11 §9-1507. Effect of certain events on effectiveness of financing statement
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS HEADING: PL 1999, C. 699, PT. A, §2 (NEW)
Part 5: FILING HEADING: PL 1999, C. 699, PT. A, §2 (NEW)
Subpart 1: FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT HEADING: PL 1999, C. 699, PT. A, §2 (NEW)
§9-1507. Effect of certain events on effectiveness of financing statement
(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.
[ 1999, c. 699, Pt. A, §2 (NEW); 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.
[ 1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF) .]
(3). If a debtor changes its name, then a financing statement filed under the debtor's former name prior to the effective date of the name change remains effective to perfect a security interest to the same extent as if that financing statement was amended to provide the debtor's new name even if the previously filed financing statement would otherwise become seriously misleading under section 9-1506. In such circumstances, the previously filed financing statement may be continued under the debtor's prior name, but such continuation is not effective to perfect a security interest in property acquired more than 4 months after such continuation is filed, unless an amendment that renders the financing statement not seriously misleading is filed within the 4-month period.
[ 1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF) .]
SECTION HISTORY
1999, c. 699, §A2 (NEW). 1999, c. 699, §A4 (AFF).