Title 11A — Uniform Commercial Code
0 chapters · 598 sections in this title.
11A V.I.C. § 9-517 Effect of indexing errors
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The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record.
11A V.I.C. § 9-518 Claim concerning inaccurate or wrongfully filed record
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(a) Correction statement. A person may file in the filing office a correction statement with respect to a record indexed there under the person's name if the person believes that the record is inaccurate or was wrongfully filed. (b) Sufficiency of correction statement. A correcti…
11A V.I.C. § 9-519 Numbering, maintaining, and indexing records; communicating information provided in records
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(a) Filing office duties. For each record filed in a filing office, the filing office shall:(1) assign a unique number to the filed record;(2) create a record that bears the number assigned to the filed record and the date and time of filing;(3) maintain the filed record for publ…
11A V.I.C. § 9-520 Acceptance and refusal to accept record
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(a) Mandatory refusal to accept record. A filing office shall refuse to accept a record for filing for a reason set forth in § 9–516(b) and may refuse to accept a record for filing only for a reason set forth in § 9–516(b). (b) Communication concerning refusal. If a filing office…
11A V.I.C. § 9-521 Uniform form of written financing statement and amendment
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(a) Initial financing statement form. A filing office that accepts written records may not refuse to accept a written initial financing statement in the form and format set forth in the final official text of the 1999 revisions to article 9 of the Uniform Commercial Code promulga…
11A V.I.C. § 9-522 Maintenance and destruction of records
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(a) Post-lapse maintenance and retrieval of information. The filing office shall maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of the financing statement has lapsed under § 9–515 with respect to all secu…
11A V.I.C. § 9-523 Information from filing office; sale or license of records
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(a) Acknowledgment of filing written record. If a person that files a written record requests an acknowledgment of the filing, the filing office shall send to the person an image of the record showing the number assigned to the record pursuant to § 9–519(a)(1) and the date and ti…
11A V.I.C. § 9-524 Delay by filing office
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(1) Delay by the filing office beyond a time limit prescribed by this part is excused if:(1) the delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, or other circumstances beyond control of the filing office; a…
11A V.I.C. § 9-525 Fees
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(a) Initial financing statement or other record. Except as otherwise provided in subsection (e), fees for services rendered by the filing office under this Part must be set by rules adopted by the Lieutenant Governor pursuant to Title 3, Chapter 35, Virgin Islands Code. The rules…
11A V.I.C. § 9-526 Filing-office rules
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(a) Adoption of filing-office rules. The Lieutenant Governor shall adopt and publish rules to implement this article. The filing-office rules must be:(1) consistent with this article; and(2) adopted and published in accordance with Title 3, Chapter 35, Virgin Islands Code. (1) co…
11A V.I.C. § 9-527 Duty to report
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(1) The Lieutenant Governor shall report annually on or before March 31st to the Governor and Legislature on the operation of the filing office. The report must contain a statement of the extent to which:(1) the filing-office rules are not in harmony with the rules of filing offi…
11A V.I.C. § 9-601 Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes
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(a) Rights of secured party after default. After default, a secured party has the rights provided in this part and, except as otherwise provided in § 9–602, those provided by agreement of the parties. A secured party:(1) may reduce a claim to judgment, foreclose, or otherwise enf…
11A V.I.C. § 9-602 Waiver and variance of rights and waiver and variance of rights and duties
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(1) Except as otherwise provided in § 9–624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections:(1) Section 9–207(b)(4)(C), which deals with…
11A V.I.C. § 9-603 Agreement on standards concerning rights and duties
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(a) Agreed standards. The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in § 9–602 if the standards are not manifestly unreasonable. (b) Agreed standards inappl…
11A V.I.C. § 9-604 Procedure if security agreement covers real property or fixtures
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(a) Enforcement: personal and real property. If a security agreement covers both personal and real property, a secured party may proceed:(1) under this part as to the personal property without prejudicing any rights with respect to the real property; or(2) as to both the personal…
11A V.I.C. § 9-605 Unknown debtor or secondary obligor
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(1) A secured party does not owe a duty based on its status as secured party:(1) to a person that is a debtor or obligor, unless the secured party knows:(A) that the person is a debtor or obligor;(B) the identity of the person; and(C) how to communicate with the person; or(2) to …
11A V.I.C. § 9-606 Time of default for agricultural lien
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For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.
11A V.I.C. § 9-607 Collection and enforcement by secured party
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(a) Collection and enforcement generally. If so agreed, and in any event after default, a secured party:(1) may notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party;(2) may take…
11A V.I.C. § 9-608 Application of proceeds of collection or enforcement; liability for deficiency and right to surplus
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(a) Application of proceeds, surplus, and deficiency if obligation secured. If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply:(1) A secured party shall apply or pay over for application the cash proceeds of coll…
11A V.I.C. § 9-609 Secured party's right to take possession after default
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(a) Possession; rendering equipment unusable; disposition on debtor's premises. After default, a secured party:(1) may take possession of the collateral; and(2) without removal, may render equipment unusable and dispose of collateral on a debtor's premises under § 9–610. (1) may …
11A V.I.C. § 9-610 Disposition of collateral after default
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(a) Disposition after default. After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing. (b) Commercially reasonable disposition. Every…
11A V.I.C. § 9-611 Notification before disposition of collateral
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(a) “Notification date.” In this section, “notification date” means the earlier of the date on which:(1) a secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or(2) the debtor and any secondary obligor waive the right to notif…
11A V.I.C. § 9-612 Timeliness of notification before disposition of collateral
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(a) Reasonable time is question of fact. Except as otherwise provided in subsection (b), whether a notification is sent within a reasonable time is a question of fact. (b) 10-day period sufficient in non-consumer transaction. In a transaction other than a consumer transaction, a …
11A V.I.C. § 9-613 Contents and form of notification before disposition of collateral: general
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(1) Except in a consumer-goods transaction, the following rules apply:(1) The contents of a notification of disposition are sufficient if the notification:(A) describes the debtor and the secured party;(B) describes the collateral that is the subject of the intended disposition;(…
11A V.I.C. § 9-614 Contents and form of notification before disposition of collateral: consumer-goods transaction
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(1) In a consumer-goods transaction, the following rules apply:(1) A notification of disposition must provide the following information:(A) the information specified in § 9–613(1);(B) a description of any liability for a deficiency of the person to which the notification is sent;…
11A V.I.C. § 9-615 Application of proceeds of disposition; liability for deficiency and right to surplus
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(a) Application of proceeds. A secured party shall apply or pay over for application the cash proceeds of disposition under § 9–610 in the following order to:(1) the reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing, and, to the extent…
11A V.I.C. § 9-616 Explanation of calculation of surplus or deficiency
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(a) Definitions. In this section:(1) “Explanation” means a writing that:(A) states the amount of the surplus or deficiency;(B) provides an explanation in accordance with subsection (c) of how the secured party calculated the surplus or deficiency;(C) states, if applicable, that f…
11A V.I.C. § 9-617 Rights of transferee of collateral
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(a) Effects of disposition. A secured party's disposition of collateral after default:(1) transfers to a transferee for value all of the debtor's rights in the collateral;(2) discharges the security interest under which the disposition is made; and(3) discharges any subordinate s…
11A V.I.C. § 9-618 Rights and duties of certain secondary obligors
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(a) Rights and duties of secondary obligor. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:(1) receives an assignment of a secured obligation from the secured party;(2) receives a transfer of co…
11A V.I.C. § 9-619 Transfer of record or legal title
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(a) “Transfer statement.” In this section, “transfer statement” means a record authenticated by a secured party stating:(1) that the debtor has defaulted in connection with an obligation secured by specified collateral;(2) that the secured party has exercised its post-default rem…
11A V.I.C. § 9-620 Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral
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(a) Conditions to acceptance in satisfaction. Except as otherwise provided in subsection (g), a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if:(1) the debtor consents to the acceptance under subsection (c);(2) the secured …
11A V.I.C. § 9-621 Notification of proposal to accept collateral
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(a) Persons to which proposal to be sent. A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:(1) any person from which the secured party has received, before the debtor consented to the accepta…
11A V.I.C. § 9-622 Effect of acceptance of collateral
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(a) Effect of acceptance. A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:(1) discharges the obligation to the extent consented to by the debtor;(2) transfers to the secured party all of a debtor's rights in the collateral;(…
11A V.I.C. § 9-623 Right to redeem collateral
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(a) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (b) Requirements for redemption. To redeem collateral, a person shall tender:(1) fulfillment of all obligations secured by the collateral; and(2) the reas…
11A V.I.C. § 9-624 Waiver
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(a) Waiver of disposition notification. A debtor or secondary obligor may waive the right to notification of disposition of collateral under § 9–611 only by an agreement to that effect entered into and authenticated after default. (b) Waiver of mandatory disposition. A debtor may…
11A V.I.C. § 9-625 Remedies for secured party's failure to comply with article
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(a) Judicial orders concerning noncompliance. If it is established that a secured party is not proceeding in accordance with this article, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions. (b) Damages for nonc…
11A V.I.C. § 9-626 Action in which deficiency or surplus is in issue
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(a) Applicable rules if amount of deficiency or surplus in issue. In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply:(1) A secured party need not prove compliance with t…
11A V.I.C. § 9-627 Determination of whether conduct was commercially reasonable
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(a) Greater amount obtainable under other circumstances; no preclusion of commercial reasonableness. The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by…
11A V.I.C. § 9-628 Nonliability and limitation on liability of secured party; liability of secondary obligor
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(a) Limitation of liability of secured party for noncompliance with article. Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person:(1) the secured party is not liable to the person, or to …
11A V.I.C. § 9-701 Effective date
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This article takes effect on the first day of the next fiscal quarter following enactment of this Act.
11A V.I.C. § 9-702 Savings clause
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(a) Pre-effective-date transactions or liens. Except as otherwise provided in this part, this article applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this article takes effect. (b) Continuing validity. Except a…
11A V.I.C. § 9-703 Security interest perfected before effective date
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(a) Continuing priority over lien creditor: perfection requirements satisfied. A security interest that is enforceable immediately before this article takes effect and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected securit…
11A V.I.C. § 9-704 Security interest unperfected before effective date
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(1) A security interest that is enforceable immediately before this article takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time:(1) remains an enforceable security interest for one year after this article takes effect;(2…
11A V.I.C. § 9-705 Effectiveness of action taken before effective date
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(a) Pre-effective-date action; one-year perfection period unless reperfected. If action, other than the filing of a financing statement, is taken before this article takes effect and the action would have resulted in priority of a security interest over the rights of a person tha…
11A V.I.C. § 9-706 When initial financing statement suffices to continue effectiveness of financing statement
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(a) Initial financing statement in lieu of continuation statement. The filing of an initial financing statement in the office specified in § 9–501 continues the effectiveness of a financing statement fled before this article takes effect if:(1) the filing, of an initial financing…
11A V.I.C. § 9-707 Amendment of pre-effective-date financing statement
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(a) “Pre-effective-date financing statement”. In this section, “pre-effective-date financing statement” means a financing statement filed before this article takes effect. (b) Applicable law. After this article takes effect, a person may add or delete collateral covered by, conti…
11A V.I.C. § 9-708 Persons entitled to file initial financing statement or continuation statement
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(1) A person may file an initial financing statement or a continuation statement under this part if:(1) the secured party of record authorizes the filing; and(2) the filing is necessary under this part:(A) to continue the effectiveness of a financing statement filed before this a…
11A V.I.C. § 9-709 Priority
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(a) Law governing priority. This article determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this article takes effect, former Article 9 determines priority. (b) Priority if security interest becom…