§ 554.9508 — Effectiveness of financing statement if new debtor becomes bound by security agreement

Iowa § 554.9508

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 554: UNIFORM COMMERCIAL CODE

Text

agreement.
1. 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.
2. 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 1 to be seriously misleading under section 554.9506:
a. the financing statement is effective to perfect a security interest in collateral acquired
bythenewdebtorbefore, andwithinfourmonthsafter, thenewdebtorbecomesboundunder
section 554.9203, subsection 4; and
b. 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 section 554.9203, subsection 4, unless an initial financing statement providing the
name of the new debtor is filed before the expiration of that time.
3. 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 section 554.9507,
subsection 1.