CHAPTER 394

An Act to amend and reenact § 8.9-105 of the Code of Virginia, relating
ri ing definition of “secured party” under the Uniform Commercial
Be it enacted by the General Assembly of Virginia:

1. That § 8.9-105 of the Code of Virginia be amended and reenacted
as follows:

§ 8.9-105. (1) In this title unless the context otherwise requires:

(a) “Account debtor” means the person who is obligated on an ac-
count, chattel paper, contract right or general intangible;

(b) “Chattel paper” means a writing or writings which evidence
both a monetary obligation and a security interest in or a lease of specific
goods. When a transaction is evidenced both by such a security agreement
or a lease and by an instrument or a series of instruments, the group of
writings taken together constitutes chattel paper;

(c) “Collateral” means the property subject to a security interest,
ome includes accounts, contract rights and chattel paper which have

een sold;

(d) “Debtor” means the person who owes payment or other perform-
ance of the obligation secured, whether or not he owns or has rights in
the collateral, and includes the seller of accounts, contract rights or chat-
tel paper. Where the debtor and the owner of the collateral are not the
same person, the term “debtor”? means the owner of the collateral in any
provision of the title dealing with the collateral, the obligor in any pro-
vision dealing with the obligation, and may include both where the context
so requires ; .

(e) “Document” means document of title as defined in the general
definitions of Title 8.1 (§ 8.1-201) ;

(f) “Goods” includes all things which are movable at the time the
security interest attaches or which are fixtures (§ 8.9-3138), but does not
include money, documents, instruments, accounts, chattel paper, general
intangibles, contract rights and other things in action. “Goods” also in-
cludes the unborn young of animals and growing crops;

(g) “Instrument” means a negotiable instrument (defined in § 8.8-
104), or a security (defined in § 8.8-102) or any other writing which
evidences a right to the payment of money and is not itself a security agree-
ment or lease and is of a type which is in ordinary course of business
transferred by delivery with any necessary indorsement or assignment ;

(h) “Security agreement” means an agreement which creates or pro-
vides for a security interest ;

(i) “Secured party” means a lender, seller or other person in whose
favor there is a security interest, including a person to whom accounts,
contract rights or chattel paper have been sold. When the holders of
obligations issued under an indenture of trust, equipment trust agreement
or the like are represented by a trustee or other person, either the lender,
seller or other person in whose favor there is a security interest or the
representative is the secured party. The person shown on a filed financing
statement as the secured party shall be treated as the secured party of
record.

(2) Other definitions applying to this title and the sections in which
they appear are:

“Account.” § 8.9-106.

“Consumer goods.” § 8.9-109 (1).

“Contract right.” § 8.9-106.

“Equipment.” § 8.9-109 (2).

“Farm Products.” § 8.9-109 (3).

“General intangibles.” § 8.9-106.

“Inventory.” § 8.9-109 (4).

“Lien creditor.” § 8.9-801 (38).

“Proceeds.” § 8.9-806 (1).

“Purchase money security interest.” § 8.9-107. .
(8) The following definitions in other titles apply | to this title:

“Check.” § 8.8-104.

“‘Contract for sale.” § 8.2-106.

“Holder in due course.” § 8.8-302.

“Note.” § 8.3-104.

“Sale.” § 8.2-106.

(4) In addition, Title 8.1 contains general definitions and principles
of construction and interpretation applicable throughout this title.
2. An emergency exists and this act is in force from its passage.