9401 - Alienability of debtor's rights. - Pennsylvania Statutes

CHAPTER 94 RIGHTS OF THIRD PARTIES Sec. 9401. Alienability of debtor's rights. 9402. Secured party not obligated on contract of debtor or in tort. 9403. Agreement not to assert defenses against assignee. 9404. Rights acquired by assignee; claims and defenses against assignee. 9405. Modification of assigned contract. 9406. Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles and promissory notes ineffective. 9407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest. 9408. Restrictions on assignment of promissory notes, health-care-insurance receivables and certain general intangibles ineffective. 9409. Restrictions on assignment of letter-of-credit rights ineffective. Enactment. Chapter 94 was added June 8, 2001, P.L.123, No.18, effective July 1, 2001. Prior Provisions. Former Chapter 94, which related to filing, was added November 1, 1979, P.L.255, No.86, and repealed June 8, 2001, P.L.123, No.18, effective July 1, 2001. § 9401. Alienability of debtor's rights. (a) Other law governs alienability; exceptions.--Except as otherwise provided in subsections (b) and (c), whether a debtor's rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this division. (b) Agreement does not prevent transfer.--An agreement between the debtor and secured party which prohibits a transfer of the debtor's rights in collateral or makes the transfer a default does not prevent the transfer from taking effect. (c) Exceptions.--Subsection (a) is also subject to the following: (1) section 9406 (relating to discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles and promissory notes ineffective); (2) section 9407 (relating to restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest); (3) section 9408 (relating to restrictions on assignment of promissory notes, health-care-insurance receivables and certain general intangibles ineffective); and (4) section 9409 (relating to restrictions on assignment of letter-of-credit rights ineffective).