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N.J. Stat. Ann. § 12A:9-332

Transfer of money; transfer of funds from deposit account

Known as the Uniform Commercial Code

The act spans §§ 12A:1-101 to 12A:9-809 (506 sections).

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

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.

Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.