§ 6A-9-204 - After-acquired property; future advances. - Rhode Island Statutes

SECTION 6A-9-204

   § 6A-9-204  After-acquired property; futureadvances. – (a) After-acquired collateral. Except as otherwise provided insubsection (b), a security agreement may create or provide for a securityinterest in after-acquired collateral.

   (b) When after-acquired property clause not effective.A security interest does not attach under a term constituting an after-acquiredproperty clause to:

   (1) Consumer goods, other than an accession when given asadditional security, unless the debtor acquires rights in them within 10 daysafter the secured party gives value; or

   (2) A commercial tort claim.

   (c) Future advances and other value. A securityagreement may provide that collateral secures, or that accounts, chattel paper,payment intangibles, or promissory notes are sold in connection with, futureadvances or other value, whether or not the advances or value are givenpursuant to commitment.