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Code · Pennsylvania · Title 13 — COMMERCIAL CODE · Chapter 93

§ 9331. Priority of rights of purchasers of controllable accounts, controllable electronic records, controllable payment intangi.

281 words·~1 min read·/pa/title-13/chapter-93/9331

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

§ 9331. Priority of rights of purchasers of controllable accounts, controllable electronic records, controllable payment intangibles, documents, instruments and securities under other divisions; priority of interests in financial assets and security entitlements and protection against assertion of claim under Divisions 8 and 12.
(a)Rights under Divisions 3, 7, 8 and 12 not limited.-- This division 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 Divisions 3 (relating to negotiable instruments), 7 (relating to warehouse receipts, bills of lading and other documents of title), 8 (relating to investment securities) and 12 (relating to controllable electronic records).
(b)Protection under Divisions 8 and 12.-- This division 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 Division 8 or 12.
(c)Filing not notice.-- Filing under this division does not constitute notice of a claim or defense to the holders, purchasers or persons described in subsections
(a)and (b).
13c9331v
(July 1, 2024, P.L.450, No.41, eff. 60 days)
2024 Amendment. Act 41 amended the section heading and subsecs.
(a)and (b). See section 1 of Act 41 in the appendix to this title for special provisions relating to findings and declarations.
Cross References. Section 9331 is referred to in sections 9322, 9330 of this title.
13c9332s
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