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§6A-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. –


Published: 2015

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TITLE 6A

Uniform Commercial Code

CHAPTER 6A-9

Secured Transactions

PART 6A-9-301

Perfection and Priority

SECTION 6A-9-318



   § 6A-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) Seller retains no interest. 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) Deemed rights of debtor if buyer's security interest

unperfected. 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.



History of Section.

(P.L. 2000, ch. 182, § 6; P.L. 2000, ch. 420, § 6.)