§ 62A.9A-338. Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information
If a security interest or agricultural lien is perfected by a filed financing statement providing information described in RCW 62A.9A-516(b)(5) which is incorrect at the time the financing statement is filed:
(1) The security interest or agricultural lien is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon the incorrect information; and
(2) A purchaser, other than a secured party, of the collateral takes free of the security interest or agricultural lien to the extent that, in reasonable reliance upon the incorrect information, the purchaser gives value and, in the case of chattel paper, documents, goods, instruments, or a security certificate, receives delivery of the collateral.
[2000 c 250 § 9A-338.]
Sections: Previous 62A.9A-331 62A.9A-332 62A.9A-333 62A.9A-334 62A.9A-335 62A.9A-336 62A.9A-337 62A.9A-338 62A.9A-339 62A.9A-340 62A.9A-341 62A.9A-342 62A.9A-401 62A.9A-402 62A.9A-403 NextLast modified: April 7, 2009