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§ 9508. Effectiveness of financing statement if new debtor becomes bound by security agreement

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial CodeEffective: July 1, 2001

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 13 Pa.C.S.A. Commercial Code (Refs & Annos)
Division 9. Secured Transactions (Refs & Annos)
Chapter 95. Filing
Subchapter A. Filing Office; Contents and Effectiveness of Financing Statement
Effective: July 1, 2001
13 Pa.C.S.A. § 9508
§ 9508. Effectiveness of financing statement if new debtor becomes bound by security agreement
Currentness
(a) Financing statement naming original debtor.--Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights to the extent that the financing statement would have been effective had the original debtor acquired rights in the collateral.
(b) Financing statement becoming seriously misleading.--If the difference between the name of the original debtor and that of the new debtor causes a filed financing statement which is effective under subsection (a) to be seriously misleading under section 9506 (relating to effect of errors or omissions):
(1) the financing statement is effective to perfect a security interest in collateral acquired by the new debtor before and within four months after the new debtor becomes bound under section 9203(d) (relating to when person becomes bound by another person's security agreement); and
(2) the financing statement is not effective to perfect a security interest in collateral acquired by the new debtor more than four months after the new debtor becomes bound under section 9203(d) unless an initial financing statement providing the name of the new debtor is filed before the expiration of that time.
(c) When section not applicable.--This section does not apply to collateral as to which a filed financing statement remains effective against the new debtor under section 9507(a) (relating to disposition).

Credits

2001, June 8, P.L. 123, No. 18, § 16, effective July 1, 2001.
13 Pa.C.S.A. § 9508, PA ST 13 Pa.C.S.A. § 9508
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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