§ 26-1-9.1-508 — Effectiveness of financing statement if new debtor becomes bound by security agreement

Indiana § 26-1-9.1-508

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

Text

(a) 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) 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) to be 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 new debtor before, and
within four (4) months after, the new debtor becomes bound
under IC 26-1-9.1-203(d); and
(2) the financing statement is not effective to perfect a security
interest in collateral acquired by the new debtor more than four
(4) months after the new debtor becomes bound under IC 26-1-9.1-203(d) unless an initial financing statement providing
the name of the new debtor is filed before the expiration of that
time.
(c) This section does not apply to collateral as to which a filed
financing statement remains effective against the new debtor under IC 26-1-9.1-507(a).

Legislative History

As added by P.L.57-2000, SEC.45.