Tennessee Code Annotated

Tenn. Code Ann. § 47-9-403 (2026)

Agreement not to assert defenses against assignee

✓ current as of May 2026

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(a)"Value". In this section, "value" has the meaning provided in § 47-3-303(a).

(b)Agreement not to assert claim or defense. 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 § 47-3-305(a).

(c)When subsection (b) not applicable. Subsection (b) does not apply to defenses of a type that may be asserted against a holder in due course of a negotiable instrument under § 47-3-305(b).

(d)Omission of required statement in consumer transaction. In a consumer transaction, if a record evidences the account debtor's obligation, law other than this chapter 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)Rule for individual under other law. This section is subject to law other than this chapter 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)Other law not displaced. Except as otherwise provided in subsection (d), this section does not displace law other than this chapter which gives effect to an agreement by an account debtor not to assert a claim or defense against an assignee.

Acts 2000, ch. 846, § 1.

Notes of Decisions

Cited in 14 cases, 1971–2013 · leading case: Mostoller v. Citicapital Com. Corp. (In Re Stetson & Assocs., Inc.), 330 B.R. 613 (Bankr. E.D. Tenn. 2005).

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Mostoller v. Citicapital Com. Corp. (In Re Stetson & Assocs., Inc.), 330 B.R. 613 (Bankr. E.D. Tenn. 2005). · cites it 6× “§ 47 ~9-515(a) (2001); see former Tenn. Code Ann. § 47-9-403 (2)(c) (1999, repealed 2000).”

In Re Chattanooga Choo-Choo Co., 98 B.R. 792 (Bankr. E.D. Tenn. 1989). · cites it 6× “Tenn. Code Ann. § 47-9-403 , Official Comment 3 (1979).”

Brown v. Belarus Mach., Inc. (In Re Serv. Lawn & Power, Inc.), 83 B.R. 515 (Bankr. E.D. Tenn. 1988). · cites it 6× “The duties of the filing officer are set out under section 9-403(4) of the Uniform Commerce Code enacted in Tennessee at Tenn.Code Ann. § 47-9-403(4) (Supp.1987).”

Ford Motor Credit Co. v. Ken Gardner Ford Sales, Inc. (In Re Ken Gardner Ford Sales, Inc.), 10 B.R. 632 (Bankr. E.D. Tenn. 1981). · cites it 2× “Tenn.Code Ann. § 47-9-403(2) (Repl.Vol. 1979).”

Bell v. AmeriTrust Co. (In Re Moore), 21 B.R. 898 (Bankr. E.D. Tenn. 1982). · cites it 4× “T.C.A. § 47-9-403(4) requires the filing officer to “index statements according to the name of the debtor.”

Bank of Com. v. Waddell, 731 S.W.2d 61 (Tenn. Ct. App. 1986). · cites it 4× “The chancellor held that the mobile home became a part of the realty and that the security interest noted on the certificate of title became unperfected because the holder failed to file a continuation statement as required by Section 47-9-403, Tennessee Code Annotated.”

Farmers & Merchants Bank v. Dyersburg Prod. Credit Ass'n, 728 S.W.2d 10 (Tenn. Ct. App. 1986). · cites it 2× “T.C.A. § 47-9-403(2), as in effect at the time material herein states: (2) A filed financing statement which states a maturity date of the obligation secured for twenty (20) years or less is effective until such maturity date and thereafter for a period of sixty (60) days.”

Austin Co. v. Comm'r, 71 T.C. 955 (Tax Ct. 1979). “Petitioner continued its financial arrangement with Louisville Trust at least until December 31, 1974.”

Int'l Harvester Co. v. Carr, 466 S.W.2d 207 (Tenn. 1971). · cites it 2× “Section 47-9-403 T.C.A. provides, in part, that a filed financing statement may be effective for a period of five years from the date of filing, according to its terms.”

Highland Constr. Mgmt. Servs., LP v. Fargo, N.A. (In re Highland Constr. Mgmt. Servs., LP), 497 B.R. 829 (Bankr. E.D. Va. 2013). “Tenn.Code Ann. § 47-9-403. The Bankruptcy Court held that the pre-1986 UCC provision made an exception for junior secured parties.”

In Re Vill. Imp. Enter., Inc., 126 B.R. 307 (Bankr. E.D. Tenn. 1991). “§ 47-9-403 (1) (Bobbs-Merrill 1990). The Tennessee legislature clearly meant to make a filed financing statement effective without regard to whether the correct amount of recordation tax was paid.”

King v. Hamilton First Bank (In Re King), 30 B.R. 2 (Bankr. E.D. Tenn. 1983). · cites it 2× “” T.C.A. § 47-9-403(2) (1979). Thus, the question presented is whether the description in the statement meets the requirements of the Code.”

Show all 14 citing cases →

— Tenn. Code Ann. § 47-9-403(1) — 1 case

Walker v. Tennessee State Bank (In Re Williams), 112 B.R. 913 (Bankr. E.D. Tenn. 1990).

— Tenn. Code Ann. § 47-9-403(2) — 6 cases

Ford Motor Credit Co. v. Ken Gardner Ford Sales, Inc. (In Re Ken Gardner Ford Sales, Inc.), 10 B.R. 632 (Bankr. E.D. Tenn. 1981). “Tenn.Code Ann. § 47-9-403(2) (Repl.Vol. 1979).”

Farmers & Merchants Bank v. Dyersburg Prod. Credit Ass'n, 728 S.W.2d 10 (Tenn. Ct. App. 1986). “T.C.A. § 47-9-403(2), as in effect at the time material herein states: (2) A filed financing statement which states a maturity date of the obligation secured for twenty (20) years or less is effective until such maturity date and thereafter for a period of sixty (60) days.”

In Re Chattanooga Choo-Choo Co., 98 B.R. 792 (Bankr. E.D. Tenn. 1989). “Tenn. Code Ann. § 47-9-403 , Official Comment 3 (1979).”

Bank of Com. v. Waddell, 731 S.W.2d 61 (Tenn. Ct. App. 1986). “The chancellor held that the mobile home became a part of the realty and that the security interest noted on the certificate of title became unperfected because the holder failed to file a continuation statement as required by Section 47-9-403, Tennessee Code Annotated.”

Mostoller v. Citicapital Com. Corp. (In Re Stetson & Assocs., Inc.), 330 B.R. 613 (Bankr. E.D. Tenn. 2005). “§ 47 ~9-515(a) (2001); see former Tenn. Code Ann. § 47-9-403 (2)(c) (1999, repealed 2000).”

— Tenn. Code Ann. § 47-9-403(2)(c) — 1 case

— Tenn. Code Ann. § 47-9-403(2)(e) — 1 case

In Re Chattanooga Choo-Choo Co., 98 B.R. 792 (Bankr. E.D. Tenn. 1989). “Tenn. Code Ann. § 47-9-403 , Official Comment 3 (1979).”

— Tenn. Code Ann. § 47-9-403(4) — 3 cases

Brown v. Belarus Mach., Inc. (In Re Serv. Lawn & Power, Inc.), 83 B.R. 515 (Bankr. E.D. Tenn. 1988). “The duties of the filing officer are set out under section 9-403(4) of the Uniform Commerce Code enacted in Tennessee at Tenn.Code Ann. § 47-9-403(4) (Supp.1987).”

Bell v. AmeriTrust Co. (In Re Moore), 21 B.R. 898 (Bankr. E.D. Tenn. 1982). “T.C.A. § 47-9-403(4) requires the filing officer to “index statements according to the name of the debtor.”

Walker v. Tennessee State Bank (In Re Williams), 112 B.R. 913 (Bankr. E.D. Tenn. 1990).

— Tenn. Code Ann. § 47-9-403(e) — 1 case

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