Code of Virginia (2024 Updates)

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Code of Virginia
Title 8.9A. Commercial Code — Secured Transactions
Part 1. General Provisions
Part 1. Short Title, Definitions and General Concepts

4/25/2025

§ 8.9A-107.2. (Effective July 1, 2025) No requirement to acknowledge or confirm; no duties. (2024 updated section)

(a) No requirement to acknowledge. A person that has control under 8.9A-104, 8.9A-105, or 8.9A-105.1 is not required to acknowledge that it has control on behalf of another person.

(b) No duties or confirmation. If a person acknowledges that it has or will obtain control on behalf of another person, unless the person otherwise agrees or law other than this article otherwise provides, the person does not owe any duty to the other person and is not required to confirm the acknowledgment to any other person.

2024, c. 652.