2014 Wyoming Statutes
TITLE 34.1 - UNIFORM COMMERCIAL CODE
ARTICLE 9 - SECURED TRANSACTIONS
34.1-9-323. Future advances.


WY Stat § 34.1-9-323 (2014) What's This?

34.1-9-323. Future advances.

(a) Except as otherwise provided in subsection (c), for purposes of determining the priority of a perfected security interest under section 34.1-9-322(a)(i), perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that:

(i) Is made while the security interest is perfected only:

(A) Under section 34.1-9-309 when it attaches; or

(B) Temporarily under section 34.1-9-312(e), (f) or (g); and

(ii) Is not made pursuant to a commitment entered into before or while the security interest is perfected by a method other than under section 34.1-9-309 or 34.1-9-312(e), (f) or (g).

(b) Except as otherwise provided in subsection (c), a security interest is subordinate to the rights of a person that becomes a lien creditor to the extent that the security interest secures an advance made more than forty-five (45) days after the person becomes a lien creditor unless the advance is made:

(i) Without knowledge of the lien; or

(ii) Pursuant to a commitment entered into without knowledge of the lien.

(c) Subsections (a) and (b) do not apply to a security interest held by a secured party that is a buyer of accounts, chattel paper, payment intangibles or promissory notes or a consignor.

(d) Except as otherwise provided in subsection (e), a buyer of goods other than a buyer in ordinary course of business takes free of a security interest to the extent that it secures advances made after the earlier of:

(i) The time the secured party acquires knowledge of the buyer's purchase; or

(ii) Forty-five (45) days after the purchase.

(e) Subsection (d) does not apply if the advance is made pursuant to a commitment entered into without knowledge of the buyer's purchase and before the expiration of the forty-five (45) day period.

(f) Except as otherwise provided in subsection (g), a lessee of goods, other than a lessee in ordinary course of business, takes the leasehold interest free of a security interest to the extent that it secures advances made after the earlier of:

(i) The time the secured party acquires knowledge of the lease; or

(ii) Forty-five (45) days after the lease contract becomes enforceable.

(g) Subsection (f) does not apply if the advance is made pursuant to a commitment entered into without knowledge of the lease and before the expiration of the forty-five (45) day period.

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