4-9-332. Transfer of money - transfer of funds from deposit account.
78 words·~1 min read·
/co/title-4-uniform-commercial-code/article-9-secured-transactions/4-9-332·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)A transferee of money takes the money free of a security interest if the transferee receives possession of the money without acting in collusion with the debtor in violating the rights of the secured party.
(b)A transferee of funds from a deposit account takes the funds free of a security interest in the deposit account if the transferee receives the funds without acting in collusion with the debtor in violating the rights of the secured party.