Title 11A — Uniform Commercial Code
0 chapters · 598 sections in this title.
11A V.I.C. § 8-406 Obligation to notify issuer of lost,, destroyed, or wrongfully taken security certificate
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If a security certificate has been lost, apparently destroyed, or wrongfully taken, and the owner fails to notify the issuer of that fact within a reasonable time after the owner has notice of it and the issuer registers a transfer of the security before receiving notification, t…
11A V.I.C. § 8-407 Authenticating trustee, transfer agent, and registrar
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A person acting as authenticating trustee, transfer agent, registrar, or other agent for an issuer in the registration of a transfer of its securities, in the issue of new security certificates or uncertificated securities, or in the cancellation of surrendered security certifica…
11A V.I.C. § 8-501 Securities account; acquisition of security entitlement from securities intermediary
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(a) “Securities account” means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the rights that comp…
11A V.I.C. § 8-502 Assertion of adverse claim against entitlement holder
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An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who acquires a security entitlement under § 8–501 for value and without notice of the advers…
11A V.I.C. § 8-503 Property interest of entitlement holder in financial asset held by securities intermediary
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(a) To the extent necessary for a securities intermediary to satisfy all security entitlements with respect to a particular financial asset, all interests in that financial asset held by the securities intermediary are held by the securities intermediary for the entitlement holde…
11A V.I.C. § 8-504 Duty of securities intermediary to maintain financial asset
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(a) A securities intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity corresponding to the aggregate of all security entitlements it has established in favor of its entitlement holders with respect to that financial asset. The securities inte…
11A V.I.C. § 8-505 Duty of securities intermediary with respect to payments and distributions
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(a) A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. A securities intermediary satisfies the duty if:(1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and …
11A V.I.C. § 8-506 Duty of securities intermediary to exercise rights as directed by entitlement holder
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(1) A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. A securities intermediary satisfies the duty if:(1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement hol…
11A V.I.C. § 8-507 Duty of securities intermediary to comply with entitlement order
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(a) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has had reasonable opportunity to assure itself that the entitlement order is genuine and authorized, and the securit…
11A V.I.C. § 8-508 Duty of securities intermediary to change entitlement holder's position to other form of security holding
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(1) A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into another available form of holding for which the entitlement holder is eligible, or to cause the financial asset to be transferred to a securities account of the…
11A V.I.C. § 8-509 Specification of duties of securities intermediary by other statute or regulation; manner of performance of duties of securities intermediary and exercise of rights of entitlement holder
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(a) If the substance of a duty imposed upon a securities intermediary by Sections 8–504 through 8–508 is the subject of other statute, regulation, or rule, compliance with that statute, regulation or rule satisfies the duty. (b) To the extent that specific standards for the perfo…
11A V.I.C. § 8-510 Rights of purchaser of security entitlement from entitlement holder
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(a) In a case not covered by the priority rules in Article 9 or the rules stated in subsection (c), an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may n…
11A V.I.C. § 8-511 Priority among security interests and entitlement holders
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(a) Except as otherwise provided in subsections (b) and (c), if a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to that financial asset and its oblig…
11A V.I.C. § 9-101 Short title
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This article may be cited as Uniform Commercial Code—Secured Transactions.
11A V.I.C. § 9-102 Definitions and index of definitions
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(a) In this article:(1) “Accession” means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost.(2) “Account”, except as used in “account for”, means a right to payment of a monetary obligation, whether or not earne…
11A V.I.C. § 9-103 Purchase-money security interest; application of payments; burden of establishing
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(a) Definitions. In this section:(1) “purchase-money collateral” means goods or software that secures a purchasemoney obligation incurred with respect to that collateral; and(2) “purchase-money obligation” means an obligation of an obligor incurred as all or part of the price of …
11A V.I.C. § 9-104 Control of deposit account
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(a) Requirements for control. A secured party has control of a deposit account if:(1) the secured party is the bank with which the deposit account is maintained;(2) the debtor, secured party, and bank have agreed in an authenticated record that the bank will comply with instructi…
11A V.I.C. § 9-105 Control of electronic chattel paper
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(1) A secured party has control of electronic chattel paper if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that:(1) a single authoritative copy of the record or records exists which is unique, identifiable and, except as o…
11A V.I.C. § 9-106 Control of investment property
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(a) Control under § 8–106. A person has control of a certificated security, uncertificated security, or security entitlement as provided in § 8–106. (b) Control of commodity contract. A secured party has control of a commodity contract if:(1) the secured party is the commodity in…
11A V.I.C. § 9-107 Control of letter-of credit right
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A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under § 5–114(c) or otherwise ap…
11A V.I.C. § 9-108 Sufficiency of descriptions
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(a) Sufficiency of description. Except as otherwise provided in subsections (c), (d), and (e), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described. (b) Examples of reasonable identification. Except…
11A V.I.C. § 9-109 Scope
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(a) General scope of article. Except as otherwise provided in subsections (c) and (d), this article applies to:(1) a transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract;(2) an agricultural lien;(3) a sale of accounts,…
11A V.I.C. § 9-110 Security interests arising under Article 2 or 2A
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(1) A security interest arising under § 2–401, 2–505, 2–711(3), or 2A-508(5) is subject to this article. However, until the debtor obtains possession of the goods:(1) the security interest is enforceable, even if § 9–203(b)(3) has not been satisfied;(2) filing is not required to …
11A V.I.C. § 9-201 General effectiveness of security agreement
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(a) General effectiveness. Except as otherwise provided in Title 11A, Virgin Islands Code [the Uniform Commercial Code], a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors. (b) Applicable consu…
11A V.I.C. § 9-202 Title to collateral immaterial
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Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this article with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor.
11A V.I.C. § 9-203 Attachment and enforceability of security interest; proceeds supporting obligations; formal requisites
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(a) Attachment. A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment. (b) Enforceability. Except as otherwise provided in subsections (c) through (i…
11A V.I.C. § 9-204 After-acquired property; future advances
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(a) After-acquired collateral. Except as otherwise provided in subsection (b), a security agreement may create or provide for a security interest in after-acquired collateral. (b) When after-acquired property clause not effective. A security interest does not attach under a term …
11A V.I.C. § 9-205 Use or disposition of collateral permissible
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(a) When security interest not invalid or fraudulent. A security interest is not invalid or fraudulent against creditors solely because:(1) the debtor has the right or ability to:(A) use, commingle, or dispose of all or part of the collateral, including returned or repossessed go…
11A V.I.C. § 9-206 Security interest arising in purchasing of delivery of financial asset
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(a) Security interest when person buys through securities intermediary. A security interest in favor of a securities intermediary attaches to a person's security entitlement if:(1) the person buys a financial asset through the securities intermediary in a transaction in which the…
11A V.I.C. § 9-207 Rights and duties of secured party having possession or control of collateral
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(a) Duty of care when secured party in possession. Except as otherwise provided in subsection (d), a secured party shall use reasonable care in the custody and preservation of collateral in the secured party's possession. In the case of chattel paper or an instrument, reasonable …
11A V.I.C. § 9-208 Additional duties of secured party having control of collateral
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(a) Applicability of section. This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations, or otherwise give value. (b) Duties of secured party after receiving demand from debtor. Wit…
11A V.I.C. § 9-209 Duties of secured party if account debtor has been notified of assignment
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(a) Applicability of section. Except as otherwise provided in subsection (c), this section applies if:(1) there is no outstanding secured obligation; and(2) the secured party is not committed to make advances, incur obligations, or otherwise give value. (1) there is no outstandin…
11A V.I.C. § 9-210 Request for accounting request regarding list of collateral or statement of account
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(a) Definitions. In this section:(1) “Request” means a record of a type described in paragraph (2), (3), or (4).(2) “Request for an accounting” means a record authenticated by a debtor requesting that the recipient provide an accounting of the unpaid obligations secured by collat…
11A V.I.C. § 9-301 Law governing perfection and priority of security interests
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(1) Except as otherwise provided in Sections 9–303 through 9–306, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral:(1) Except as otherwise provided in this section, while a…
11A V.I.C. § 9-302 Law governing perfection and priority of agricultural liens
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While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of an agricultural lien on the farm products.
11A V.I.C. § 9-303 Law governing perfection and priority of security interests in goods covered by a certificate of title
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(a) Applicability of section. This section applies to goods covered by a certificate of title, even if there is no other relationship between the jurisdiction under whose certificate of title the goods are covered and the goods or the debtor. (b) When goods covered by certificate…
11A V.I.C. § 9-304 Law governing perfection and priority of security interests in deposit accounts
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(a) Law of bank's jurisdiction governs. The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a deposit account maintained with that bank. (b) Bank's jurisdiction. The following rules deter…
11A V.I.C. § 9-305 Law governing perfection and priority of security interests in investment property
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(a) Governing law: general rules. Except as otherwise provided in subsection (c), the following rules apply:(1) While a security certificate is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the pri…
11A V.I.C. § 9-306 Law governing perfection and priority of security interests in letter-of-credit rights
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(a) Governing law: issuer's or nominated person's jurisdiction. Subject to subsection (c), the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a l…
11A V.I.C. § 9-307 Location of debtor
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(a) “Place of business.” In this section, “place of business” means a place where a debtor conducts its affairs. (b) Debtor's location: general rules. Except as otherwise provided in this section, the following rules determine a debtor's location:(1) A debtor who is an individual…
11A V.I.C. § 9-308 When security interest or agricultural lien is perfected; continuity of perfection
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(a) Perfection of security interest. Except as otherwise provided in this section and § 9–309, a security interest is perfected if it has attached and all of the applicable requirements for perfection in Sections 9–310 through 9–316 have been satisfied. A security interest is per…
11A V.I.C. § 9-309 Security interest perfected upon attachment
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(1) The following security interests are perfected when they attach:(1) a purchase-money security interest in consumer goods, except as otherwise provided in § 9–311(b) with respect to consumer goods that are subject to a statute or treaty described in § 9–311(a);(2) an assignmen…
11A V.I.C. § 9-310 When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply
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(a) General rule: perfection by filing. Except as otherwise provided in subsection (b) and § 9–312(b), a financing statement must be filed to perfect all security interests and agricultural liens. (b) Exceptions: filing not necessary. The filing of a financing statement is not ne…
11A V.I.C. § 9-311 Perfection to security interests in property subject to certain statutes, regulations, and treaties
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(a) Security interest subject to other law. Except as otherwise provided in subsection (d), the filing of a financing statement is not necessary or effective to perfect a security interest in property subject to:(1) a statute, regulation, or treaty of the United States whose requ…
11A V.I.C. § 9-312 Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money; perfection by permissive filing; temporal perfection without filing or transfer of possession
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(a) Perfection by filing permitted. A security interest in chattel paper, negotiable documents, instruments, or investment property may be perfected by filing. (b) Control or possession of certain collateral. Except as otherwise provided in § 9–315(c) and (d) for proceeds:(1) a s…
11A V.I.C. § 9-313 When possession by or delivery to secured party perfects security interests without filing
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(a) Perfection by possession or delivery. Except as otherwise provided in subsection (b), a secured party may perfect a security interest in negotiable documents, goods, instruments, money, or tangible chattel paper by taking possession of the collateral. A secured party may perf…
11A V.I.C. § 9-314 Perfection by control
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(a) Perfection by control. A security interest in investment property, deposit accounts, letter-of-credit rights, or electronic chattel paper may be perfected by control of the collateral under § 9–104, 9–105; 9–106, or 9–107. (b) Specified collateral: time of perfection by contr…
11A V.I.C. § 9-315 Secured party's rights on disposition of collateral and in proceeds
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(a) Disposition of collateral: continuation of security interest or agricultural lien; proceeds. Except as otherwise provided in this article and in § 2–403(2):(1) a security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange, or …
11A V.I.C. § 9-316 Continued perfection of security interest following change in governing law
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(a) General rule: effect on perfection of change in governing law. A security interest perfected pursuant to the law of the jurisdiction designated in § 9–301(1) or 9–305(c) remains perfected until the earliest of:(1) the time perfection would have ceased under the law of that ju…
11A V.I.C. § 9-317 Interests that take priority over or take free of security interest or agricultural lien
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(a) Conflicting security interests and rights of lien creditors. A security interest or agricultural lien is subordinate to the rights of:(1) a person entitled to priority under § 9–322; and(2) except as otherwise provided in subsection (e), a person that becomes a lien creditor …