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S.C. Code Ann. § 36-9-308

When security interest or agricultural lien is perfected; continuity of perfection

Known as the Uniform Commercial Code

The act spans §§ 36–36 (519 sections).

Applied in 1 court decision — leading case Finance America Corp. v. Galaxy Boat Manufacturing Co. (1987)

Most recently applied in Finance America Corp. v. Galaxy Boat Manufacturing Co. (June 1987)

1962 Code SECTION 10.9-308; 1966 (54) 2716; 1988 Act No. 494, SECTION 5; 2001 Act No; 67, SECTION 12.

(a) Except as otherwise provided in this section and Section 36-9-309, a security interest is perfected if it has attached and all of the applicable requirements for perfection in Sections 36-9-310 through 36-9-316 have been satisfied. A security interest is perfected when it attaches if the applicable requirements are satisfied before the security interest attaches.

(b) An agricultural lien is perfected if it has become effective and all of the applicable requirements for perfection in Section 36-9-310 have been satisfied. An agricultural lien is perfected when it becomes effective if the applicable requirements are satisfied before the agricultural lien becomes effective.

(c) A security interest or agricultural lien is perfected continuously if it is originally perfected by one method under this chapter and is later perfected by another method under this chapter, without an intermediate period when it was unperfected.

(d) Perfection of a security interest in collateral also perfects a security interest in a supporting obligation for the collateral.

(e) Perfection of a security interest in a right to payment or performance also perfects a security interest in a security interest, mortgage, or other lien on personal or real property securing the right.

(f) Perfection of a security interest in a securities account also perfects a security interest in the security entitlements carried in the securities account.

(g) Perfection of a security interest in a commodity account also perfects a security interest in the commodity contracts carried in the commodity account.

Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.