I took my secured transactions yesterday. It had brutality.
§ 9-508. EFFECTIVENESS OF FINANCING STATEMENT IF NEW DEBTOR BECOMES BOUND BY SECURITY AGREEMENT.
(a) [Financing statement naming original debtor.]
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) [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 statement that is effective under subsection (a) to be seriously misleading under Section
9-506:
(1) 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 under Section
9-203(d); and
(2) 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 bound under Section
9-203(d) unless an initial financing statement providing the name of the new debtor is filed before the expiration of that time.
(c) [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
9-507(a).
I have absolutely no ****ing idea what that means. I don't think anyone does, or can. It is all words I know the meaning of, in an order that doesn't violate any significant laws of grammar, but my comprehension of it is essentially nil.