Washington Code 62A.9A-331 – Priority of rights of purchasers of instruments, documents, and securities under other articles; priority of interests in financial assets and security entitlements under Article 8
Current as of: 2023 | Check for updates
|
Other versions
(a) Rights under Articles 3, 7, and 8 not limited. This Article does not limit the rights of a holder in due course of a negotiable instrument, a holder to which a negotiable document of title has been duly negotiated, or a protected purchaser of a security. These holders or purchasers take priority over an earlier security interest, even if perfected, to the extent provided in Articles 3, 7, and 8.
Terms Used In Washington Code 62A.9A-331
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
(b) Protection under Article 8. This Article does not limit the rights of or impose liability on a person to the extent that the person is protected against the assertion of a claim under Article 8.
(c) Filing not notice. Filing under this Article does not constitute notice of a claim or defense to the holders, or purchasers, or persons described in subsections (a) and (b) of this section.
[ 2001 c 32 § 30; 2000 c 250 § 9A-331.]
NOTES:
Effective date—2001 c 32: See note following RCW 62A.9A-102.
PDFRCW 62A.9A-331
Priority of rights of purchasers of controllable accounts, controllable electronic records, controllable payment intangibles, documents, instruments, and securities under other articles; priority of interests in financial assets and security entitlements and protection against assertions of claim under Articles 8 and 12. (Effective January 1, 2024.)
(a) Rights under Articles 3, 7, 8, and 12 not limited. This Article does not limit the rights of a holder in due course of a negotiable instrument, a holder to which a negotiable document of title has been duly negotiated, a protected purchaser of a security, or a qualifying purchaser of a controllable account, controllable electronic record, or controllable payment intangible. These holders or purchasers take priority over an earlier security interest, even if perfected, to the extent provided in Articles 3, 7, 8, and 12.
(b) Protection under Articles 8 and 12. This Article does not limit the rights of or impose liability on a person to the extent that the person is protected against the assertion of a claim under Article 8 or 12.
(c) Filing not notice. Filing under this Article does not constitute notice of a claim or defense to the holders, or purchasers, or persons described in subsections (a) and (b) of this section.
[ 2023 c 266 § 929; 2001 c 32 § 30; 2000 c 250 § 9A-331.]
NOTES:
Construction—Effective date—2023 c 266: See notes following RCW 62A.12-101.
Effective date—2001 c 32: See note following RCW 62A.9A-102.