1997 Minnesota Statutes

     336.9-108 When after-acquired collateral not security 
  for antecedent debt.  

    Where a secured party makes an advance, incurs an 
 obligation, releases a perfected security interest, or otherwise 
 gives new value which is to be secured in whole or in part by 
 after-acquired property the security interest in the 
 after-acquired collateral shall be deemed to be taken for new 
 value and not as security for an antecedent debt if the debtor 
 acquires rights in such collateral either in the ordinary course 
 of business or under a contract of purchase made pursuant to the 
 security agreement within a reasonable time after new value is 
 given.  

    HIST: 1965 c 811 s 336.9-108; 1986 c 444