California Civil Code Section 955.1
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California Laws > Civil Code > California Civil Code Section 955.1
955.1. (a) Except as provided in Sections 954.5 and 955 and subject
to subdivisions (b) and (c), a transfer other than one intended to
create a security interest (paragraph (1) or (3) of subdivision (a)
of Section 9109 of the Commercial Code) of any payment intangible
(Section 9102 of the Commercial Code) and any transfer of accounts,
chattel paper, payment intangibles, or promissory notes excluded from
the coverage of Division 9 of the Commercial Code by paragraph (4)
of subdivision (d) of Section 9109 of the Commercial Code shall be
deemed perfected as against third persons upon there being executed
and delivered to the transferee an assignment thereof in writing.
(b) As between bona fide assignees of the same right for value
without notice, the assignee first giving notice thereof to the
obligor in writing has priority.
(c) The assignment is not, of itself, notice to the obligor so as
to invalidate any payments made by the obligor to the transferor.
(d) This section does not apply to transfers or assignments of
transition property, as defined in Section 840 of the Public
Utilities Code, or to transfers or assignments of recovery property,
as defined in Section 848 of the Public Utilities Code.
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Last modified: March 17, 2014