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The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

009

:
Secured Transactions











 

§

9-308. When security interest or agricultural lien is perfected; continuity of

perfection

(a) Except as

otherwise provided in this section and section 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 perfected when it attaches if the applicable requirements are

satisfied before the security interest attaches.

(b) An

agricultural lien is perfected if it has become effective and all of the

applicable requirements for perfection in section 9-310 have been satisfied. An

agricultural lien is perfected when it becomes effective if the applicable

requirements are satisfied before the agricultural lien becomes effective.

(c) A security

interest or agricultural lien is perfected continuously if it is originally

perfected by one method under this article and is later perfected by another

method under this article, without an intermediate period when it was

unperfected.

(d) Perfection

of a security interest in collateral also perfects a security interest in a

supporting obligation for the collateral.

(e) Perfection

of a security interest in a right to payment or performance also perfects a

security interest in a security interest, mortgage, or other lien on personal

or real property securing the right.

(f) Perfection

of a security interest in a securities account also perfects a security

interest in the security entitlements carried in the securities account.

(g) Perfection

of a security interest in a commodity account also perfects a security interest

in the commodity contracts carried in the commodity account. (Added 1999, No.

106 (Adj. Sess.), § 2, eff. July 1, 2001.)