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Code · New Jersey · Title 12A — Commercial Transactions · Chapter 9

12A:9-332 Transfer of money; transfer of funds from deposit account.

93 words·~1 min read·/nj/title-12a/chapter-9/12a-9-332·

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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.
L.2001, c.117, s.1; amended 2001, c.386, s.48.
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