WVC 46 A- 2 - 107
§46A-2-107. Security in sales or leases.
(1) With respect to a consumer credit sale, a seller or
issuer of a seller credit card may take a security interest in
the property sold. In addition, a seller or issuer of a seller
credit card may take a security interest in goods upon which
services are performed or in which goods sold are installed or to
which they are annexed, or in land to which the goods are affixed
or which is maintained, repaired or improved as a result of the
sale of the goods or services, if in the case of a security
interest in land the debt secured is one thousand five hundred
dollars or more, or, in the case of a security interest in goods
the debt secured is three hundred dollars or more. The seller or
issuer of a seller credit card may also take a security interest
in any property of the buyer to secure the debt arising from a
consumer credit sale primarily for an agricultural purpose.
Except as provided with respect to cross-collateral in connection
with consolidated debts, a seller or issuer of a seller credit
card may not otherwise take a security interest in property of
the buyer to secure the debt arising from a consumer credit sale.
(2) With respect to a consumer lease other than a lease
primarily for an agricultural purpose, a lessor may not take a
security interest in property of the lessee to secure the debt
arising from the lease.
(3) A security interest taken in violation of this section
(4) "Security interest" as used in this section means a
security interest arising by agreement of the parties and does not include a lien arising by operation of law. Any such
agreement must contain a description of the security interest
retained and must contain a clear identification of each
particular item of collateral, including if appropriate, the name
of the manufacturer of such item and its make, model and serial
number. If the item is a used or rebuilt sample or demonstrator,
such fact shall also be stated in the security agreement.
Note: WV Code updated with legislation passed through the 2015 Regular Session
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