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.)