1. Source. Former Section 9-204.

2. After-acquired Property; Continuing General Lien. Subsection (a) [Maine cite subsection (1)] makes clear that a security interest arising by virtue of an after acquired property clause is no less valid than a security interest in collateral in which the debtor has rights at the time value is given. A security interest in after-acquired property is not merely an "equitable" interest; no further action by the secured party-- such as a supplemental agreement covering the new collateral--is required. This section adopts the principle of a "continuing general lien" or "floating lien." It validates a security interest in the debtor's existing and (upon acquisition) future assets, even though the debtor has liberty to use or dispose of collateral without being required to account for proceeds or substitute new collateral. See Section 9-205 [Maine cite section 9-1205]. Subsection (a) [Maine cite subsection (1)], together with subsection (c) [Maine cite subsection (3)], also validates "crosscollateral" clauses under which collateral acquired at any time secures advances whenever made.

3. After-Acquired Consumer Goods. Subsection (b)(1) [Maine cite subsection (2), paragraph (a)] makes ineffective an after- acquired property clause covering consumer goods (defined in Section 9-109) [Maine cite section 9-1102], except as accessions (see Section 9-335) [Maine cite section 9-1335], acquired more than ten days after the secured party gives value. Subsection (b)(1) [Maine cite subsection (2), paragraph (a)] is unchanged in substance from the corresponding provision in former Section 9- 204(2).

4. Commercial Tort Claims. Subsection (b)(2) [Maine cite subsection (2), paragraph (b)] provides that an after-acquired property clause in a security agreement does not reach future commercial tort claims. In order for a security interest in a tort claim to attach, the claim must be in existence when the security agreement is authenticated. In addition, the security agreement must describe the tort claim with greater specificity than simply "all tort claims." See Section 9-108(e) [Maine cite section 9-1108, subsection (5)].

5. Future Advances; Obligations Secured. Under subsection (c) [Maine cite subsection (3)] collateral may secure future as well as past or present advances if the security agreement so provides. This is in line with the policy of this Article toward security interests in after-acquired property under subsection (a) [Maine cite subsection (1)]. Indeed, the parties are free to agree that a security interest secures any obligation