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General Laws

  Section 9-507. (a) Disposition. 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) Information becoming seriously misleading. Except as otherwise provided in subsection (c) and Section 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 Section 9-506.

[ Subsection (c) effective until July 1, 2013. For text effective July 1, 2013, see below.]

  (c) Change in debtor's name. If a debtor so changes its name that a filed financing statement becomes seriously misleading under Section 9-506:

  (1) the financing statement is effective to perfect a security interest in collateral acquired by the debtor before, or within 4 months after, the change; and

  (2) the financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than 4 months after the change, unless an amendment to the financing statement which renders the financing statement not seriously misleading is filed within 4 months after the change.

[ Subsection (c) as amended by 2013, 30, Sec. 106 effective July 1, 2013. See 2013, 30, Sec. 117. For text effective until July 1, 2013, see above.]

  (c) Change in debtor's name. If the name that a filed financing statement provides for a debtor becomes insufficient as the name of the debtor under section 9-503(a) so that the financing statement becomes seriously misleading under section 9-506:

  (1) the financing statement is effective to perfect a security interest in collateral acquired by the debtor before, or within 4 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 4 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 4 months after the financing statement became seriously misleading.

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