554.9508 Effectiveness of financing statement if new debtor becomes bound by security agreement. 1. Financing statement naming original debtor. Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect asecurity interest in collateral in which a new debtor has or acquires rights to the extent thatthe financing statement would have been effective had the original debtor acquired rightsin the collateral. 2. Financing statement becoming seriously misleading. If the difference between the name of the original debtor and that of the new debtor causes a filed financing statementthat is effective under subsection 1 to be seriously misleading under section 554.9506: a. 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 undersection 554.9203, subsection 4; and b. 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 boundunder section 554.9203, subsection 4, unless an initial financing ctive to perfect a security interest in collateral acquired by the new debtor more than four months after the new debtor becomes boundunder section 554.9203, subsection 4, unless an initial financing statement providing thename of the new debtor is filed before the expiration of that time. 3. When section not applicable. This section does not apply to collateral as to which a filed financing statement remains effective against the new debtor under section 554.9507,subsection 1. 2000 Acts, ch 1149, §79, 187Referred to in §554.9326, 554.9506, 554.9507 Sat Dec 23 11:02:11 2023 Iowa Code 2024, Section 554.9508 (24, 0)
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