California Commercial Code

§ 12104

COM § 12104 Effective Jan 1, 2024Div. 12

Statute text

(a)This section applies to the acquisition and purchase of rights in a controllable account or controllable payment intangible, including the rights and benefits under subdivisions (c), (d), (e), (g), and (h) of a purchaser and qualifying purchaser, in the same manner this section applies to a controllable electronic record.

(b)To determine whether a purchaser of a controllable account or a controllable payment intangible is a qualifying purchaser, the purchaser obtains control of the account or payment intangible if it obtains control of the controllable electronic record that evidences the account or payment intangible.

(c)Except as provided in this section, law other than this division determines whether a person acquires a right in a controllable electronic record and the right the person acquires.

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Legislative history

Added by Stats. 2023, Ch. 210, Sec. 90. (SB 95) Effective January 1, 2024.