371.310 Assignment of contracts and agreements.
177 words·~1 min read·
/ky/chapter-371/371-310A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Notwithstanding the provisions of any other law:
(1)An assignee may purchase or acquire or agree to purchase or acquire any retail
installment contract or retail charge agreement or any indebtedness under either
from a seller on such terms and conditions and for such price as may be mutually
agreed upon;
(2)Filing of the assignment, notice to the buyer of the assignment and any requirement
that the seller be deprived of dominion over payments upon a retail installment
contract or retail charge agreement, or over the goods if returned to or repossessed
by the seller, shall not be necessary to the validity of a written assignment of the
retail installment contract or retail charge agreement or any indebtedness under
either as against creditors, subsequent purchasers, pledgees, mortgagees and lien
claimants of the seller; and
(3)Unless the buyer has notice of the assignment of his retail installment contract,
retail charge agreement or any indebtedness under either, payment therefor made by
the buyer to the holder last known to him shall be binding upon all subsequent
holders.