§ 8.9A-505 — Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions

Virginia § 8.9A-505

• Jurisdiction: Virginia
• Title 8.9A: COMMERCIAL CODE — SECURED TRANSACTIONS
• Part 5: FILING
• Subpart 1: FILING OFFICE, CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT

Text

(a) Use of terms other than "debtor" and "secured party." A consignor, lessor, or other bailor of goods, a licensor, or a buyer of a payment intangible or promissory note may file a financing statement, or may comply with a statute or treaty described in § 8.9A-311 (a), using the terms "consignor," "consignee," "lessor," "lessee," "bailor," "bailee," "licensor," "licensee," "owner," "registered owner," "buyer," "seller," or words of similar import, instead of the terms "secured party" and "debtor."

(b) Effect of financing statement under subsection (a). This part applies to the filing of a financing statement under subsection (a) and, as appropriate, to compliance that is equivalent to filing a financing statement under § 8.9A-311 (b), but the filing or compliance is not of itself a factor in determining whether the collateral secures an obligation. If it is determined for another reason that the collateral secures an obligation, a security interest held by the consignor, lessor, bailor, licensor, owner, or buyer which attaches to the collateral is perfected by the filing or compliance.

Legislative History

1973, c. 509, § 8.9-408; 2000, c. 1007.