§ 9-330. Priority of purchaser of chattel paper or instrument
West's Annotated Code of MarylandCommercial Law
MD Code, Commercial Law, § 9-330
§ 9-330. Priority of purchaser of chattel paper or instrument
(b) A purchaser of chattel paper has priority over a security interest in the chattel paper which is claimed other than merely as proceeds of inventory subject to a security interest if the purchaser gives new value and takes possession of the chattel paper or obtains control of the chattel paper under § 9-105 in good faith, in the ordinary course of the purchaser's business, and without knowledge that the purchase violates the rights of the secured party.
(d) Except as otherwise provided in § 9-331(a), a purchaser of an instrument has priority over a security interest in the instrument perfected by a method other than possession if the purchaser gives value and takes possession of the instrument in good faith and without knowledge that the purchase violates the rights of the secured party.
Credits
Added by Acts 1999, c. 282, § 2, eff. July 1, 2001.
MD Code, Commercial Law, § 9-330, MD COML § 9-330
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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