Public Utilities and Carriers

Public Utilities Commission

SECTION 39-1-57

§ 39-1-57 Assignment.

(a) A transfer to an assignee of any interest in a securitization order, including any intangible transition property arising therefrom, and any revenues or other proceeds arising in respect of such property, whenever realized, shall be perfected as against third parties, including any other purchaser from the transferor, when:

(1) the related securitization order becomes effective;

(2) a written instrument of assignment has been executed by the assignor and delivered to the assignee; and

(3) a statement describing the assignment has been filed with the commission in accordance with its rules established pursuant to § 39-1-56. A filing shall be effective as of the date of assignment, if made on or before the date of the assignment or within ten (10) days thereafter.

(b) The relative priority of interest of two (2) or more assignees for value, and without notice, who have filed in accordance with the rules of the commission, shall be determined by reference to the order in which their statements have been filed; and, if an assignment with respect to which a complying filing has been made shall for any purpose of law be treated as a security interest, the filing shall be deemed effective as a filing with respect to such security interest.

History of Section.
(P.L. 1997, ch. 142, § 1; P.L. 2006, ch. 216, § 9.)