70A-9a-204 - After-acquired property -- Future advances. - Utah Statutes

70A-9a-204. After-acquired property -- Future advances.
(1) Except as otherwise provided in Subsection (2), a security agreement may create orprovide for a security interest in after-acquired collateral.
(2) A security interest does not attach under a term constituting an after-acquired propertyclause to:
(a) consumer goods, other than an accession when given as additional security, unless thedebtor acquires rights in them within 10 days after the secured party gives value; or
(b) a commercial tort claim.
(3) A security agreement may provide that collateral secures, or that accounts, chattelpaper, payment intangibles, or promissory notes are sold in connection with, future advances orother value, whether or not the advances or value are given pursuant to commitment.

Enacted by Chapter 252, 2000 General Session