The Florida Senate

679.108  When after-acquired collateral not security for antecedent debt.--Where a secured party makes an advance, incurs an obligation, releases a perfected security interest, or otherwise gives new value which is to be secured in whole or in part by after-acquired property her or his security interest in the after-acquired collateral shall be deemed to be taken for new value and not as security for an antecedent debt if the debtor acquires her or his rights in such collateral either in the ordinary course of her or his business or under a contract or purchase made pursuant to the security agreement within a reasonable time after new value is given.

History.--s. 1, ch. 65-254; s. 679, ch. 97-102.

Note.--s. 9-108, U.C.C.; supersedes s. 85.30.