reglab/housing_qa huggingface dataset:
VA Code § 8.9A-106 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Short Title, Definitions and General Concepts|§ 8.9A-106. Control of investment property

(a) Control under § 8.8A-106. A person has control of a certificated security, uncertificated security, or security entitlement as provided in § 8.8A-106.(b) Control of commodity contract. A secured party has control of a commodity contract if:(1) the secured party is the commodity intermediary with which the commodity contract is carried; or(2) the commodity customer, secured party, and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.(c) Effect of control of securities account or commodity account. A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account.1996, c. 216, §§ 8.8-106, 8.9-115; 2000, c. 1007.
VA Code § 8.9A-107 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Short Title, Definitions and General Concepts|§ 8.9A-107. Control of letter-of-credit right

A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under subsection (c) of § 8.5A-114 or otherwise applicable law or practice.2000, c. 1007.
VA Code § 8.9A-108 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Short Title, Definitions and General Concepts|§ 8.9A-108. Sufficiency of description

(a) Sufficiency of description. Except as otherwise provided in subsections (c), (d), and (e), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described.(b) Examples of reasonable identification. Except as otherwise provided in subsection (d), a description of collateral reasonably identifies the collateral if it identifies the collateral by:(1) specific listing;(2) category;(3) except as otherwise provided in subsection (e), a type of collateral defined in the Uniform Commercial Code;(4) quantity;(5) computational or allocational formula or procedure; or(6) except as otherwise provided in subsection (c), any other method, if the identity of the collateral is objectively determinable.(c) Supergeneric description not sufficient. A description of collateral as "all the debtor's assets" or "all the debtor's personal property" or using words of similar import does not reasonably identify the collateral.(d) Investment property. Except as otherwise provided in subsection (e), a description of a security entitlement, securities account, or commodity account is sufficient if it describes:(1) the collateral by those terms or as investment property; or(2) the underlying financial asset or commodity contract.(e) When description by type insufficient. A description only by type of collateral defined in the Uniform Commercial Code is an insufficient description of:(1) a commercial tort claim; or(2) in a consumer transaction, consumer goods, a security entitlement, a securities account, or a commodity account.1964, c. 219, § 8.9-110; 1996, c. 216, § 8.9-115; 2000, c. 1007.
VA Code § 8.9A-110 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 2 - Applicability of Title|§ 8.9A-110. Security interests arising under Title 8.2 or Title 8.2A

A security interest arising under §§ 8.2-401, 8.2-505, 8.2-711 (3), or § 8.2A-508 (5) is subject to this title. However, until the debtor obtains possession of the goods:(1) the security interest is enforceable, even if subdivision (b) (3) of § 8.9A-203 has not been satisfied;(2) filing is not required to perfect the security interest;(3) the rights of the secured party after default by the debtor are governed by Title 8.2 or Title 8.2A; and(4) the security interest has priority over a conflicting security interest created by the debtor.1964, c. 219, § 8.9-113; 1991, c. 536; 2000, c. 1007.
VA Code § 8.9A-201 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Effectiveness and Attachment|§ 8.9A-201. General effectiveness of security agreement

(a) General effectiveness. Except as otherwise provided in the Uniform Commercial Code, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors.(b) Applicable consumer laws and other law. A transaction subject to this title is subject to any applicable rule of law which establishes a different rule for consumers.(c) Other applicable law controls. In case of conflict between this title and a rule of law, statute, or regulation described in subsection (b), the rule of law, statute, or regulation controls. Failure to comply with a statute or regulation described in subsection (b) has only the effect the statute or regulation specifies.(d) Further deference to other applicable law. This title does not:(1) validate any rate, charge, agreement, or practice that violates a rule of law, statute, or regulation described in subsection (b); or(2) extend the application of the rule of law, statute, or regulation to a transaction not otherwise subject to it.Code 1950, §§ 6-551, 6-552; 1964, c. 219, §§ 8.9-201, 8.9-203; 1973, c. 509; 1984, c. 613; 1996, c. 216; 2000, c. 1007.
VA Code § 8.9A-202 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Effectiveness and Attachment|§ 8.9A-202. Title to collateral immaterial

Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this title with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor.1964, c. 219, § 8.9-202; 2000, c. 1007.
VA Code § 8.9A-204 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Effectiveness and Attachment|§ 8.9A-204. After-acquired property; future advances

(a) After-acquired collateral. Except as otherwise provided in subsection (b), a security agreement may create or provide for a security interest in after-acquired collateral.(b) When after-acquired property clause not effective. A security interest does not attach under a term constituting an after-acquired property clause to:(1) consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within ten days after the secured party gives value; or(2) a commercial tort claim.(c) Future advances and other value. A security agreement may provide that collateral secures, or that accounts, chattel paper, payment intangibles, or promissory notes are sold in connection with, future advances or other value, whether or not the advances or value are given pursuant to commitment.1964, c. 219, § 8.9-204; 1973, c. 509; 2000, c. 1007.
VA Code § 8.9A-204.1 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Effectiveness and Attachment|§ 8.9A-204.1. Security interests in consumer goods

(a) Notwithstanding any other provision of the law to the contrary, a seller may take a security interest only in the goods sold; provided, however, this section shall apply only to the sale of consumer goods as defined in § 8.9A-102 (23). Where the unpaid debts from two or more sales of consumer goods are consolidated into one debt payable on a single schedule of payments, and the consolidated debt is secured by security interests in the consumer goods sold, the payments made by the debtor under the consolidated schedule may be applied to the payment of the debts arising from the sales either (1) in the order in which the sales were made, starting with the first sale, or (2) in the same proportion as the original debts arising from the various sales bear to one another. To the extent debts are paid according to this section, security interests in the consumer goods sold will terminate as the debt originally incurred with respect to each item is paid.(b) This section shall not apply to a sale of consumer goods purchased pursuant to an open-end credit plan, when previously purchased consumer goods were purchased pursuant to such plan. This section shall not apply to a security interest in a motor vehicle, trailer, or semitrailer which may be the subject of a certificate of title under Title 46.2.(c) A security interest created in violation of this section is void.2000, c. 1007.
VA Code § 8.9A-205 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Effectiveness and Attachment|§ 8.9A-205. Use or disposition of collateral permissible

(a) When security interest not invalid or fraudulent. A security interest is not invalid or fraudulent against creditors solely because:(1) the debtor has the right or ability to:(A) use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods;(B) collect, compromise, enforce, or otherwise deal with collateral;(C) accept the return of collateral or make repossessions; or(D) use, commingle, or dispose of proceeds; or(2) the secured party fails to require the debtor to account for proceeds or replace collateral.(b) Requirements of possession not relaxed. This section does not relax the requirements of possession if attachment, perfection, or enforcement of a security interest depends upon possession of the collateral by the secured party.1964, c. 219, § 8.9-205; 1973; c. 509; 2000, c. 1007.
VA Code § 8.9A-206 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Effectiveness and Attachment|§ 8.9A-206. Security interest arising in purchase or delivery of financial asset

(a) Security interest when person buys through securities intermediary. A security interest in favor of a securities intermediary attaches to a person's security entitlement if:(1) the person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and(2) the securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary.(b) Security interest secures obligation to pay for financial asset. The security interest described in subsection (a) secures the person's obligation to pay for the financial asset.(c) Security interest in payment against delivery transaction. A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if:(1) the security or other financial asset:(A) in the ordinary course of business is transferred by delivery with any necessary endorsement or assignment; and(B) is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and(2) the agreement calls for delivery against payment.(d) Security interest secures obligation to pay for delivery. The security interest described in subsection (c) secures the obligation to make payment for the delivery.1996, c. 216, § 8.9-116; 2000, c. 1007.
VA Code § 8.9A-207 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 2 - Rights and Duties|§ 8.9A-207. Rights and duties of secured party having possession or control of collateral

(a) Duty of care when secured party in possession. Except as otherwise provided in subsection (d), a secured party shall use reasonable care in the custody and preservation of collateral in the secured party's possession. In the case of chattel paper or an instrument, reasonable care includes taking necessary steps to preserve rights against prior parties unless otherwise agreed.(b) Expenses, risks, duties, and rights when secured party in possession. Except as otherwise provided in subsection (d), if a secured party has possession of collateral:(1) reasonable expenses, including the cost of insurance and payment of taxes or other charges, incurred in the custody, preservation, use, or operation of the collateral are chargeable to the debtor and are secured by the collateral;(2) the risk of accidental loss or damage is on the debtor to the extent of a deficiency in any effective insurance coverage;(3) the secured party shall keep the collateral identifiable, but fungible collateral may be commingled; and(4) the secured party may use or operate the collateral:(A) for the purpose of preserving the collateral or its value;(B) as permitted by an order of a court having competent jurisdiction; or(C) except in the case of consumer goods, in the manner and to the extent agreed by the debtor.(c) Duties and rights when secured party in possession or control. Except as otherwise provided in subsection (d), a secured party having possession of collateral or control of collateral under §§ 8.7-106, 8.9A-104, 8.9A-105, 8.9A-106, or § 8.9A-107:(1) may hold as additional security any proceeds, except money or funds, received from the collateral;(2) shall apply money or funds received from the collateral to reduce the secured obligation, unless remitted to the debtor; and(3) may create a security interest in the collateral.(d) Buyer of certain rights to payment. If the secured party is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor:(1) subsection (a) does not apply unless the secured party is entitled under an agreement:(A) to charge back uncollected collateral; or(B) otherwise to full or limited recourse against the debtor or a secondary obligor based on the nonpayment or other default of an account debtor or other obligor on the collateral; and(2) subsections (b) and (c) do not apply.1964, c. 219, § 8.9-207; 2000, c. 1007; 2004, c. 200.
VA Code § 8.9A-209 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 2 - Rights and Duties|§ 8.9A-209. Duties of secured party if account debtor has been notified of assignment

(a) Applicability of section. Except as otherwise provided in subsection (c), this section applies if:(1) there is no outstanding secured obligation; and(2) the secured party is not committed to make advances, incur obligations, or otherwise give value.(b) Duties of secured party after receiving demand from debtor. Within ten days after receiving an authenticated demand by the debtor, a secured party shall send to an account debtor that has received notification of an assignment to the secured party as assignee under § 8.9A-406 (a) an authenticated record that releases the account debtor from any further obligation to the secured party.(c) Inapplicability to sales. This section does not apply to an assignment constituting the sale of an account, chattel paper, or payment intangible.2000, c. 1007.
VA Code § 8.9A-301 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Law Governing Perfection and Priority|§ 8.9A-301. Law governing perfection and priority of security interests

Except as otherwise provided in §§ 8.9A-303 through 8.9A-306, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral:(1) Except as otherwise provided in this section, while a debtor is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral.(2) While collateral is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a possessory security interest in that collateral.(3) Except as otherwise provided in paragraph (4), while tangible negotiable documents, goods, instruments, money, or tangible chattel paper are located in a jurisdiction, the local law of that jurisdiction governs:(A) perfection of a security interest in the goods by filing a fixture filing;(B) perfection of a security interest in timber to be cut; and(C) the effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral.(4) The local law of the jurisdiction in which the wellhead or minehead is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in as-extracted collateral.Code 1950, § 55-9; 1964, c. 219, § 8.9-103; 1973, c. 509; 1984, c. 613; 1996, c. 216; 1997, c. 343; 2000, c. 1007; 2004, c. 200.
VA Code § 8.9A-302 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Law Governing Perfection and Priority|§ 8.9A-302. Law governing perfection and priority of agricultural liens

While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of an agricultural lien on the farm products.2000, c. 1007.
VA Code § 8.9A-303 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Law Governing Perfection and Priority|§ 8.9A-303. Law governing perfection and priority of security interests in goods covered by a certificate of title

(a) Applicability of section. This section applies to goods covered by a certificate of title, even if there is no other relationship between the jurisdiction under whose certificate of title the goods are covered and the goods or the debtor.(b) When goods covered by certificate of title. Goods become covered by a certificate of title when a valid application for the certificate of title and the applicable fee are delivered to the appropriate authority. Goods cease to be covered by a certificate of title at the earlier of the time the certificate of title ceases to be effective under the law of the issuing jurisdiction or the time the goods become covered subsequently by a certificate of title issued by another jurisdiction.(c) Applicable law. The local law of the jurisdiction under whose certificate of title the goods are covered governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in goods covered by a certificate of title from the time the goods become covered by the certificate of title until the goods cease to be covered by the certificate of title.1964, c. 219, § 8.9-103; 1973, c. 509; 1984, c. 613; 1996, c. 216; 1997, c. 343; 2000, c. 1007.
VA Code § 8.9A-304 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Law Governing Perfection and Priority|§ 8.9A-304. Law governing perfection and priority of security interests in deposit accounts

(a) Law of bank's jurisdiction governs. The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a deposit account maintained with that bank.(b) Bank's jurisdiction. The following rules determine a bank's jurisdiction for purposes of this part:(1) If an agreement between the bank and the debtor governing the deposit account expressly provides that a particular jurisdiction is the bank's jurisdiction for purposes of this part, this title, or the Uniform Commercial Code, that jurisdiction is the bank's jurisdiction.(2) If paragraph (1) does not apply and an agreement between the bank and its customer governing the deposit account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the bank's jurisdiction.(3) If neither paragraph (1) nor paragraph (2) applies and an agreement between the bank and its customer governing the deposit account expressly provides that the deposit account is maintained at an office in a particular jurisdiction, that jurisdiction is the bank's jurisdiction.(4) If none of the preceding paragraphs applies, the bank's jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the customer's account is located.(5) If none of the preceding paragraphs applies, the bank's jurisdiction is the jurisdiction in which the chief executive office of the bank is located.2000, c. 1007.
VA Code § 8.9A-306 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 1 - Law Governing Perfection and Priority|§ 8.9A-306. Law governing perfection and priority of security interests in letter-of-credit rights

(a) Governing law; issuer's or nominated person's jurisdiction. 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 jurisdiction is a state.(b) Issuer's or nominated person's jurisdiction. For purposes of this part, an issuer's jurisdiction or nominated person's jurisdiction is the jurisdiction whose law governs the liability of the issuer or nominated person with respect to the letter-of-credit right as provided in § 8.5A-116.(c) When section not applicable. This section does not apply to a security interest that is perfected only under § 8.9A-308 (d).2000, c. 1007.
VA Code § 8.9A-308 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 2 - Perfection|§ 8.9A-308. When security interest or agricultural lien is perfected; continuity of perfection

(a) Perfection of security interest. Except as otherwise provided in this section and § 8.9A-309, a security interest is perfected if it has attached and all of the applicable requirements for perfection in §§ 8.9A-310 through 8.9A-316 have been satisfied. A security interest is perfected when it attaches if the applicable requirements are satisfied before the security interest attaches.(b) Perfection of agricultural lien. An agricultural lien is perfected if it has become effective and all of the applicable requirements for perfection in § 8.9A-310 have been satisfied. An agricultural lien is perfected when it becomes effective if the applicable requirements are satisfied before the agricultural lien becomes effective.(c) Continuous perfection; perfection by different methods. A security interest or agricultural lien is perfected continuously if it is originally perfected by one method under this title and is later perfected by another method under this title, without an intermediate period when it was unperfected.(d) Supporting obligation. Perfection of a security interest in collateral also perfects a security interest in a supporting obligation for the collateral.(e) Lien securing right to payment. Perfection of a security interest in a right to payment or performance also perfects a security interest in a security interest, mortgage, or other lien on personal or real property securing the right.(f) Security entitlement carried in securities account. Perfection of a security interest in a securities account also perfects a security interest in the security entitlements carried in the securities account.(g) Commodity contract carried in commodity account. Perfection of a security interest in a commodity account also perfects a security interest in the commodity contracts carried in the commodity account.1964, c. 219, § 8.9-302; 1973, c. 509; 1984, c. 613; 1996, c. 216, § 8.9-115; 1997, c. 343; 2000, c. 1007.