SECTION 679.338. Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information.
Latest version.
- 1If a security interest or agricultural lien is perfected by a filed financing statement providing information described in s. 20679.516(2)(d) 21which is incorrect at the time the financing statement is filed:
32(1) 33The security interest or agricultural lien is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon the incorrect information; and
71(2) 72A purchaser, other than a secured party, of the collateral takes free of the security interest or agricultural lien to the extent that, in reasonable reliance upon the incorrect information, the purchaser gives value and, in the case of tangible chattel paper, tangible documents, goods, instruments, or a security certificate, receives delivery of the collateral.
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