70A-9a-507 - Effect of certain events on effectiveness of financing statement. - Utah Statutes

70A-9a-507. Effect of certain events on effectiveness of financing statement.
(1) A filed financing statement remains effective with respect to collateral that is sold,exchanged, leased, licensed, or otherwise disposed of and in which a security interest oragricultural lien continues, even if the secured party knows of or consents to the disposition.
(2) Except as otherwise provided in Subsection (3) and Section 70A-9a-508, a financingstatement is not rendered ineffective if, after the financing statement is filed, the informationprovided in the financing statement becomes seriously misleading under Section 70A-9a-506.
(3) If a debtor so changes its name that a filed financing statement becomes seriouslymisleading under Section 70A-9a-506:
(a) the financing statement is effective to perfect a security interest in collateral acquiredby the debtor before, or within four months after, the change; and
(b) the financing statement is not effective to perfect a security interest in collateralacquired by the debtor more than four months after the change, unless an amendment to thefinancing statement which renders the financing statement not seriously misleading is filed withinfour months after the change.

Enacted by Chapter 252, 2000 General Session