Utah Statutes
§ 70A-9a-204 — After-acquired property -- Future advances.
Utah·Title 70A Uniform Commercial Code·Ch. 70A-9a Uniform Commercial Code - Secured Transactions·Part 70A-9a-2 Effectiveness of Security Agreement - Attachment of Security Interest - Rights of Parties to Security Agreement
(1)Except as otherwise provided in Subsection (2), a security agreement may create or provide for a security interest in after-acquired collateral.
(2)A security interest does not attach under a term constituting an after-acquired property clause to:
(2)(a) 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)(b) a commercial tort claim.
(3)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.
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Legislative History
Enacted by Chapter 252, 2000 General Session
Nearby Sections
15
§ 70A-10-101
Effective date.§ 70A-10-102
Specific repealer -- Provision for transition.§ 70A-10-103
General repealer.§ 70A-10-104
Laws not repealed.§ 70A-1a-101
Title.§ 70A-1a-102
Scope of chapter.§ 70A-1a-104
Construction against implied repeal.§ 70A-1a-105
Severability.§ 70A-1a-106
Use of singular and plural -- Gender.§ 70A-1a-107
Section captions.§ 70A-1a-201
General definitions.§ 70A-1a-202
Notice -- Knowledge.§ 70A-1a-203
Lease distinguished from security interest.