400.9-507. Effect of certain events on effectiveness of financing statement. - Missouri Statutes

Effect of certain events on effectiveness of financing statement.

400.9-507. (a) A filed financing statement remains effective withrespect to collateral that is sold, exchanged, leased, licensed, orotherwise disposed of and in which a security interest or agricultural liencontinues, even if the secured party knows of or consents to thedisposition.

(b) Except as otherwise provided in subsection (c) and section400.9-508, a financing statement is not rendered ineffective if, after thefinancing statement is filed, the information provided in the financingstatement becomes seriously misleading under section 400.9-506.

(c) If a debtor so changes its name that a filed financing statementbecomes seriously misleading under section 400.9-506:

(1) The financing statement is effective to perfect a securityinterest in collateral acquired by the debtor before, or within four monthsafter, the change; and

(2) The financing statement is not effective to perfect a securityinterest in collateral acquired by the debtor more than four months afterthe change, unless an amendment to the financing statement which rendersthe financing statement not seriously misleading is filed within fourmonths after the change.

(L. 1963 p. 503 § 9-507, A.L. 2001 S.B. 288)

Effective 7-01-01