13 Pa. C.S. § 9401

Current through P.A. Acts 2023-66
Section 9401 - Alienability of debtor's rights
(a) Other law governs alienability; exceptions.--Except as otherwise provided in subsections (b) and (c), whether a debtor's rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this division.
(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.
(c) Exceptions.--Subsection (a) is also subject to the following:
(1)section 9406 (relating to discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles and promissory notes ineffective);
(2)section 9407 (relating to restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest);
(3)section 9408 (relating to restrictions on assignment of promissory notes, health-care-insurance receivables and certain general intangibles ineffective); and
(4)section 9409 (relating to restrictions on assignment of letter-of-credit rights ineffective).

13 Pa.C.S. § 9401

2001, June 8, P.L. 123, No. 18, § 16, effective 7/1/2001.