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Session Laws, 1999
Volume 796, Page 2058   View pdf image
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(E) IF A NEW DEBTOR BECOMES BOUND AS DEBTOR BY A SECURITY
AGREEMENT ENTERED INTO BY ANOTHER PERSON:

(1) THE AGREEMENT SATISFIES SUBSECTION (B)(3) WITH RESPECT TO
EXISTING OR AFTER-ACQUIRED PROPERTY OF THE NEW DEBTOR TO THE EXTENT
THE PROPERTY IS DESCRIBED IN THE AGREEMENT; AND

(2) ANOTHER AGREEMENT IS NOT NECESSARY TO MAKE A SECURITY
INTEREST IN THE PROPERTY ENFORCEABLE.

(F) THE ATTACHMENT OF A SECURITY INTEREST IN COLLATERAL GIVES THE
SECURED PARTY THE RIGHTS TO PROCEEDS PROVIDED BY § 9-315 AND IS ALSO
ATTACHMENT OF A SECURITY INTEREST IN A SUPPORTING OBLIGATION FOR THE
COLLATERAL.

(G) THE ATTACHMENT OF A SECURITY INTEREST IN A RIGHT TO PAYMENT OR
PERFORMANCE SECURED BY A SECURITY INTEREST OR OTHER LIEN ON PERSONAL
OR REAL PROPERTY IS ALSO ATTACHMENT OF A SECURITY INTEREST IN THE
SECURITY INTEREST, MORTGAGE, OR OTHER LIEN.

(H) THE ATTACHMENT OF A SECURITY INTEREST IN A SECURITIES ACCOUNT
IS ALSO ATTACHMENT OF A SECURITY INTEREST IN THE SECURITY ENTITLEMENTS
CARRIED IN THE SECURITIES ACCOUNT.

(I) THE ATTACHMENT OF A SECURITY INTEREST IN A COMMODITY ACCOUNT
IS ALSO ATTACHMENT OF A SECURITY INTEREST IN THE COMMODITY CONTRACTS
CARRIED IN THE COMMODITY ACCOUNT.

9-204. AFTER ACQUIRED PROPERTY; FUTURE ADVANCES.

(A) EXCEPT AS OTHERWISE PROVIDED IN SUBSECTION (B), A SECURITY
AGREEMENT MAY CREATE OR PROVIDE FOR A SECURITY INTEREST IN
AFTER-ACQUIRED COLLATERAL.

(B) 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.

(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.

9-205. USE OR DISPOSITION OF COLLATERAL PERMISSIBLE.

(A) A SECURITY INTEREST IS NOT INVALID OR FRAUDULENT AGAINST
CREDITORS SOLELY BECAUSE:

(1) THE DEBTOR HAS THE RIGHT OR ABILITY TO:

 

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Session Laws, 1999
Volume 796, Page 2058   View pdf image
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