Transfer of money; transfer of funds from deposit account
Known as the Uniform Commercial Code
The act spans §§ 46–46 (630 sections).
Applied in 1 court decision — leading case In re Shafer Bros. Constr. Inc. (2015)
Most recently applied in In re Shafer Bros. Constr. Inc. (January 2015)
(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.
Official source: West Virginia Legislature. Reproduced from public-domain West Virginia statutes; confirm against the official source for the current text. Not legal advice.