Fla. Stat. § 679.2041
After-acquired property; future advances
Redline — January 1, 2011 → current.View current text →
Current — January 1, 2025
As of January 1, 2011
(1) Except as otherwise provided in subsection (2), a security agreement may create or provide for a security interest in after-acquired collateral.
(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 10 days after the secured party gives value; or (b) A commercial tort claim.
(2) Subject to subsection (3), 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 10 days after the secured party gives value; or (b) A commercial tort claim.
(3) Subsection (2) does not prevent a security interest from attaching:
(a) To a consumer good as proceeds under s. 679.3151(1) or commingled goods under s. 679.336(3);
(b) To a commercial tort claim as proceeds under s. 679.3151(1); or
(c) Under an after-acquired property clause to property that is proceeds of consumer goods or a commercial tort claim.
(4) 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.
Official source: Online Sunshine (Florida Legislature). Reproduced from public-domain Florida statutes; confirm against the official source for the current text. Not legal advice.