CHAPTER 569

An Act to amend and reenact § 8.9-302 of the Code of Virginia, relating to
when filing is required to perfect a security interest.

[S 427]
Approved April 5, 1966

Be it enacted by the General Assembly of Virginia:

1. That § 8.9-8302 of the Code of Virginia be amended and reenacted
as follows:

§ 8.9-302. (1) A financing statement must be filed to perfect all
security interests except the following: }

(a) a-security interest in collateral in possession of the secured party
under § 8.9-305;

(b) asecurity interest temporarily perfected in instruments or docu-
ments without delivery under § 8.9-304 or in proceeds for a ten-day period
under § 8.9-306 ;

(c) a purchase money security interest in farm equipment having a
purchase price not in excess of five hundred dollars; but in filing is re-
quired for a fixture under § 8.9-313;

. (d) a purchase money security interest in consumer goods; but filing
is required for a fixture under § 8.9-318 ;

(e) an assignment of accounts or contract rights which does not
alone or in conjunction with other assignments to the same assignee trans-
oer & significant part of the outstanding accounts or contract rights of the

gnor ;
(f) a security interest of a collecting bank (§ 8.4-208) or arising
under the title on sales (see § 8.9-113) or covered in subsection (8) of this
section.

(2) If a secured party assigns a perfected security interest, no filing
under this title is required in order to continue the perfected status of the
security interest against creditors of and transferees from the original

ebtor.

(8) The filing provisions of this title do not apply to a security
interest in property subject to a statute

(a) of the United States which provides for a national registration
or filing of all security interests in such property ; or

(b) of this State which provides for central filing of * security
interests in such property, or in a motor vehicle, trailer or semitrailer
which is not inventory held for sale for which a certificate of title is
required under the statutes of this State if a notation of such a security
Peli can be indicated by a public official on a certificate or a duplicate

ereof.

(4) <A security interest in property covered by a statute described in
subsection (3) can be perfected only by registration or filing under that
statute or by indication of the security interest on a certificate of title or a
duplicate thereof by a public official.

(5) The filing provisions of this title do not apply to a security
interest in property of any description or any interest therein created by a
deed of trust or mortgage made by a public service corporation as defined
in § 56-1, but the deed of trust or mortgage shall be recorded and filed in
the county or corporation in which such deed of trust or mortgage is
required by § 55-96, as amended, to be recorded; provided, however, that
a secured party may perfect its security interest in property of a public
service corporation by filing under §§ 8.9-401 through 8.9-406, in which
case no compliance with § 55-96 shall be required, and such security interest
shall be perfected as to property otherwise subject to this Article 8.9. _
(6) The filing provisions of this title do not apply to any security
interest created in connection with the issuance of any bond, note or other
evidence of indebtedness for borrowed money by this State or any political
subdivision or agency thereof.

2. Anemergency exists and this act is in force from its passage.