Effective – 01 Jul 2001 400.9-401. Alienability of debtor’s rights. — (a) Except as otherwise provided in subsection (b) and sections 400.9-406, 400.9-407, 400.9-408 and 400.9-409, whether a debtor’s rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this article. (b) An agreement between the debtor and secured party […]
Effective – 01 Jul 2001 400.9-402. 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 […]
Effective – 01 Jul 2001 400.9-403. Agreement not to assert defenses against assignee. — (a) In this section, “value” has the meaning provided in section 400.3-303(a). (b) Except as otherwise provided in this section, an agreement between an account debtor and an assignor not to assert against an assignee any claim or defense that the […]
Effective – 01 Jul 2001 400.9-404. Rights acquired by assignee — claims and defenses against assignee. — (a) Unless an account debtor has made an enforceable agreement not to assert defenses or claims, and subject to subsections (b) through (e), the rights of an assignee are subject to: (1) All terms of the agreement between […]
Effective – 01 Jul 2001 400.9-405. Modification of assigned contract. — (a) 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 […]
Effective – 28 Aug 2013 400.9-406. 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. — (a) Subject to subsections (b) through (i), an account debtor on an account, chattel paper, or a payment intangible may […]
Effective – 28 Aug 2002 400.9-407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor’s residual interest. — (a) Except as otherwise provided in subsection (b), a term in a lease agreement is ineffective to the extent that it: (1) Prohibits, restricts, or requires the consent of a party to […]
Effective – 28 Aug 2013 400.9-408. Restrictions on assignment of promissory notes, health care insurance receivables, and certain general intangibles ineffective. — (a) Except as otherwise provided in subsection (b), a term in a promissory note or in an agreement between an account debtor and a debtor which relates to a health-care-insurance receivable or a […]
Effective – 28 Aug 2002 400.9-409. Restrictions on assignment of letter-of-credit rights ineffective. — (a) A term in a letter of credit or a rule of law, statute, regulation, custom, or practice applicable to the letter of credit which prohibits, restricts, or requires the consent of an applicant, issuer, or nominated person to a beneficiary’s […]
