State Codes and Statutes
Statutes > Rhode-island > Title-6a > Chapter-6a-9 > 6a-9-318SECTION 6A-9-318
§ 6A-9-318 No interest retained in rightto payment that is sold; rights and title of seller of account or chattel paperwith respect to creditors and purchasers. – (a) Seller retains no interest. A debtor that has sold an account,chattel paper, payment intangible, or promissory note does not retain a legalor equitable interest in the collateral sold.
(b) Deemed rights of debtor if buyer's security interestunperfected. For purposes of determining the rights of creditors of, andpurchasers for value of an account or chattel paper from, a debtor that hassold an account or chattel paper, while the buyer's security interest isunperfected, the debtor is deemed to have rights and title to the account orchattel paper identical to those the debtor sold.
