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2017 Maryland Code
Commercial Law
Title 9 - Secured Transactions
Subtitle 5 - Filing
§ 9-508. Effectiveness of financing statement if new debtor becomes bound by security agreement
Universal Citation: MD Comm L Code § 9-508 (2017)
- (a) 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) 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 § 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 § 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 § 9-203(d) unless an initial financing statement providing the name of the new debtor is filed before the expiration of that time.
- (c) This section does not apply to collateral as to which a filed financing statement remains effective against the new debtor under § 9-507(a).
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