P.R. Laws tit. 19, § 2234

2019-02-20
§ 2234. After-acquired property; future advances

(a) After-acquired collateral.— Except as otherwise provided in subsection (b) of this 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 (10) days after the secured party gives value; or

(2) a commercial tort claim;

(3) a life insurance policy;

(4) a judgment, other than as a form of proceeds under § 2265 of this title;

(5) an interest in an estate, or

(6) a beneficial interest in a trust.

(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.

History

—Sept. 19, 1996, No. 241, added as § 9–204 on Jan. 17, 2012, No. 21, § 11, eff. 1 year after Jan. 17, 2012.