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Note: Commerce is now known as Economic Development Law

RETRIEVE BILL
 
  Section 9--204. After-acquired Property; Future Advances.
    (a) After-acquired   collateral.   Except  as  otherwise  provided  in
  subsection (b), a  security  agreement  may  create  or  provide  for  a
  security interest in after-acquired collateral.
    (b) When  after-acquired  property  clause  not  effective. A security
  interest does not attach under a  term  constituting  an  after-acquired
  property clause to:
         (1) 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
         (2) a commercial tort claim.
    (c) Future  advances and other value. 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.

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