Laws of New York (Last Updated: November 21, 2014) |
UCC Uniform Commercial Code |
Article 9. SECURED TRANSACTIONS |
Part 3. PERFECTION AND PRIORITY |
SubPart 3. PRIORITY |
Section 9--332. Transfer of Money; Transfer of Funds from Deposit Account
Latest version.
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(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.