55-95 - Certain recorded contracts as valid as deeds.
§ 55-95. Certain recorded contracts as valid as deeds.
Any such contract or bill of sale as is mentioned in § 11-1, if in writingand signed by the owner of the property, shall, from the time it is dulyadmitted to record, be, as against creditors and purchasers, as valid, so faras it affects real estate, as if the contract were a deed conveying theestate or interest embraced in the contract, and so far as it affects goodsand chattels, as if possession had completely passed at the time of suchadmission to record; provided, that as to goods whose possession is retainedby a merchant-seller the provisions of subsection (2) of § 8.2-402 of theUniform Commercial Code shall be controlling; and provided further, that ifany such contract or bill of sale as is mentioned in § 11-1 creates asecurity interest as defined in the Uniform Commercial Code, its validity andenforceability shall be governed by the provisions of that Code.
(Code 1919, § 5193; 1964, c. 314; 1966, c. 399.)