§ 26-1-9.1-507 — Effect of certain events on effectiveness of financing statement

Indiana § 26-1-9.1-507

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 9.1: Secured Transactions

Text

(a) A filed financing statement remains
effective with respect to collateral that is sold, exchanged, leased,
licensed, or otherwise disposed of and in which a security interest or
agricultural lien continues, even if the secured party knows of or
consents to the disposition.
(b) Except as otherwise provided in subsection (c) and IC 26-1-9.1-508, a financing statement is not rendered ineffective if, after
the financing statement is filed, the information provided in the
financing statement becomes seriously misleading under IC 26-1-9.1-506.
(c) If the name that a filed financing statement provides for a debtor
becomes insufficient as the name of the debtor under IC 26-1-9.1-503(a) so that the financing statement becomes seriously
misleading under IC 26-1-9.1-506:
(1) the financing statement is effective to perfect a security
interest in collateral acquired by the debtor before, or within four
(4) months after, the filed financing statement becomes seriously
misleading; and
(2) the financing statement is not effective to perfect a security
interest in collateral acquired by the debtor more than four (4)
months after the filed financing statement becomes seriously
misleading, unless an amendment to the financing statement
which renders the financing statement not seriously misleading is
filed within four months (4) after the financing statement became
seriously misleading.

Legislative History

As added by P.L.57-2000, SEC.45. Amended by P.L.54-2011, SEC.14.