Section 57A-9-507 - Continuing effectiveness of filed financing statement. - South-dakota Statutes

State Codes and Statutes

Statutes > South-dakota > Title-57a > Chapter-09 > Statute-57a-9-507

57A-9-507. Continuing effectiveness of filed financing statement. (a) A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition .
(b) Except as otherwise provided in subsection (c) and § 57A-9-508, a financing statement is not rendered ineffective if, after the financing statement is filed, the information provided in the financing statement becomes seriously misleading under § 57A-9-506.
(c) If a debtor so changes its name that a filed financing statement becomes seriously misleading under § 57A-9-506:
(1) The financing statement is effective to perfect a security interest in collateral acquired by the debtor before, or within four months after, the change; and
(2) The financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than four months after the change, unless an amendment to the financing statement which renders the financing statement not seriously misleading is filed within four months after the change.

Source: SL 2000, ch 231.

State Codes and Statutes

Statutes > South-dakota > Title-57a > Chapter-09 > Statute-57a-9-507

57A-9-507. Continuing effectiveness of filed financing statement. (a) A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition .
(b) Except as otherwise provided in subsection (c) and § 57A-9-508, a financing statement is not rendered ineffective if, after the financing statement is filed, the information provided in the financing statement becomes seriously misleading under § 57A-9-506.
(c) If a debtor so changes its name that a filed financing statement becomes seriously misleading under § 57A-9-506:
(1) The financing statement is effective to perfect a security interest in collateral acquired by the debtor before, or within four months after, the change; and
(2) The financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than four months after the change, unless an amendment to the financing statement which renders the financing statement not seriously misleading is filed within four months after the change.

Source: SL 2000, ch 231.

State Codes and Statutes

Back To Homepage

State Codes and Statutes

Statutes > South-dakota > Title-57a > Chapter-09 > Statute-57a-9-507

57A-9-507. Continuing effectiveness of filed financing statement. (a) A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition .
(b) Except as otherwise provided in subsection (c) and § 57A-9-508, a financing statement is not rendered ineffective if, after the financing statement is filed, the information provided in the financing statement becomes seriously misleading under § 57A-9-506.
(c) If a debtor so changes its name that a filed financing statement becomes seriously misleading under § 57A-9-506:
(1) The financing statement is effective to perfect a security interest in collateral acquired by the debtor before, or within four months after, the change; and
(2) The financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than four months after the change, unless an amendment to the financing statement which renders the financing statement not seriously misleading is filed within four months after the change.

Source: SL 2000, ch 231.