Section 9.323 - Future Advances(a) Except as otherwise provided in Subsection (c), for purposes of determining the priority of a perfected security interest under Section 9.322(a)(1), perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that:(1) is made while the security interest is perfected only: (A) under Section 9.309 when it attaches; or(B) temporarily under Section 9.312(e), (f), or (g); and(2) is not made pursuant to a commitment entered into before or while the security interest is perfected by a method other than under Section 9.309 or 9.312(e), (f), or (g).(b) Except as otherwise provided in Subsection (c), a security interest is subordinate to the rights of a person that becomes a lien creditor to the extent that the security interest secures an advance made more than 45 days after the person becomes a lien creditor unless the advance is made:(1) without knowledge of the lien; or(2) pursuant to a commitment entered into without knowledge of the lien.(c) Subsections (a) and (b) do not apply to a security interest held by a secured party that is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor.(d) Except as otherwise provided in Subsection (e), a buyer of goods other than a buyer in ordinary course of business takes free of a security interest to the extent that it secures advances made after the earlier of: (1) the time the secured party acquires knowledge of the buyer's purchase; or(2) 45 days after the purchase.(e) Subsection (d) does not apply if the advance is made pursuant to a commitment entered into without knowledge of the buyer's purchase and before the expiration of the 45-day period.(f) Except as otherwise provided in Subsection (g), a lessee of goods, other than a lessee in ordinary course of business, takes the leasehold interest free of a security interest to the extent that it secures advances made after the earlier of: (1) the time the secured party acquires knowledge of the lease; or(2) 45 days after the lease contract becomes enforceable.(g) Subsection (f) does not apply if the advance is made pursuant to a commitment entered into without knowledge of the lease and before the expiration of the 45-day period.Tex. Bus. and Comm. Code § 9.323
Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. 7/1/2001.Amended by Acts 2001, 77th Leg., ch. 705, Sec. 7, eff. 6/13/2001.