UCC 9-401. Alienability of debtor’s rights
(1) Except as otherwise provided in subsection (2) of this section and ORS 79.0406 (UCC 9-406. Discharge of account debtor), 79.0407 (UCC 9-407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor’s residual interest), 79.0408 (UCC 9-408. Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles ineffective) and 79.0409 (UCC 9-409. Restrictions on assignment of letter-of-credit rights ineffective), whether a debtor’s rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this chapter.
(2) An agreement between the debtor and secured party which prohibits a transfer of the debtor’s rights in collateral or makes the transfer a default does not prevent the transfer from taking effect. [2001 c.445 §63]
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