South Carolina Statutes
§ 36-9-318 — 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.
(a)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)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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South Carolina § 36-9-318 (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.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 10.9-318; 1966 (54) 2716; 1988 Act No. 494, SECTION 5; 2001 Act No; 67, SECTION 12.
Nearby Sections
15
§ 36-9-101
Short title.§ 36-9-102
Definitions and index of definitions.§ 36-9-104
Control of deposit account.§ 36-9-106
Control of investment property.§ 36-9-107
Control of letter-of-credit right.§ 36-9-108
Sufficiency of description.§ 36-9-109
Scope.§ 36-9-111
UCC lien satisfaction.§ 36-9-202
Title to collateral immaterial.