Pennsylvania § 9318 No interest retained in right to payment which is sold; rights and title of seller

Pennsylvania Statutes

§ 9318 — No interest retained in right to payment which is sold; rights and title of seller

Pennsylvania § 9318

Title 13COMMERCIAL CODE

Ch. 93PERFECTION AND PRIORITY

Subch.PRIORITY

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Bluebook

13 Pa. Cons. Stat. § 9318 (2026).

Text

(a)Seller retains no interest.--A debtor that has sold an account, chattel paper, payment intangible or promissory note does not retain a legal or equitable interest in the collateral sold.

(b)Deemed rights of debtor if buyer's security interest unperfected.--For purposes of determining the rights of creditors of and purchasers for value of an account or chattel paper from a debtor that has sold an account or chattel paper, while the buyer's security interest is unperfected, the debtor is deemed to have rights and title to the account or chattel paper identical to those the debtor sold.

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(a) Seller retains no interest.--A debtor that has sold an account, chattel paper, payment intangible or promissory note does not retain a legal or equitable interest in the collateral sold.

(b) Deemed rights of debtor if buyer's security interest unperfected.--For purposes of determining the rights of creditors of and purchasers for value of an account or chattel paper from a debtor that has sold an account or chattel paper, while the buyer's security interest is unperfected, the debtor is deemed to have rights and title to the account or chattel paper identical to those the debtor sold.