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State Statutes
- Idaho
- Title 28
- Chapter 9
- 28-9-338
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| Idaho Statutes |
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| 28-9-338 - PRIORITY OF SECURITY INTEREST OR AGRICULTURAL LIEN PERFECTED BY FILED FINANCING STATEMENT PROVIDING CERTAIN INCORRECT INFORMATION |
PRIORITY OF SECURITY INTEREST OR AGRICULTURAL LIEN PERFECTED BY
FILED FINANCING STATEMENT PROVIDING CERTAIN INCORRECT INFORMATION. If a
security interest or agricultural lien is perfected by a filed financing
statement providing information described in section 28-9-516(b)(5) which is
incorrect at the time the financing statement is filed:
(1) The security interest or agricultural lien is subordinate to a
conflicting perfected security interest in the collateral to the extent that
the holder of the conflicting security interest gives value in reasonable
reliance upon the incorrect information; and
(2) A purchaser, other than a secured party, of the collateral takes free
of the security interest or agricultural lien to the extent that, in
reasonable reliance upon the incorrect information, the purchaser gives value
and, in the case of tangible chattel paper, tangible documents, goods,
instruments, or a security certificate, receives delivery of the collateral. |
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