41-09-52. (9-332) Transfer of money - Transfer of funds from deposit account.
116 words·~1 min read·
/nd/title-41/chapter-41-09-secured-transactions/41-09-52·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. A transferee of tangible 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.
2. 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.
3. A transferee of electronic money takes the money free of a security interest if the
transferee obtains control of the money without acting in collusion with the debtor in
violating the rights of the secured party.