(1) Except as otherwise provided in subsection (2) of this section, a security agreement may create or provide for a security interest in after-acquired collateral.
(2) A security interest does not attach under a term constituting an after-acquired property clause to:
(a) Consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within 10 days after the secured party gives value; or
(b) A commercial tort claim.
(3) 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. [2001 c.445 §14]Section: Previous 79.0107 79.0108 79.0109 79.0110 79.0201 79.0202 79.0203 79.0204 79.0205 79.0206 79.0207 79.0208 79.0209 79.0210 79.0301 Next
Last modified: August 7, 2008