2015 Oklahoma Statutes
Title 12A. Commercial Code
§12A-1-9-508. Effectiveness of financing statement if new debtor becomes bound by security agreement.

EFFECTIVENESS OF FINANCING STATEMENT IF

NEW DEBTOR BECOMES BOUND BY SECURITY AGREEMENT

(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) of this section to be seriously misleading under Section 1-9-506 of this title:

(1) the financing statement is effective to perfect a security interest in collateral acquired by the new debtor before, and within four (4) months after, the new debtor becomes bound under subsection (d) of Section 1-9-203 of this title; and

(2) the financing statement is not effective to perfect a security interest in collateral acquired by the new debtor more than four (4) months after the new debtor becomes bound under subsection (d) of Section 1-9-203 of this title unless an initial financing statement providing the name of the new debtor if filed before the expiration of that time.

(c) This section does not apply to collateral for which a filed financing statement remains effective against the new debtor under subsection (a) of Section 1-9-507 of this title.

Added by Laws 2000, c. 371, § 86, eff. July 1, 2001.