§9-1331. Priority of rights of purchasers of controllable accounts, controllable electronic records, controllable payment intangibles, documents, instruments and securities under other Articles; priority of interests in financial assets and security entitlements and protection against assertion of claim under Articles 8-A and 12
191 words·~1 min read·
/me/title-11-uniform-commercial-code/9-1331A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1). This Article does not limit the rights of a holder in due course of a negotiable instrument, a holder to which a negotiable document of title has been duly negotiated, a protected purchaser of a security or a qualifying purchaser of a controllable account, controllable electronic record or controllable payment intangible. These holders or purchasers take priority over an earlier security interest, even if perfected, to the extent provided in Articles 3‑A , 7‑A , 8‑A and 12 .
[PL 2023, c. 669, Pt. A, §128 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]
(2). This Article does not limit the rights of or impose liability on a person to the extent that the person is protected against the assertion of a claim under Article 8‑A or 12 .
[PL 2023, c. 669, Pt. A, §128 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]
(3). Filing under this Article does not constitute notice of a claim or defense to the holders, or purchasers, or persons described in subsections
(1)and
(2).
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]