eLaws of Florida

  SECTION 679.323. Future advances.  


Latest version.
  • 1(1) 2Except as otherwise provided in subsection (3), for purposes of determining the priority of a perfected security interest under s. 22679.322(1)(a), 23perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that:
    47(a) 48Is made while the security interest is perfected only:
    571. 58Under s. 60679.3091 61when it attaches; or
    652. 66Temporarily under s. 69679.3121(5), 70(6), or (7); and
    74(b) 75Is not made pursuant to a commitment entered into before or while the security interest is perfected by a method other than under s. 99679.3091 100or s. 102679.3121(5), 103(6), or (7).
    106(2) 107Except as otherwise provided in subsection (3), a security interest is subordinate to the rights of a person who becomes a lien creditor to the extent that the security interest secures an advance made more than 45 days after the person becomes a lien creditor unless the advance is made:
    157(a) 158Without knowledge of the lien; or
    164(b) 165Pursuant to a commitment entered into without knowledge of the lien.
    176(3) 177Subsections (1) and (2) do not apply to a security interest held by a secured party that is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor.
    209(4) 210Except as otherwise provided in subsection (5), a buyer of goods other than a buyer in ordinary course of business takes free of a security interest to the extent that it secures advances made after the earlier of:
    248(a) 249The time the secured party acquires knowledge of the buyer’s purchase; or
    261(b) 262Forty-five days after the purchase.
    267(5) 268Subsection (4) does not apply if the advance is made pursuant to a commitment entered into without knowledge of the buyer’s purchase and before the expiration of the 45-day period.
    298(6) 299Except as otherwise provided in subsection (7), a lessee of goods, other than a lessee in ordinary course of business, takes the leasehold interest free of a security interest to the extent that it secures advances made after the earlier of:
    340(a) 341The time the secured party acquires knowledge of the lease; or
    352(b) 353Forty-five days after the lease contract becomes enforceable.
    361(7) 362Subsection (6) does not apply if the advance is made pursuant to a commitment entered into without knowledge of the lease and before the expiration of the 45-day period.
History.-s. 3, ch. 2001-198.

Bills Cite this Section:

None

Cited by Court Cases:

None