Colorado Revised Statutes

Colo. Rev. Stat. § 4-9-403 (2026)

Agreement not to assert defenses against assignee

✓ current as of July 2026

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(a) In this section, "value" has the meaning provided in section 4-3-303 (a). (b) Except as otherwise provided in this section, an agreement between an account debtor and an assignor not to assert against an assignee any claim or defense that the account debtor may have against the assignor is enforceable by an assignee that takes an assignment: (1) For value; (2) In good faith; (3) Without notice of a claim of a property or possessory right to the property assigned; and (4) Without notice of a defense or claim in recoupment of the type that may be asserted against a person entitled to enforce a negotiable instrument under section 4-3-305 (a). (c) Subsection (b) of this section does not apply to defenses of a type that may be asserted against a holder in due course of a negotiable instrument under section 4-3-305 (b). (d) In a consumer transaction, if a record evidences the account debtor's obligation, law other than this article requires that the record include a statement to the effect that the rights of an assignee are subject to claims or defenses that the account debtor could assert against the original obligee, and the record does not include such a statement: (1) The record has the same effect as if the record included such a statement; and (2) The account debtor may assert against an assignee those claims and defenses that would have been available if the record included such a statement. (e) This section is subject to law other than this article which establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family, or household purposes. (f) Except as otherwise provided in subsection (d) of this section, this section does not displace law other than this article which gives effect to an agreement by an account debtor not to assert a claim or defense against an assignee.

Source: L. 2001: Entire article R&RE, p. 1371, § 1, effective July 1.

Editor's note: This section is similar to former § 4-9-206 as it existed prior to 2001.

Notes of Decisions

Cited in 4 cases, 1984–1992 · leading case: Moffat Cnty. State Bank v. Producers Livestock Mktg. Ass'n, 598 F. Supp. 1562 (D. Colo. 1984).

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Moffat Cnty. State Bank v. Producers Livestock Mktg. Ass'n, 598 F. Supp. 1562 (D. Colo. 1984). · cites it 4× “”), as codified at Colo.Rev.Stat. § 4-9-403(2) (1984 Cum.Supp.”

John Deere Co. v. Alamosa Nat'l Bank, 786 P.2d 505 (Colo. Ct. App. 1989). · cites it 7× “The Bank argues that, under § 4-9-403(2), C.R.S. (1989 Cum.Supp.), a perfected security interest, existing at the time insolvency proceedings are commenced, lapses upon the expiration of the five-year period unless a continuation statement is filed during the period of sixty…”

Brown v. Boulder Servs., Inc. (In Re Brown), 68 B.R. 670 (D. Colo. 1986). · cites it 4× “Colo.Rev.Stat. § 4-9-403(1) (1973), provides two .”

Denver Tec Bank v. Fed. Deposit Ins. Corp., 843 P.2d 129 (Colo. Ct. App. 1992). · cites it 2× “*133 We acknowledge that, under the circumstances here, the “notice” function of the first-to-file rule may be subverted if multiple creditors received secured interests in the same collateral from different debtors, thus rendering the indexing system used to trace interests,…”

— Colo. Rev. Stat. § 4-9-403(1) — 1 case

Brown v. Boulder Servs., Inc. (In Re Brown), 68 B.R. 670 (D. Colo. 1986). “Colo.Rev.Stat. § 4-9-403(1) (1973), provides two .”

— Colo. Rev. Stat. § 4-9-403(2) — 2 cases

Moffat Cnty. State Bank v. Producers Livestock Mktg. Ass'n, 598 F. Supp. 1562 (D. Colo. 1984). “”), as codified at Colo.Rev.Stat. § 4-9-403(2) (1984 Cum.Supp.”

John Deere Co. v. Alamosa Nat'l Bank, 786 P.2d 505 (Colo. Ct. App. 1989). “The Bank argues that, under § 4-9-403(2), C.R.S. (1989 Cum.Supp.), a perfected security interest, existing at the time insolvency proceedings are commenced, lapses upon the expiration of the five-year period unless a continuation statement is filed during the period of sixty…”

— Colo. Rev. Stat. § 4-9-403(3) — 1 case

Moffat Cnty. State Bank v. Producers Livestock Mktg. Ass'n, 598 F. Supp. 1562 (D. Colo. 1984). “”), as codified at Colo.Rev.Stat. § 4-9-403(2) (1984 Cum.Supp.”

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