Notwithstanding any contrary provision of this title a financing agency may purchase a retail installment contract or installment account from a seller on such terms and conditions and for such price as may be mutually agreed upon. No filing of notice or of the assignment, no notice to the buyer of the assignment, and no requirement that the seller be deprived of dominion over payments upon the contract or installment account or over the goods if repossessed by the seller, shall be necessary to the validity of a written assignment of a contract or installment account as against creditors, subsequent purchasers, pledgees, mortgagees or encumbrancers of the seller,
except as may otherwise be required by law.
Retail Installment SalesTerms of Purchase by Financing Agency
Section § 1809.1
This section allows a financing agency to buy a retail installment contract or account from a seller without needing to notify the buyer or file any notice of the assignment. The seller can still control the payments and the goods, even if the goods were repossessed, without affecting the legality of the agreement concerning creditors or others with interest in the seller's assets, unless another law says otherwise.
financing agency retail installment contract installment account
