§9-318. No interest retained in right to payment that is sold; rights and title of seller of

Link to law: http://legislature.vermont.gov/statutes/section/09A/009/00318
Published: 2015

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The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

009

:
Secured Transactions











 

§

9-318. No interest retained in right to payment that is sold; rights and title

of seller of account or chattel paper with respect to

creditors and purchasers

(a) A debtor

that has sold an account, chattel paper, payment intangible, or promissory note

does not retain a legal or equitable interest in the collateral sold.

(b) For purposes

of determining the rights of creditors of, and purchasers for value of an

account or chattel paper from, a debtor that has sold an account or chattel

paper, while the buyer's security interest is unperfected, the debtor is deemed

to have rights and title to the account or chattel paper identical to those the

debtor sold. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
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