§ 62A.9A-508. Effectiveness of financing statement if new debtor becomes bound by security agreement
(a) Financing statement naming original debtor. Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights to the extent that the financing statement would have been effective had the original debtor acquired rights in the collateral.
(b) Financing statement becoming seriously misleading. If the difference between the name of the original debtor and that of the new debtor causes a filed financing statement that is effective under subsection (a) of this section to be seriously misleading under RCW 62A.9A-506:
(1) The financing statement is effective to perfect a security interest in collateral acquired by the new debtor before, and within four months after, the new debtor becomes bound under RCW 62A.9A-203(d); and
(2) The financing statement is not effective to perfect a security interest in collateral acquired by the new debtor more than four months after the new debtor becomes bound under RCW 62A.9A-203(d) unless an initial financing statement providing the name of the new debtor is filed before the expiration of that time.
(c) When section not applicable. This section does not apply to collateral as to which a filed financing statement remains effective against the new debtor under RCW 62A.9A-507(a).
[2000 c 250 § 9A-508.]
Sections: Previous 62A.9A-501 62A.9A-502 62A.9A-503 62A.9A-504 62A.9A-505 62A.9A-506 62A.9A-507 62A.9A-508 62A.9A-509 62A.9A-510 62A.9A-511 62A.9A-512 62A.9A-513 62A.9A-514 62A.9A-515 NextLast modified: April 7, 2009