CODE OF VIRGINIA

PERFECTION OF CERTAIN SECURITY INTERESTS (§ 6.2-1190)

When securities are sold by a savings institution subject to an obligation of
repurchase, any security interest or interest of ownership therein may be
perfected (i) as specified by Title 8.8 or Title 8.9A; (ii) by designation to
the person holding physical custody thereof, which shall include a person
keeping the master records, in case of securities identified by book entry only,
that certain securities identified by serial number or dollar amount are 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 separation on the
premises of the savings institution in a separate drawer, compartment, or other
facility. The savings institution may, from time to time, instruct any third
party holding such securities that the previously identified securities or an
amount of such securities previously identified as pledged or belonging to third
parties, have been released from such pledge by payment of all or part of the
amount due, or have been repurchased. There shall be an identification on the
records of the savings institution of the persons who are pledgees or owners of
such securities.

HISTORY: 1983, c. 446, § 6.1-195.22:3; 1985, c. 425, § 6.1-194.72; 1986, c.
509; 2010, c. 794.