70A-9a-318 - 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. - Utah Statutes

70A-9a-318. No interest retained in right to payment that is sold -- Rights and titleof seller of account or chattel paper with respect to creditors and purchasers.
(1) A debtor that has sold an account, chattel paper, payment intangible, or promissorynote does not retain a legal or equitable interest in the collateral sold.
(2) For purposes of determining the rights of creditors of, and purchasers for value of anaccount or chattel paper from, a debtor that has sold an account or chattel paper, while the buyer'ssecurity interest is unperfected, the debtor is deemed to have rights and title to the account orchattel paper identical to those the debtor sold.

Enacted by Chapter 252, 2000 General Session