Article 58 - Alienation of rights of Debtor
(1) In this Article, "transfer" includes:
(B) creation of a
Security Interest; and
(C) transfer pursuant to judgment enforcement proceedings.
(2) Subject to paragraph (3), the rights of a
Debtor in Collateral may be transferred consensually or by operation of QFC Law, even if a provision in the Security Agreement prohibits transfer or declares a transfer to be a Default.
(3) A transfer by the
Debtor under paragraph (2) does not prejudice the rights of the Secured Party under the Security Agreement or otherwise, including the right to treat a prohibited transfer as an act of Default.