyer's purchase and before the expiration of the forty-five day period.
(g) Advances made pursuant to commitment: priority of lessee of goods. Subsection (f) does not apply if the advance is made pursuant to a commitment entered into without knowledge of the lease and before the expiration of the forty-five day period.
(Code 1950, § 43-27; 1964, c. 219, §§ 8.9-301, 8.9-307, 8.9-312; 1966, c. 557; 1973, c. 509; 1983, c. 204; 1984, c. 613; 1991, c. 536, § 8.2A-307; 1996, c. 216; 2000, c. 1007.)
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