Virginia Law

(a) Perfection by control. A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, electronic money, investment property, or letter-of-credit rights may be perfected by control of the collateral under § 8.7-106, 8.9A-104, 8.9A-105.1, 8.9A-106, 8.9A-107, or 8.9A-107.1.

(b) Specified collateral; time of perfection by control; continuation of perfection. A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, electronic money, investment property, or letter-of-credit rights is perfected by control under § 8.7-106, 8.9A-104, 8.9A-105.1, 8.9A-106, 8.9A-107, or 8.9A-107.1 not earlier than the time the secured party obtains control and remains perfected by control only while the secured party retains control.

(c) Investment property; time of perfection by control; continuation of perfection. A security interest in investment property is perfected by control under § 8.9A-106 not earlier than the time the secured party obtains control and remains perfected by control until:

(1) the secured party does not have control; and

(2) one of the following occurs:

(A) if the collateral is a certificated security, the debtor has or acquires possession of the security certificate;

(B) if the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner; or

(C) if the collateral is a security entitlement, the debtor is or becomes the entitlement holder.

1996, c. 216, § 8.9-115; 2000, c. 1007; 2004, c. 200; 2024, c. 652.