§ 9-507 — Effect of Certain Events on Effectiveness of Financing Statement

New York § 9-507

• Jurisdiction: New York
• Law UCC: Uniform Commercial Code
• Part 5: Filing
• Subpart 1: Filing Office; Contents and Effectiveness of Financing Statement
• Art. 9: Secured Transactions

Text

Section 9--507. Effect of Certain Events on Effectiveness of Financing\n Statement.\n (a) Disposition. A filed financing statement remains effective with\nrespect to collateral that is sold, exchanged, leased, licensed, or\notherwise disposed of and in which a security interest or agricultural\nlien continues, even if the secured party knows of or consents to the\ndisposition.\n (b) Information becoming seriously misleading. Except as otherwise\nprovided in subsection (c) and Section 9--508, a financing statement is\nnot rendered ineffective if, after the financing statement is filed, the\ninformation provided in the financing statement becomes seriously\nmisleading under Section 9--506.\n (c) Change in debtor's name. If the name that a filed financing\nstatement provides for a debtor becomes insufficient as the name of the\ndebtor under Section 9--503(a) so that the financing statement becomes\nseriously misleading under Section 9--506:\n (1) the financing statement is effective to perfect a security\n interest in collateral acquired by the debtor before, or\n within four months after, the filed financing statement\n becomes seriously misleading; and\n (2) the financing statement is not effective to perfect a\n security interest in collateral acquired by the debtor more\n than four months after the filed financing statement becomes\n seriously misleading, unless an amendment to the financing\n statement which renders the financing statement not seriously\n misleading is filed within four months after the financing\n statement became seriously misleading.\n