6-2-113. Rights of transferees.
(1) An assignee's disposition of an asset: transfers to a transferee for value all of the assignee's rights in the asset; discharges the assignee's lien and, to the extent the assignment creates a security interest in favor of the assignee, the assignee's security interest; and discharges any subordinate security interest or other lien subordinate to the assignee's lien.
(2) A transferee that acts in good faith takes free of the rights and interests described in Subsection, even if the assignee fails to comply with this chapter or the requirements of a judicial proceeding. (1)
(3) If a transferee does not take free of the rights and interests described in Subsection, the transferee takes the asset subject to: (1) the assignee's rights in the assets of the assignment estate; the assignee's lien and, if applicable, security interest; and any other security interest or other lien.
(4) Unless otherwise provided in a record, any warranty arising by operation of other law is disclaimed to the extent permitted by other law.
(5) If a subordinate security interest or other lien is discharged under this section, the assignee may file a record with the official or office responsible for maintaining an official filing, recording, registration, or certificate-of-title system covering the asset secured by the security interest or other lien. The record must state that the security interest or other lien is discharged as a subordinate security interest or other lien in connection with a disposition under an assignment for the benefit of creditors of the assignor whose asset is subject to the security interest or other lien.