400.9-508. Effectiveness of financing statement if new debtor becomes bound by security agreement. - Missouri Statutes

Effectiveness of financing statement if new debtor becomes bound bysecurity agreement.

400.9-508. (a) Except as otherwise provided in this section, a filedfinancing statement naming an original debtor is effective to perfect asecurity interest in collateral in which a new debtor has or acquiresrights to the extent that the financing statement would have been effectivehad the original debtor acquired rights in the collateral.

(b) If the difference between the name of the original debtor andthat of the new debtor causes a filed financing statement that is effectiveunder subsection (a) to be seriously misleading under section 400.9-506:

(1) The financing statement is effective to perfect a securityinterest in collateral acquired by the new debtor before, and within fourmonths after, the new debtor becomes bound under section 400.9-203(d); and

(2) The financing statement is not effective to perfect a securityinterest in collateral acquired by the new debtor more than four monthsafter the new debtor becomes bound under section 400.9-203(d) unless aninitial financing statement providing the name of the new debtor is filedbefore the expiration of that time.

(c) This section does not apply to collateral as to which a filedfinancing statement remains effective against the new debtor under section400.9-507(a).

(L. 2001 S.B. 288)

Effective 7-01-01

*This section number was contained in both H.B. 453 and S.B. 288 of the Ninety-first General Assembly, First Regular Session, 2001. Due to the restructuring of Article 9 of Chapter 400 contained in S.B. 288, 2001, this section number as amended by H.B. 453, 2001, was transferred to § 400.9-528.