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H.B. 888
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VETOES
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recoupment, claim, defense, termination, right of termination, or remedy under the
promissory note, health-care-insurance receivable, or general intangible.
(b) Subsection (a) applies to a security interest in a payment intangible or
promissory note only if the security interest arises out of a sale of the payment
intangible or promissory note.
(c) A rule of law, statute, or regulation that prohibits, restricts, or requires the
consent of a government, governmental body or official, person obligated on a
promissory note, or account debtor to the assignment or transfer of, or creation of a
security interest in, a promissory note, health-care-insurance receivable, or general
intangible, including a contract, permit, license, or franchise between an account
debtor and a debtor, is ineffective to the extent that the rule of law, statute, or
regulation:
(1) Would impair the creation, attachment, or perfection of a security
interest; or
(2) Provides that the assignment or transfer or the creation, attachment,
or perfection of the security interest may give rise to a default, breach, right of
recoupment, claim, defense, termination, right of termination, or remedy under the
promissory note, health-care-insurance receivable, or general intangible.
(d) To the extent that a term in a promissory note or in an agreement between
an account debtor and a debtor which relates to a health-care-insurance receivable
or general intangible or a rule of law, statute, or regulation described in subsection (c)
would be effective under law other than this title but is ineffective under subsection
(a) or (c), the creation, attachment, or perfection of a security interest in the
promissory note, health-care-insurance receivable, or general intangible:
(1) Is not enforceable against the person obligated on the promissory
note or the account debtor;
(2) Does not impose a duty or obligation on the person obligated on the
promissory note or the account debtor;
(3) Does not require the person obligated on the promissory note or the
account debtor to recognize the security interest, pay or render performance to the
secured party, or accept payment or performance from the secured party;
(4) Does not entitle the secured party to use or assign the debtor's rights
under the promissory note, health-care-insurance receivable, or general intangible,
including any related information or materials furnished to the debtor in the
transaction giving rise to the promissory note, health-care-insurance receivable, or
general intangible;
(5) Does not entitle the secured party to use, assign, possess, or have
access to any trade secrets or confidential information of the person obligated on the
promissory note or the account debtor; and
(6) Does not entitle the secured party to enforce the security interest in
the promissory note, health-care-insurance receivable, or general intangible.
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- 5262 -
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