§9-1507. Effect of certain events on effectiveness of financing statement
265 words·~1 min read·
/me/title-11-uniform-commercial-code/9-1507A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1). A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2). Except as otherwise provided in subsection
(3)and section 9‑1508 , a financing statement is not rendered ineffective if, after the financing statement is filed, the information provided in the financing statement becomes seriously misleading under section 9‑1506 .
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3). If the name that a filed financing statement provides for a debtor becomes insufficient as the name of the debtor under section 9‑1503, subsection
(1)so that the financing statement becomes seriously misleading under section 9‑1506 :
(a). The financing statement is effective to perfect a security interest in collateral acquired by the debtor before, or within 4 months after, the filed financing statement becomes seriously misleading; and [PL 2013, c. 317, Pt. A, §22 (NEW).]
(b). The financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than 4 months after the filed financing statement becomes seriously misleading, unless an amendment to the financing statement that renders the financing statement not seriously misleading is filed within 4 months after the financing statement became seriously misleading. [PL 2013, c. 317, Pt. A, §22 (NEW).]
[PL 2013, c. 317, Pt. A, §22 (RPR).]