Idaho State Statutes - Idaho Attorney Directory

28-9-318 - NO INTEREST RETAINED IN RIGHT TO PAYMENT THAT IS SOLD -- RIGHTS AND TITLE OF SELLER OF ACCOUNT OR CHATTEL PAPER WITH RESPECT TO CREDITORS AND PURCHASERS

NO INTEREST RETAINED IN RIGHT TO PAYMENT THAT IS SOLD -- RIGHTS
AND TITLE OF SELLER OF ACCOUNT OR CHATTEL PAPER WITH RESPECT TO CREDITORS AND
PURCHASERS. (a) A debtor that has sold an account, chattel paper, payment
intangible or promissory note does not retain a legal or equitable interest in
the collateral sold.
(b) For purposes of determining the rights of creditors of, and
purchasers for value of an account or chattel paper from, a debtor that has
sold an account or chattel paper, while the buyer's security interest is
unperfected, the debtor is deemed to have rights and title to the account or
chattel paper identical to those the debtor sold.

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