Current with changes from the 2024 legislative session through ch. 845
Section 8.9A-325 - Priority of security interests in transferred collateral(a) Subordination of security interest in transferred collateral. Except as otherwise provided in subsection (b), a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if: (1) the debtor acquired the collateral subject to the security interest created by the other person;(2) the security interest created by the other person was perfected when the debtor acquired the collateral; and(3) there is no period thereafter when the security interest is unperfected.(b) Limitation of subsection (a) subordination. Subsection (a) subordinates a security interest only if the security interest:(1) otherwise would have priority solely under § 8.9A-322A(a) or § 8.9-324A; or(2) arose solely under § 8.2-711(3) or § 8.2A-508A(5).Amended by Acts 2000, § c.1007.