Public Utilities and Carriers

Public Utilities Commission

SECTION 39-1-54

§ 39-1-54 Intangible transition property – The Uniform Commercial Code.

For purposes of § 6A-9-106 of the Uniform Commercial Code, title 6A, neither intangible transition property nor any right, title or interest of an electric distribution company or assignee of such property, whether before or after the issuance of the securitization order, shall be considered "accounts" or "general intangibles"; nor, for purposes of Article 9 of the Uniform Commercial Code (chapter 9 of title 6A) shall a securitization order or any such right, title or interest pertaining thereto, including the associated intangible transition property and any revenues, collections, claims, payments, money or other property and amounts arising from intangible transition charges pursuant to such order, be deemed proceeds of any right or interest other than such order and the intangible property arising therefrom.

History of Section.
(P.L. 1997, ch. 142, § 1.)