South Dakota § 57A-9-338 Effect of inaccurate financing statement on security interest or agricultural lien.

South Dakota Statutes

§ 57A-9-338 — Effect of inaccurate financing statement on security interest or agricultural lien.

South Dakota § 57A-9-338

Title 57AUNIFORM COMMERCIAL CODE

Ch. 57A-6SECURED TRANSACTIONS

This text of South Dakota § 57A-9-338 (Effect of inaccurate financing statement on security interest or agricultural lien.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 57A-9-338 (2026).

Text

If a security interest or agricultural lien is perfected by a filed financing statement providing information described in § 57A-9-516(b)(5) which is incorrect at the time the financing statement is filed:

(1)The security interest or agricultural lien is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon the incorrect information; and (2) A purchaser, other than a secured party, of the collateral takes free of the security interest or agricultural lien to the extent that, in reasonable reliance upon the incorrect information, the purchaser gives value and, in the case of tangible chattel paper, tangible documents, goods, instruments, or a security certif

Free access — add to your briefcase to read the full text and ask questions with AI

If a security interest or agricultural lien is perfected by a filed financing statement providing information described in § 57A-9-516(b)(5) which is incorrect at the time the financing statement is filed: (1) The security interest or agricultural lien is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon the incorrect information; and (2) A purchaser, other than a secured party, of the collateral takes free of the security interest or agricultural lien to the extent that, in reasonable reliance upon the incorrect information, the purchaser gives value and, in the case of tangible chattel paper, tangible documents, goods, instruments, or a security certificate, receives delivery of the collateral.