Sec. 14. (a) If an agreement by an electric utility or an assignee to transfer securitization property expressly states that the transfer is a sale or is otherwise an absolute transfer:
(1) the resulting transaction:
(A) is a true sale; and
(B) is not a secured transaction; and
(2) title, both legal and equitable, passes to the person to which the securitization property is transferred.
(b) A transaction resulting from an agreement described in subsection (a) is a true sale regardless of:
(1) whether the purchaser has any recourse against the seller; or
(2) any other term of the agreement, including the following:
(A) The seller's retention of an equity interest in the securitization property.
(B) The fact that the electric utility acts as a collector of securitization charges relating to the securitization property.
(C) The treatment of the transfer as a financing for tax, financial reporting, or other purposes.
As added by P.L.80-2021, SEC.1.