(a) Transferee of tangible money. A transferee of tangible money takes the money free of a security interest if the transferee receives the funds without acting in collusion with the debtor in violating the rights of the secured party. (b) Transferee of funds from deposit account. A transferee of funds from a deposit account takes the funds free of a security interest in the deposit account if the transferee receives the funds without acting in collusion with the debtor in violating the rights of the secured party. (c) Transferee of electronic money. A transferee of electronic money takes the money free of a security interest if the transferee obtains control of the money without acting in collusion with the debtor in violating the rights of the secured party. History of Section.P.L. 2000, ch. 182, § 6; P.L. 2000, ch. 420, § 6; P.L. 2024, ch. 65, § 9, effective June 10, 2024; P.L. 2024, ch. 66, § 9, effective June 10, 2024.
Rhode Island Legal Code