South Dakota § 57A-9-204 After-acquired property--Future advances.

South Dakota Statutes

§ 57A-9-204 — After-acquired property--Future advances.

South Dakota·Title 57A UNIFORM COMMERCIAL CODE·Ch. 57A-6 SECURED TRANSACTIONS

(a)Except as otherwise provided in subsection (b), a security agreement may create or provide for a security interest in after - acquired collateral.

(b)Subject to subsection (b.1), a security interest does not attach under a term constituting an after - acquired property clause to:

(1)Consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within 10 days after the secured party gives value; or (2) A commercial tort claim. (b.1) Subsection (b) does not prevent a security interest from attaching:

(1)To consumer goods as proceeds under § 57A-9-315 (a) or commingled goods under § 57A-9-336 (c);

(2)To a commercial tort claim as proceeds under § 57A-9-315 (a); or (3) Under an after-acquired property clause to prope

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(a) Except as otherwise provided in subsection (b), a security agreement may create or provide for a security interest in after - acquired collateral. (b) Subject to subsection (b.1), a security interest does not attach under a term constituting an after - acquired property clause to: (1) Consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within 10 days after the secured party gives value; or (2) A commercial tort claim. (b.1) Subsection (b) does not prevent a security interest from attaching: (1) To consumer goods as proceeds under § 57A-9-315 (a) or commingled goods under § 57A-9-336 (c); (2) To a commercial tort claim as proceeds under § 57A-9-315 (a); or (3) Under an after-acquired property clause to property that is proceeds of consumer goods or a commercial tort claim. (c) A security agreement may provide that collateral secures, or that accounts, chattel paper, payment intangibles, or promissory notes are sold in connection with, future advances or other value, whether or not the advances or value are given pursuant to commitment.

South Dakota § 57A-9-204 (After-acquired property--Future advances.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.