SECTION 679.2041. After-acquired property; future advances.

Latest version.

1(1) 2Except as otherwise provided in subsection (2), a security agreement may create or provide for a security interest in after-acquired collateral.
23(2) 24A security interest does not attach under a term constituting an after-acquired property clause to:
39(a) 40Consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within 10 days after the secured party gives value; or
68(b) 69A commercial tort claim.
73(3) 74A security agreement may provide that collateral secures, or that accounts, chattel paper, payment intangibles, or promissory notes are sold in connection with, future advances or other value, whether or not the advances or value are given pursuant to commitment.

History.-s. 2, ch. 2001-198.

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