If a security interest or agricultural lien is perfected by a filed financing statement providing information described in RCW 62A.9A-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.
[ 2012 c 214 § 1516; (2012 c 214 § 1515 expired July 1, 2013); 2011 c 74 § 715; 2000 c 250 § 9A-338.]
NOTES:
Effective date—2012 c 214 §§ 902, 1403, 1502, 1508, 1511, 1514, 1516, and 1518: See note following RCW 62A.2A-103.
Expiration date—2012 c 214 §§ 901, 1402, 1501, 1507, 1510, 1513, 1515, and 1517: See note following RCW 62A.2A-103.
Application—Savings—2012 c 214: See notes following RCW 62A.1-101.
Application—Effective date—2011 c 74: See notes following RCW 62A.9A-102.