1999 Minnesota Code
Chapters 324 - 338 Trade Regulations, Consumer Protection
Chapter 336 Uniform Commercial Code
Section 336.9-204 After-acquired property; future advances.
336.9-204 After-acquired property; future advances.
(1) Except as provided in subsection (2), a security agreement may provide that any or all obligations covered by the security agreement are to be secured by after-acquired collateral.
(2) No security interest attaches under an after-acquired property clause to consumer goods other than accessions (section 336.9-314) when given as additional security unless the debtor acquires rights in them within ten days after the secured party gives value.
(3) Obligations covered by a security agreement may include future advances or other value whether or not the advances or value are given pursuant to commitment (subsection (1) of section 336.9-105).
HIST: 1965 c 811 s 336.9-204; 1976 c 135 s 12
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