§ 9508. 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 which is effective under subsection (a) to be seriously misleading under section 9506 (relating to effect of errors or omissions):
(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 9203(d) (relating to when person becomes bound by another person's security agreement); 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 9203(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 9507(a) (relating to disposition).
Cross References. Section 9508 is referred to in sections 9326, 9506, 9507 of this title.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Section 9503 - Name of debtor and secured party
Section 9504 - Indication of collateral
Section 9506 - Effect of errors or omissions
Section 9507 - Effect of certain events on effectiveness of financing statement
Section 9509 - Persons entitled to file a record
Section 9510 - Effectiveness of filed record
Section 9511 - Secured party of record
Section 9512 - Amendment of financing statement
Section 9513 - Termination statement
Section 9514 - Assignment of powers of secured party of record
Section 9516 - What constitutes filing; effectiveness of filing
Section 9517 - Effect of indexing errors
Section 9518 - Claim concerning inaccurate or wrongfully filed record
Section 9520 - Acceptance and refusal to accept record
Section 9521 - Uniform form of written financing statement and amendment
Section 9522 - Maintenance and destruction of records
Section 9523 - Information from filing office; sale or license of records
Section 9524 - Delay by filing office