6.1-194.72 - (Repealed effective October 1, 2010) Perfection of certain security interests.
§ 6.1-194.72. (Repealed effective October 1, 2010) Perfection of certainsecurity interests.
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 (§ 8.8-101 et seq.) or Title 8.9A (§8.9A-101 et seq.); or (ii) by designation to the person holding physicalcustody thereof (which shall include a person keeping the master records, incase of securities identified by book entry only) that certain securitiesidentified by serial number or dollar amount are held for the benefit ofthird parties other than the savings institution, who may, but need not be,identified by name; or (iii) by physical separation on the premises of thesavings institution in a separate drawer, compartment, or other facility.The savings institution may, from time to time, instruct any third partyholding such securities that the previously identified securities or anamount of such securities previously identified as pledged or belonging tothird parties, have been released from such pledge by payment of all or partof 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.
(Code 1950, § 6.1-195.22:3; 1983, c. 446; 1985, c. 425; 1986, c. 509.)