2007 Minnesota Statutes

336.9-508 MS 1998 [Repealed, 2000 c 399 art 1 s 140]
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).
History: 2000 c 399 art 1 s 79