70A-9a-204. After-acquired property -- Future advances.
(1) Except as otherwise provided in Subsection (2), a security agreement may create or
provide for a security interest in after-acquired collateral.
(2) A security interest does not attach under a term constituting an after-acquired property
clause to:
(a) consumer goods, other than an accession when given as additional security, unless the
debtor acquires rights in them within ten days after the secured party gives value; or
(b) a commercial tort claim.
(3) A security agreement may provide that collateral secures, or that accounts, chattel
paper, payment intangibles, or promissory notes are sold in connection with, future advances or
other value, whether or not the advances or value are given pursuant to commitment.
Enacted by Chapter 252, 2000 General Session
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Last revised: Thursday, May 28, 2009