12A:9-401 Alienability of debtor's rights.
12A:9-401. Alienability of Debtor's Rights.
(a)Other law governs alienability; exceptions. Except as otherwise provided in subsection (b) and 12A:9-406, 12A:9-407, 12A:9-408 and 12A:9-409, whether a debtor's rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this chapter.
(b)Agreement does not prevent transfer. An agreement between the debtor and secured party which prohibits a transfer of the debtor's rights in collateral or makes the transfer a default does not prevent the transfer from taking effect.
L.2001, c.117, s.1; amended 2001, c.386, s.58.
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Last modified: October 11, 2016