§ 6A-12-104. Rights in controllable account, controllable electronic record, and controllable payment
intangible.
(a) Applicability of section to controllable account and controllable payment intangible. This section applies to the acquisition and purchase of rights in a controllable account
or controllable payment intangible, including the rights and benefits under subsections
(c), (d), (e), (g), and (h) of this section of a purchaser and qualifying purchaser,
in the same manner this section applies to a controllable electronic record.
(b) Control of controllable account and controllable payment intangible. To determine whether a purchaser of a controllable account or a controllable payment
intangible is a qualifying purchaser, the purchaser obtains control of the account
or payment intangible if it obtains control of the controllable electronic record
that evidences the account or payment intangible.
(c) Applicability of other law to acquisition of rights. Except as provided in this section, law other than this chapter determines whether
a person acquires a right in a controllable electronic record and the right the person
acquires.
(d) Shelter principle and purchase of limited interest. A purchaser of a controllable electronic record acquires all rights in the controllable
electronic record that the transferor had or had power to transfer, except that a
purchaser of a limited interest in a controllable electronic record acquires rights
only to the extent of the interest purchased.
(e) Rights of qualifying purchaser. A qualifying purchaser acquires its rights in the controllable electronic record
free of a claim of a property right in the controllable electronic record.
(f) Limitation of rights of qualifying purchaser in other property. Except as provided in subsections (a) and (e) of this section for a controllable
account and a controllable payment intangible or law other than this chapter, a qualifying
purchaser takes a right to payment, right to performance, or other interest in property
evidenced by the controllable electronic record subject to a claim of a property right
in the right to payment, right to performance, or other interest in property.
(g) No-action protection for qualifying purchaser. An action may not be asserted against a qualifying purchaser based on both a purchase
by the qualifying purchaser of a controllable electronic record and a claim of a property
right in another controllable electronic record, whether the action is framed in conversion,
replevin, constructive trust, equitable lien, or other theory.
(h) Filing not notice. Filing of a financing statement under chapter 9 of this title is not notice of a
claim of a property right in a controllable electronic record.