Title 11, Chapter 9, Section 204
( 11-9-204)
After acquired property; future advances. (a) After acquired collateral. Except as otherwise provided in
subsection (b) of this Code section, 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 ten 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. |