Cite as: 80 CNCA § 9-332

Transfer of Money—Transfer of Funds from Deposit Account

(a) Transferee of money. A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the rights of the secured party.

(b) Transferee of funds from deposit account. A transferee of funds from a deposit account takes the funds free of a security interest in the deposit account unless the transferee acts in collusion with the debtor in violating the rights of the secured party.

Historical Data

LA 26–03, eff. October 2, 2003.