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Current as of April 27, 2021 | Updated by FindLaw Staff
(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.
(3) 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.
Cite this article: FindLaw.com - Montana Title 30. Trade and Commerce § 30-9A-204. After acquired property--future advances - last updated April 27, 2021 | https://codes.findlaw.com/mt/title-30-trade-and-commerce/mt-code-ann-sect-30-9a-204/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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