§3137.7. Buyer ownership rights; evidence of ownership
A. The buyer shall be deemed for all purposes, and not be limited to a bankruptcy context, to be the owner of a receivable purchased over an exchange located in this state, with the buyer having the right to all of the following actions:
(1) To collect the receivable from the account debtor or other obligated person.
(2) To resell the receivable to a subsequent buyer.
(3) To pledge or otherwise grant a security interest in the receivable in favor of the buyer's creditor.
(4) To reflect the receivable as an asset on the buyer's books and records.
B. To the extent that the owner or operator of an exchange located in this state maintains records of sales of receivables over the exchange, such records shall serve as the single authoritative record evidencing buyer ownership of traded receivables for all purposes.
Acts 2010, No. 958, §1, eff. July 6, 2010.
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