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
Applied in 5 court decisions — leading case 659 So. 2d 578 - Butler v. Board of Sup'rs for Hinds County (1995)
Most recently applied in 782 F. Supp. 2d 716 - Edgewood Manor Apartment Homes LLC v. Rsui Indemnity Co. (March 2011)
Former 1972 Code § 75-9-318 [Codes, 1942, § 41A:9-318; Laws, 1966, ch. 316, § 9-318; Laws, 1977, ch. 452, § 23, eff from and after April 1, 1978] is now found in comparable prov…
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
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.
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.
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.