§ 6.1-473. (Repealed effective October 1, 2010) Securitization transactions;no interest retained by transferor.
A. Notwithstanding any other provision of law, including, but not limited to,§ 8.9A-623, to the extent set forth in the transaction documents relating toa securitization transaction:
1. Any property, assets, or rights purported to be transferred, in whole orin part, in the securitization transaction shall be deemed to no longer bethe property, assets, or rights of the transferor;
2. A transferor in the securitization transaction, its creditors or, in anyinsolvency proceeding with respect to the transferor or the transferor'sproperty, a bankruptcy trustee, receiver, debtor, debtor in possession, orsimilar person, to the extent the issue is governed by the laws of theCommonwealth, shall have no rights, legal or equitable, whatsoever toreacquire, reclaim, recover, repudiate, disaffirm, redeem, or recharacterizeas property of the transferor any property, assets, or rights purported to betransferred, in whole or in part, by the transferor; and
3. In the event of a bankruptcy, receivership, or other insolvency proceedingwith respect to the transferor or the transferor's property, to the extentthe issue is governed by the laws of the Commonwealth, such property, assets,and rights shall not be deemed to be part of the transferor's property,assets, rights, or estate.
B. Nothing contained in this chapter shall be deemed to require anysecuritization transaction to be treated as a sale for federal or state taxpurposes or to preclude the treatment of any securitization transaction asdebt for federal or state tax purposes or to change any applicable lawsrelating to the perfection and priority of security or ownership interests ofpersons other than the transferor, hypothetical lien creditor or, in theevent of a bankruptcy, receivership or other insolvency proceeding withrespect to the transferor or its property, a bankruptcy trustee, receiver,debtor, debtor in possession, or similar person. Nothing in this chaptershall change the tax treatment of securitizations that take place pursuant tothis chapter.
C. "Securitization transaction" means a transaction relating to theissuance or transfer by a special purpose entity of beneficial interests orundivided interests, which entitle their holders to receive payments or otherdistributions that depend primarily on the cash flow from assets, includingfinancial assets and other credit exposures, in which that special purposeentity has rights or the power to transfer rights.
§ 6.1-473. (Repealed effective October 1, 2010) Securitization transactions;no interest retained by transferor.
A. Notwithstanding any other provision of law, including, but not limited to,§ 8.9A-623, to the extent set forth in the transaction documents relating toa securitization transaction:
1. Any property, assets, or rights purported to be transferred, in whole orin part, in the securitization transaction shall be deemed to no longer bethe property, assets, or rights of the transferor;
2. A transferor in the securitization transaction, its creditors or, in anyinsolvency proceeding with respect to the transferor or the transferor'sproperty, a bankruptcy trustee, receiver, debtor, debtor in possession, orsimilar person, to the extent the issue is governed by the laws of theCommonwealth, shall have no rights, legal or equitable, whatsoever toreacquire, reclaim, recover, repudiate, disaffirm, redeem, or recharacterizeas property of the transferor any property, assets, or rights purported to betransferred, in whole or in part, by the transferor; and
3. In the event of a bankruptcy, receivership, or other insolvency proceedingwith respect to the transferor or the transferor's property, to the extentthe issue is governed by the laws of the Commonwealth, such property, assets,and rights shall not be deemed to be part of the transferor's property,assets, rights, or estate.
B. Nothing contained in this chapter shall be deemed to require anysecuritization transaction to be treated as a sale for federal or state taxpurposes or to preclude the treatment of any securitization transaction asdebt for federal or state tax purposes or to change any applicable lawsrelating to the perfection and priority of security or ownership interests ofpersons other than the transferor, hypothetical lien creditor or, in theevent of a bankruptcy, receivership or other insolvency proceeding withrespect to the transferor or its property, a bankruptcy trustee, receiver,debtor, debtor in possession, or similar person. Nothing in this chaptershall change the tax treatment of securitizations that take place pursuant tothis chapter.
C. "Securitization transaction" means a transaction relating to theissuance or transfer by a special purpose entity of beneficial interests orundivided interests, which entitle their holders to receive payments or otherdistributions that depend primarily on the cash flow from assets, includingfinancial assets and other credit exposures, in which that special purposeentity has rights or the power to transfer rights.
§ 6.1-473. (Repealed effective October 1, 2010) Securitization transactions;no interest retained by transferor.
A. Notwithstanding any other provision of law, including, but not limited to,§ 8.9A-623, to the extent set forth in the transaction documents relating toa securitization transaction:
1. Any property, assets, or rights purported to be transferred, in whole orin part, in the securitization transaction shall be deemed to no longer bethe property, assets, or rights of the transferor;
2. A transferor in the securitization transaction, its creditors or, in anyinsolvency proceeding with respect to the transferor or the transferor'sproperty, a bankruptcy trustee, receiver, debtor, debtor in possession, orsimilar person, to the extent the issue is governed by the laws of theCommonwealth, shall have no rights, legal or equitable, whatsoever toreacquire, reclaim, recover, repudiate, disaffirm, redeem, or recharacterizeas property of the transferor any property, assets, or rights purported to betransferred, in whole or in part, by the transferor; and
3. In the event of a bankruptcy, receivership, or other insolvency proceedingwith respect to the transferor or the transferor's property, to the extentthe issue is governed by the laws of the Commonwealth, such property, assets,and rights shall not be deemed to be part of the transferor's property,assets, rights, or estate.
B. Nothing contained in this chapter shall be deemed to require anysecuritization transaction to be treated as a sale for federal or state taxpurposes or to preclude the treatment of any securitization transaction asdebt for federal or state tax purposes or to change any applicable lawsrelating to the perfection and priority of security or ownership interests ofpersons other than the transferor, hypothetical lien creditor or, in theevent of a bankruptcy, receivership or other insolvency proceeding withrespect to the transferor or its property, a bankruptcy trustee, receiver,debtor, debtor in possession, or similar person. Nothing in this chaptershall change the tax treatment of securitizations that take place pursuant tothis chapter.
C. "Securitization transaction" means a transaction relating to theissuance or transfer by a special purpose entity of beneficial interests orundivided interests, which entitle their holders to receive payments or otherdistributions that depend primarily on the cash flow from assets, includingfinancial assets and other credit exposures, in which that special purposeentity has rights or the power to transfer rights.
