§490:9-204 After-acquired property; future advances. (a) Except as otherwise provided in subsection (b), a security agreement may create or provide for a security interest in after-acquired collateral.
(b) A security interest does not attach under a term constituting an after-acquired property clause to:
(1) Consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within ten days after the secured party gives value; or
(2) A commercial tort claim.
(c) A security agreement may provide that collateral secures, or that accounts, chattel paper, payment intangibles, or promissory notes are sold in connection with, future advances or other value, whether or not the advances or value are given pursuant to commitment. [L 2000, c 241, pt of §1]
Section: Previous 490-9-107 490-9-108 490-9-109 490-9-110 490-9-201 490-9-202 490-9-203 490-9-204 490-9-205 490-9-206 490-9-207 490-9-208 490-9-209 490-9-210 490-9-301 NextLast modified: October 27, 2016