reglab/housing_qa huggingface dataset:
VA Code § 8.9A-626 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 2 - Noncompliance with Title|§ 8.9A-626. Action in which deficiency or surplus is in issue

Applicable rules if amount of deficiency or surplus in issue. In an action arising from a transaction in which the amount of a deficiency or surplus is in issue, the following rules apply:(1) A secured party need not prove compliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor places the secured party's compliance in issue.(2) If the secured party's compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with this part.(3) Except as otherwise provided in § 8.9A-628, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance, the liability of a debtor or a secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses, and attorney's fees exceeds the greater of:(A) the proceeds of the collection, enforcement, disposition, or acceptance; or(B) the amount of proceeds that would have been realized had the noncomplying secured party proceeded in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance.(4) For purposes of subsection (3) (B), the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses, and attorney's fees unless the secured party proves that the amount is less than that sum.(5) If a deficiency or surplus is calculated under § 8.9A-615 (f), the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought.2000, c. 1007.
VA Code § 8.9A-627 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 2 - Noncompliance with Title|§ 8.9A-627. Determination of whether conduct was commercially reasonable

(a) Greater amount obtainable under other circumstances; no preclusion of commercial reasonableness. The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition, or acceptance was made in a commercially reasonable manner.(b) Dispositions that are commercially reasonable. A disposition of collateral is made in a commercially reasonable manner if the disposition is made:(1) in the usual manner on any recognized market;(2) at the price current in any recognized market at the time of the disposition; or(3) otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.(c) Approval by court or on behalf of creditors. A collection, enforcement, disposition, or acceptance is commercially reasonable if it has been approved:(1) in a judicial proceeding;(2) by a bona fide creditors' committee;(3) by a representative of creditors; or(4) by an assignee for the benefit of creditors.(d) Approval under subsection (c) not necessary; absence of approval has no effect. Approval under subsection (c) need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition, or acceptance is not commercially reasonable.1964, c. 219, § 8.9-507; 2000, c. 1007.
VA Code § 8.9A-628 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Part 2 - Noncompliance with Title|§ 8.9A-628. Nonliability and limitation on liability of secured party; liability of secondary obligor

(a) Limitation of liability of secured party for noncompliance with title. Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person:(1) the secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this title; and(2) the secured party's failure to comply with this title does not affect the liability of the person for a deficiency.(b) Limitation of liability based on status as secured party. A secured party is not liable because of its status as secured party:(1) to a person that is a debtor or obligor, unless the secured party knows:(A) that the person is a debtor or obligor;(B) the identity of the person; and(C) how to communicate with the person; or(2) to a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:(A) that the person is a debtor; and(B) the identity of the person.(c) Limitation of liability if reasonable belief that transaction not a consumer-goods transaction or consumer transaction. A secured party is not liable to any person, and a person's liability for a deficiency is not affected, because of any act or omission arising out of the secured party's reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party's belief is based on its reasonable reliance on:(1) a debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or(2) an obligor's representation concerning the purpose for which a secured obligation was incurred.(d) Limitation of liability for statutory damages. A secured party is not liable to any person under § 8.9A-625 (c) (2) for its failure to comply with § 8.9A-616.(e) Limitation of multiple liability for statutory damages. A secured party is not liable under § 8.9A-625 (c) (2) more than once with respect to any one secured obligation.2000, c. 1007.
VA Code § 8.9A-701 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Sections|§ 8.9A-701. Effective date

This title takes effect on July 1, 2001.2000, c. 1007.
VA Code § 8.9A-702 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Sections|§ 8.9A-702. Savings clause

(a) Preeffective-date transactions or liens. Except as otherwise provided in this part, this title applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this title takes effect.(b) Continuing validity. Except as otherwise provided in subsection (c) and §§ 8.9A-703 through 8.9A-709:(1) transactions and liens that were not governed by former Title 8.9, were validly entered into or created before this title takes effect, and would be subject to this title if they had been entered into or created after this title takes effect, and the rights, duties, and interests flowing from those transactions and liens remain valid after this title takes effect; and(2) the transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by this title or by the law that otherwise would apply if this title had not taken effect.(c) Preeffective-date proceedings. This title does not affect an action, case, or proceeding commenced before this title takes effect.2000, c. 1007.
VA Code § 8.9A-703 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Sections|§ 8.9A-703. Security interest perfected before effective date

(a) Continuing priority over lien creditor; perfection requirements satisfied. A security interest that is enforceable immediately before this title takes effect and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this title if, when this takes effect, the applicable requirements for enforceability and perfection under this title are satisfied without further action.(b) Continuing priority over lien creditor; perfection requirements not satisfied. Except as otherwise provided in § 8.9A-705, if, immediately before this title takes effect, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this title are not satisfied when this takes effect, the security interest:(1) is a perfected security interest for one year after this takes effect;(2) remains enforceable thereafter only if the security interest becomes enforceable under § 8.9A-203 before the year expires; and(3) remains perfected thereafter only if the applicable requirements for perfection under this title are satisfied before the year expires.(c) Notwithstanding subsections (a) and (b) of this section, a lien, pledge or security interest granted by the Commonwealth or a governmental unit of the Commonwealth prior to July 1, 2001, which is enforceable immediately before July 1, 2001, and would have priority over the rights of a person that becomes a lien creditor at that time, shall remain enforceable and continue to have such priority on or after July 1, 2001.2000, c. 1007; 2001, cc. 289, 296.
VA Code § 8.9A-704 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Sections|§ 8.9A-704. Security interest unperfected before effective date

A security interest that is enforceable immediately before this title takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time:(1) remains an enforceable security interest for one year after this takes effect;(2) remains enforceable thereafter if the security interest becomes enforceable under § 8.9A-203 when this title takes effect or within one year thereafter; and(3) becomes perfected:(A) without further action, when this title takes effect if the applicable requirements for perfection under this title are satisfied before or at that time; or(B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.2000, c. 1007.
VA Code § 8.9A-706 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Sections|§ 8.9A-706. When initial financing statement suffices to continue effectiveness of financing statement

(a) Initial financing statement in lieu of continuation statement. The filing of an initial financing statement in the office specified in § 8.9A-501 continues the effectiveness of a financing statement filed before this title takes effect if:(1) the filing of an initial financing statement in that office would be effective to perfect a security interest under this title;(2) the preeffective-date financing statement was filed in an office in another state or another office in this Commonwealth; and(3) the initial financing statement satisfies subsection (c).(b) Period of continued effectiveness. The filing of an initial financing statement under subsection (a) continues the effectiveness of the preeffective-date financing statement:(1) if the initial financing statement is filed before this title takes effect, for the period provided in former § 8.9-403 with respect to a financing statement; and(2) if the initial financing statement is filed after this title takes effect, for the period provided in § 8.9A-515 with respect to an initial financing statement.(c) Requirements for initial financing statement under subsection (a). To be effective for purposes of subsection (a), an initial financing statement must:(1) satisfy the requirements of Part 5 (§ 8.9A-501 et seq.) of this title for an initial financing statement;(2) identify the preeffective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and(3) indicate that the preeffective-date financing statement remains effective.2000, c. 1007.
VA Code § 8.9A-707 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Sections|§ 8.9A-707. Amendment of preeffective-date financing statement

(a) Preeffective-date financing statement. In this section, "preeffective-date financing statement" means a financing statement filed before this title takes effect.(b) Applicable law. After this title takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a preeffective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Part 3 (§ 8.9A-301 et seq.) of this title. However, the effectiveness of a preeffective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.(c) Method of amending; general rule. Except as otherwise provided in subsection (d), if the law of this Commonwealth governs perfection of a security interest, the information in a preeffective-date financing statement may be amended after this title takes effect only if:(1) the preeffective-date financing statement and an amendment are filed in the office specified in § 8.9A-501;(2) an amendment is filed in the office specified in § 8.9A-501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies § 8.9A-706 (c); or(3) an initial financing statement that provides the information as amended and satisfies § 8.9A-706 (c) is filed in the office specified in § 8.9A-501.(d) Method of amending; continuation. If the law of this Commonwealth governs perfection of a security interest, the effectiveness of a preeffective-date financing statement may be continued only under § 8.9A-705 (d) and (f) or § 8.9A-706.(e) Method of amending; additional termination rule. Whether or not the law of this Commonwealth governs perfection of a security interest, the effectiveness of a preeffective-date financing statement filed in this Commonwealth may be terminated after this title takes effect by filing a termination statement in the office in which the preeffective-date financing statement is filed, unless an initial financing statement that satisfies § 8.9A-706 (c) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Part 3 (§ 8.9A-301 et seq.) of this title as the office in which to file a financing statement.2000, c. 1007.
VA Code § 8.9A-708 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Sections|§ 8.9A-708. Persons entitled to file initial financing statement or continuation statement

A person may file an initial financing statement or a continuation statement under this part if:(1) the secured party of record authorizes the filing; and(2) the filing is necessary under this part:(A) to continue the effectiveness of a financing statement filed before this title takes effect; or(B) to perfect or continue the perfection of a security interest.2000, c. 1007.
VA Code § 8.9A-709 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Sections|§ 8.9A-709. Priority

(a) Law governing priority. This title determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this title takes effect, former Title 8.9 determines priority.(b) Priority if security interest becomes enforceable under § 8.9A-203. For purposes of § 8.9A-322 (a), the priority of a security interest that becomes enforceable under § 8.9A-203 dates from the time this title takes effect if the security interest is perfected under this title by the filing of a financing statement before this title takes effect which would not have been effective to perfect the security interest under former Title 8.9. This subsection does not apply to conflicting security interests each of which is perfected by the filing of such a financing statement.2000, c. 1007.
VA Code § 8.9A-801 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Sections|§ 8.9A-801. Effective date of amendments

(a) In this part, "2013 amendments" means the amendments to this title that are enacted by the act of the 2012 Session of the General Assembly that enacted this Part 8.(b) The 2013 amendments are effective July 1, 2013.2012, c. 155.
VA Code § 8.9A-802 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Sections|§ 8.9A-802. Savings clause

(a) Pre-effective-date transactions or liens. Except as otherwise provided in this part, the 2013 amendments apply to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2013.(b) Pre-effective-date proceedings. The 2013 amendments do not affect an action, case, or proceeding commenced before July 1, 2013.2012, c. 155.
VA Code § 8.9A-803 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Sections|§ 8.9A-803. Security interest perfected before July 1, 2013

(a) Continuing perfection; perfection requirements satisfied. A security interest that is a perfected security interest immediately before July 1, 2013, is a perfected security interest under this title as amended by the 2013 amendments if, on July 1, 2013, the applicable requirements for attachment and perfection under this title, as amended by the 2013 amendments, are satisfied without further action.(b) Continuing perfection; perfection requirements not satisfied. Except as otherwise provided in § 8.9A-805, if, immediately before July 1, 2013, a security interest is a perfected security interest, but the applicable requirements for perfection under this title, as amended by the 2013 amendments, are not satisfied on July 1, 2013, the security interest remains perfected thereafter only if the applicable requirements for perfection under this title, as amended by the 2013 amendments, are satisfied within one year after July 1, 2013.2012, c. 155.
VA Code § 8.9A-804 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Sections|§ 8.9A-804. Security interest unperfected before July 1, 2013

A security interest that is an unperfected security interest immediately before July 1, 2013, becomes a perfected security interest:(1) without further action, on July 1, 2013, if the applicable requirements for perfection under this title, as amended by the 2013 amendments, are satisfied before or at that time; or(2) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.2012, c. 155.
VA Code § 8.9A-806 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Sections|§ 8.9A-806. When initial financing statement suffices to continue effectiveness of financing statement

(a) Initial financing statement in lieu of continuation statement. The filing statement of an initial financing statement in the office specified in § 8.9A-501 continues the effectiveness of a financing statement filed before the 2013 amendments take effect if:(1) the filing of an initial financing statement in that office would be effective to perfect a security interest under this title, as amended by the 2013 amendments;(2) the pre-effective-date financing statement was filed in an office in another state; and(3) the initial financing statement satisfies subsection (c).(b) Period of continued effectiveness. The filing of an initial financing statement under subsection (a) continues the effectiveness of the pre-effective-date financing statement:(1) if the initial financing statement is filed before July 1, 2013, for the period provided in § 8.9A-515 as § 8.9A-515 was in effect on June 30, 2013, with respect to an initial financing statement; and(2) if the initial financing statement is filed on or after July 1, 2013, for the period provided in § 8.9A-515, as amended by the 2013 amendments, with respect to an initial financing statement.(c) Requirements for initial financing statement under subsection (a). To be effective for purposes of subsection (a), an initial financing statement must:(1) satisfy the requirements of Part 5 (§ 8.9A-501 et seq.), as amended by the 2013 amendments, for an initial financing statement;(2) identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and(3) indicate that the pre-effective-date financing statement remains effective.2012, c. 155.
VA Code § 8.9A-807 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Sections|§ 8.9A-807. Amendment of pre-effective-date financing statement

(a) "Pre-effective-date financing statement." In this section, "pre-effective-date financing statement" means a financing statement filed before July 1, 2013.(b) Applicable law. On and after July 1, 2013, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in this title, as amended by the 2013 amendments. However, the effectiveness of a pre-effective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.(c) Method of amending; general rule. Except as otherwise provided in subsection (d), if the law of the Commonwealth governs perfection of a security interest, the information in a pre-effective-date financing statement may be amended on and after July 1, 2013, only if:(1) the pre-effective-date financing statement and an amendment are filed in the office specified in § 8.9A-501;(2) an amendment is filed in the office specified in § 8.9A-501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies § 8.9A-806(c); or(3) an initial financing statement that provides the information as amended and satisfies § 8.9A-806(c) is filed in the office specified in § 8.9A-501.(d) Method of amending; continuation. If the law of the Commonwealth governs perfection of a security interest, the effectiveness of a financing statement filed before July 1, 2013, may be continued only under § 8.9A-805(c) or (e) and § 8.9A-806.(e) Method of amending; additional termination rule. Whether or not the law of the Commonwealth governs perfection of a security interest, the effectiveness of a financing statement filed before July 1, 2013, in the Commonwealth may be terminated on or after July 1, 2013, by filing a termination statement in the office in which the pre-effective-date financing statement is filed, unless an initial financing statement that satisfies § 8.9A-806(c) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in this title, as amended by the 2013 amendments, as the office in which to file a financing statement.2012, c. 155.
VA Code § 8.9A-808 (2021)
2021 Code of Virginia|Title 8.9A - Commercial Code - Secured Transactions|Sections|§ 8.9A-808. Person entitled to file initial financing statement or continuation statement

A person may file an initial financing statement or a continuation statement under this part if:(1) the secured party of record authorizes the filing; and(2) the filing is necessary under this part:(A) to continue the effectiveness of a financing statement filed before July 1, 2013; or(B) to perfect or continue the perfection of a security interest.2012, c. 155.