West Virginia Code § 40-1A-6

When transfer is made or obligation is incurred
Open in Lexace · Ask the AI about this section
For the purposes of this article:
(a) A transfer is made:
(1) With respect to an asset that is real property other than a fixture, but including the
interest of a seller or purchaser under a contract for the sale of the asset, when the transfer
is so far perfected that a good-faith purchaser of the asset from the debtor against whom
applicable law permits the transfer to be perfected cannot acquire an interest in the asset
that is superior to the interest of the transferee; and
(2) With respect to an asset that is not real property or that is a fixture, when the transfer is
so far perfected that a creditor on a simple contract caannot acquire a judicial lien otherwise
than under this article that is superior to the interest of the transferee;
(b) If applicable law permits the transfer to be perfected as provided in subdivision (a) of this
subsection and the transfer is not so perfected before the commencement of an action for
relief under this article, the transfer is considered made immediately before the
commencement of this action;
(c) If applicable law does not permit the transfer to be perfected as provided in subdivision
(a) of this subsection, the transfer is made when it becomes effective between the debtor and
the transferee; and
(d) A transfer is not made until the debtor has acquired rights in the asset transferred and
an obligation is incur red.
(e) If the obligation incurred is oral, a transfer is made when the obligation becomes
effective. If the obligation incurred is evidenced by a writing, the obligation becomes
effeWctive when the writing is delivered to or for the benefit of the obligee.

‹ Prev All West Virginia sections Next ›


Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.