§9-1401. Alienability of debtor’s rights (1). Except as otherwise provided in subsection (2) and sections 9‑1406, 9‑1407, 9‑1408 and 9‑1409, whether a debtor’s rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this Article. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, […]
§9-1402. Secured party not obligated on contract of debtor or in tort The existence of a security interest, agricultural lien or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor’s acts or omissions. [PL 1999, […]
§9-1403. Agreement not to assert defenses against assignee (1). In this section, “value” has the meaning provided in section 3-303. subsection (1). [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (2). Except as otherwise provided in this section, an agreement between an account debtor and an […]
§9-1404. Rights acquired by assignee; claims and defenses against assignee (1). Unless an account debtor has made an enforceable agreement not to assert defenses or claims, and subject to subsections (2) through (5), the rights of an assignee are subject to: (a). All terms of the agreement between the account debtor and assignor and […]
§9-1405. Modification of assigned contract (1). A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. The assignment may provide that the modification or substitution is a breach of contract by the assignor. This subsection […]
§9-1406. Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles, and promissory notes ineffective (1). Subject to subsections (2) through (9), an account debtor on an account, chattel paper, or a payment intangible may discharge its obligation by paying the assignor until, but […]
§9-1407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor’s residual interest (1). Except as otherwise provided in subsection (2), a term in a lease agreement is ineffective to the extent that it: (a). Prohibits, restricts or requires the consent of a party to the lease to the assignment […]
§9-1408. Restrictions on assignment of promissory notes, health-care-insurance receivables and certain general intangibles ineffective (1). Except as otherwise provided in subsection (2), a term in a promissory note or in an agreement between an account debtor and a debtor that relates to a health-care-insurance receivable or a general intangible, including a contract, permit, license or […]
§9-1409. Restrictions on assignment of letter-of-credit rights ineffective (1). A term in a letter of credit or a rule of law, statute, regulation, custom or practice applicable to the letter of credit that prohibits, restricts or requires the consent of an applicant, issuer or nominated person to a beneficiary’s assignment of or creation of a […]
