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336.9-508 Effectiveness of financing statement if new debtor becomes bound by security agreement.

(a) Financing statement naming original debtor. Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights to the extent that the financing statement would have been effective had the original debtor acquired rights in the collateral.

(b) Financing statement becoming seriously misleading. If the difference between the name of the original debtor and that of the new debtor causes a filed financing statement that is effective under subsection (a) to be seriously misleading under section 336.9-506:

(1) the financing statement is effective to perfect a security interest in collateral acquired by the new debtor before, and within four months after, the new debtor becomes bound under section 336.9-203(d); and

(2) the financing statement is not effective to perfect a security interest in collateral acquired by the new debtor more than four months after the new debtor becomes bound under section 336.9-203(d) unless an initial financing statement providing the name of the new debtor is filed before the expiration of that time.

(c) When section not applicable. This section does not apply to collateral as to which a filed financing statement remains effective against the new debtor under section 336.9-507(a).

HIST: 2000 c 399 art 1 s 79

* NOTE: This section, as added by Laws 2000, chapter 399, *article 1, section 79, is effective July 1, 2001. Laws 2000, *chapter 399, article 1, section 130.

* NOTE: Minnesota Statutes 1998, section 336.9-508, which *reads as follows, is repealed July 1, 2001. Laws 2000, chapter *399, article 1, section 130.

* "336.9-508 Recording proceedings of sale of collateral.

* Any secured party desiring to perpetuate the evidence of *any sale made under the terms of any security agreement may *within ten days after such a sale file in the appropriate office *for the filing of a financing statement covering the goods sold *a report of the proceedings of the sale, specifying the property *sold and that returned, if any, the amount received, the name of *the purchaser, an itemized statement of all costs and expenses, *the amount applied on the obligation secured, and the amount, if *any, returned to the debtor. The report shall be made by the *person conducting the sale and verified or, if the person *conducting the sale be an officer, certified by that person. An *affidavit or officer's certificate of the service or posting of *notice of the sale, executed by the person who served or posted *the notice of sale, may be filed with the report of the *proceedings of the sale. When such a report, affidavit, or *certificate has been filed, it is prima facie evidence of the *facts therein stated."

Official Publication of the State of Minnesota
Revisor of Statutes