The adaptive control system has been generally constructed by using an observer-controller with adjustable parameters and by setting an appropriate adaptive law. Recently, Masuda et al. has proposed a new adaptive control system with a free parameter via the coprime factorization method. They proved the boundedness of all signals in the closed-loop system and the convergence of the output error using an adaptive control scheme for a static error system. In this paper, we derive a dynamic error system and a non-minimal realization for SISO plants with a free parameter via the coprime factorization method. However, the dynamic error system is not strictly-positive real except for the plants with the relative degree 1. Therefore, we propose the parameter adjustment law for the plant whose dynamic error system satisfies a Riccati equation instead of the Lurie equation. The present adaptive control law guarantees the boundedness of all states of the error system and of all signals in the adaptive system.