§ 9401. Alienability of debtor's rights.
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§ 9401. Alienability of debtor's rights.
(a)Other law governs alienability; exceptions.-- Except as otherwise provided in subsections
(b)and (c), whether a debtor's rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this division.
(b)Agreement does not prevent transfer.-- An agreement between the debtor and secured party which prohibits a transfer of the debtor's rights in collateral or makes the transfer a default does not prevent the transfer from taking effect.
(c)Exceptions.-- Subsection
(a)is also subject to the following:
(1)section 9406 (relating to discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles and promissory notes ineffective);
(2)section 9407 (relating to restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest);
(3)section 9408 (relating to restrictions on assignment of promissory notes, health-care-insurance receivables and certain general intangibles ineffective); and
(4)section 9409 (relating to restrictions on assignment of letter-of-credit rights ineffective).
13c9402s