|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARRIS N. GLENDENING, Governor
|
|
|
|
|
|
H.B. 888
|
|
|
|
|
|
|
|
|
|
|
|
|
|
the Maryland Uniform Commercial Code claims or rights to receive compensation for
injuries or sickness under a workers' compensation claim, or damages received
because of physical injuries or sickness, whether by suit or agreement. It also exempts
income from a special needs trust for disabled individuals where all or part of the
trust is paid to the State upon the death of the individual.
Senate Bill 631, which was passed by the General Assembly and signed by me,
accomplishes the same purpose. Therefore, it is not necessary for me to sign House
Bill 888.
Sincerely,
Parris N. Glendening
Governor
House Bill No. 888
AN ACT concerning
Commercial Law - Uniform Commercial Code - Secured Transactions -
Scope
FOR the purpose of exempting certain claims or rights to receive compensation for
injuries or sickness and certain claims or rights to receive benefits under certain
special needs trusts from certain provisions governing the assignment of certain
rights under Title 9 of the Maryland Uniform Commercial Code.
BY repealing and reenacting, with amendments,
Article — Commercial Law
Section 9-406 and 9-408
Annotated Code of Maryland
(1997 Replacement Volume and 2001 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Commercial Law
9-406.
(a) Subject to subsections (b) through (j), an account debtor on an account,
chattel paper, or a payment intangible may discharge its obligation by paying the
assignor until, but not after, the account debtor receives a notification, authenticated
by the assignor or the assignee, that the amount due or to become due has been
assigned and that payment is to be made to the assignee. After receipt of the
notification, the account debtor may discharge its obligation by paying the assignee
and may not discharge the obligation by paying the assignor.
(b) Subject to subsection (h), notification is ineffective under subsection (a):
(1) If it does not reasonably identify the rights assigned;
|
|
|
|
|
|
|
|
|
|
- 5259 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
