(a) Except as provided in Sections 954.5 and 955 and subject to subdivisions (b) and (c), a transfer other than one intended to create a security interest pursuant to paragraph (1) or (3) of subdivision (a) of Section 9109 of the Commercial Code, of any payment intangible, as defined in Section 9102 of the Commercial Code, and any transfer of accounts, chattel paper, payment intangibles, or promissory notes excluded from the coverage of Division 9 of the Commercial Code by paragraph (4) of subdivision (d) of Section 9109 of the Commercial Code shall be deemed perfected as against third persons upon there being executed and delivered to the transferee an assignment thereof in writing.
(b) As between bona fide assignees of the same right for value without notice, the assignee first giving notice of the right to the obligor in writing has priority.
(c) The assignment is not, of itself, notice to the obligor so as to invalidate any payments made by the obligor to the transferor.
(d) This section does not apply to transfers or assignments of water supply property, as defined in Section 849 of the Public Utilities Code.
(e) This section does not apply to transfers or assignments of recovery property, as defined in Section 848 of the Public Utilities Code.
(Amended by Stats. 2014, Ch. 482, Sec. 2. (SB 936) Effective January 1, 2015.)