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§ 9-507. Effect of certain events on effectiveness of financing statement

West's Annotated Code of MarylandCommercial LawEffective: July 1, 2013

West's Annotated Code of Maryland
Commercial Law
Title 9. Secured Transactions (Refs & Annos)
Subtitle 5. Filing (Refs & Annos)
Effective: July 1, 2013
MD Code, Commercial Law, § 9-507
§ 9-507. Effect of certain events on effectiveness of financing statement
Currentness
(a) 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 or agricultural lien continues, even if the secured party knows of or consents to the disposition.
(b) Except as otherwise provided in subsection (c) and § 9-508, a financing statement is not rendered ineffective if, after the financing statement is filed, the information provided in the financing statement becomes seriously misleading under § 9-506.
(c) If the name that a filed financing statement provides for a debtor becomes insufficient as the name of the debtor under § 9-503(a) so that the financing statement becomes seriously misleading under § 9-506:
(1) The financing statement is effective to perfect a security interest in collateral acquired by the debtor before, or within four months after, the filed financing statement becomes seriously misleading; and
(2) The financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than four months after the filed financing statement becomes seriously misleading, unless an amendment to the financing statement which renders the financing statement not seriously misleading is filed within four months after the financing statement became seriously misleading.

Credits

Added by Acts 1999, c. 282, § 2, eff. July 1, 2001. Amended by Acts 2012, c. 674, § 2, eff. July 1, 2013.
MD Code, Commercial Law, § 9-507, MD COML § 9-507
Current through legislation effective through July 1, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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