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The Vermont Statutes Online
Title
09A
:
Uniform Commercial Code
Chapter
009
:
Secured Transactions
§
9-204. After-acquired property; future advances
(a) Except as
otherwise provided in subsection (b), a security agreement may create or
provide for a security interest in after-acquired collateral.
(b) A security
interest does not attach under a term constituting an afteracquired 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) 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. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)