§ 6.2-1190. (Effective October 1, 2010) Perfection of certain securityinterests.
When securities are sold by a savings institution subject to an obligation ofrepurchase, any security interest or interest of ownership therein may beperfected (i) as specified by Title 8.8 or Title 8.9A; (ii) by designation tothe person holding physical custody thereof, which shall include a personkeeping the master records, in case of securities identified by book entryonly, that certain securities identified by serial number or dollar amountare held for the benefit of third parties other than the savings institution,who may, but need not be, identified by name; or (iii) by physical separationon the premises of the savings institution in a separate drawer, compartment,or other facility. The savings institution may, from time to time, instructany third party holding such securities that the previously identifiedsecurities or an amount of such securities previously identified as pledgedor belonging to third parties, have been released from such pledge by paymentof all or part of the amount due, or have been repurchased. There shall be anidentification on the records of the savings institution of the persons whoare pledgees or owners of such securities.
(1972, c. 796, § 6.1-195.22:3; 1983, c. 446; 1985, c. 425, § 6.1-194.72;1986, c. 509; 2010, c. 794.)
§ 6.2-1190. (Effective October 1, 2010) Perfection of certain securityinterests.
When securities are sold by a savings institution subject to an obligation ofrepurchase, any security interest or interest of ownership therein may beperfected (i) as specified by Title 8.8 or Title 8.9A; (ii) by designation tothe person holding physical custody thereof, which shall include a personkeeping the master records, in case of securities identified by book entryonly, that certain securities identified by serial number or dollar amountare held for the benefit of third parties other than the savings institution,who may, but need not be, identified by name; or (iii) by physical separationon the premises of the savings institution in a separate drawer, compartment,or other facility. The savings institution may, from time to time, instructany third party holding such securities that the previously identifiedsecurities or an amount of such securities previously identified as pledgedor belonging to third parties, have been released from such pledge by paymentof all or part of the amount due, or have been repurchased. There shall be anidentification on the records of the savings institution of the persons whoare pledgees or owners of such securities.
(1972, c. 796, § 6.1-195.22:3; 1983, c. 446; 1985, c. 425, § 6.1-194.72;1986, c. 509; 2010, c. 794.)
§ 6.2-1190. (Effective October 1, 2010) Perfection of certain securityinterests.
When securities are sold by a savings institution subject to an obligation ofrepurchase, any security interest or interest of ownership therein may beperfected (i) as specified by Title 8.8 or Title 8.9A; (ii) by designation tothe person holding physical custody thereof, which shall include a personkeeping the master records, in case of securities identified by book entryonly, that certain securities identified by serial number or dollar amountare held for the benefit of third parties other than the savings institution,who may, but need not be, identified by name; or (iii) by physical separationon the premises of the savings institution in a separate drawer, compartment,or other facility. The savings institution may, from time to time, instructany third party holding such securities that the previously identifiedsecurities or an amount of such securities previously identified as pledgedor belonging to third parties, have been released from such pledge by paymentof all or part of the amount due, or have been repurchased. There shall be anidentification on the records of the savings institution of the persons whoare pledgees or owners of such securities.
(1972, c. 796, § 6.1-195.22:3; 1983, c. 446; 1985, c. 425, § 6.1-194.72;1986, c. 509; 2010, c. 794.)
