§ 34.1-9-408 — Restrictions on assignment of promissory notes, health-care-insurance receivables and certain general intangibles ineffective

Wyoming § 34.1-9-408

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

Text

(a) Except as otherwise provided in subsection (b), a term
in a promissory note or in an agreement between an account
debtor and a debtor which relates to a health-care-insurance
receivable or a general intangible, including a contract,
permit, license or franchise, and which term prohibits,
restricts or requires the consent of the person obligated on the
promissory note or the account debtor to, the assignment or
transfer of, or creation, attachment or perfection of a security
interest in, the promissory note, health-care-insurance
receivable or general intangible, is ineffective to the extent
that the term:
(i) Would impair the creation, attachment or
perfection of a security interest; or
(ii) Provides that the assignment or transfer or the
creation, attachment or perfection of the security interest may
give rise to a default, breach, right of recoupment, claim,
defense, termination, right of termination or remedy under the
promissory note, health-care-insurance receivable or general
intangible.
(b) Subsection (a) applies to a security interest in a
payment intangible or promissory note only if the security
interest arises out of a sale of the payment intangible or
promissory note, other than a sale pursuant to a disposition
under W.S. 34.1-9-610 or an acceptance of collateral under W.S.