§ 34.1-9-330 — Priority of purchaser of chattel paper or instrument

Wyoming § 34.1-9-330

• Jurisdiction: Wyoming
• Title 34.1: Uniform Commercial Code
• Art. 9: SECURED TRANSACTIONS

Text

(a) A purchaser of chattel paper has priority over a
security interest in the chattel paper which is claimed merely
as proceeds of inventory subject to a security interest if:
(i) In good faith and in the ordinary course of the
purchaser's business, the purchaser gives new value and takes
possession of the chattel paper or obtains control of the
chattel paper under section 34.1-9-105; and
(ii) The chattel paper does not indicate that it has
been assigned to an identified assignee other than the
purchaser.
(b) A purchaser of chattel paper has priority over a
security interest in the chattel paper which is claimed other
than merely as proceeds of inventory subject to a security
interest if the purchaser gives new value and takes possession
of the chattel paper or obtains control of the chattel paper
under section 34.1-9-105 in good faith, in the ordinary course
of the purchaser's business and without knowledge that the
purchase violates the rights of the secured party.
(c) Except as otherwise provided in section 34.1-9-327, a
purchaser having priority in chattel paper under subsection (a)
or (b) also has priority in proceeds of the chattel paper to the
extent that:
(i) Section 34.1-9-322 provides for priority in the
proceeds; or
(ii) The proceeds consist of the specific goods
covered by the chattel paper or cash proceeds of the specific
goods, even if the purchaser's security interest in the proceeds
is unperfected.
(d) Except as otherwise provided in section 34.1-9-331(a),
a purchaser of an instrument has priority over a security
interest in the instrument perfected by a method other than
possession if the purchaser gives value and takes possession of
the instrument in good faith and without knowledge that the
purchase violates the rights of the secured party.
(e) For purposes of subsections (a) and (b), the holder of
a purchase-money security interest in inventory gives new value
for chattel paper constituting proceeds of the inventory.
(f) For purposes of subsections (b) and (d), if chattel
paper or an instrument indicates that it has been assigned to an
identified secured party other than the purchaser, a purchaser
of the chattel paper or instrument has knowledge that the
purchase violates the rights of the secured party.