Last Updated: Jun 6, 2019

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Last Edited By :

Created On : Jun 6, 2019

"Account", is defined in Article 9 of the UCC. It is the legal term for what a lender would typically call an Account Receivable. The definition in the UCC includes a right to payment of a monetary obligation for property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of, and (ii) for services rendered or to be rendered, The term also includes health-care-insurance receivables. An account does not include (i) rights to payment evidenced by chattel paper or an instrument, (ii) commercial tort claims, (iii) deposit accounts, (iv) investment property, and (v) letter-of-credit rights.