Vermont § 403 - § 9—403.

§ 403. § 9—403.

• Agreement not to assert defenses against assignee (a) In this section, “value” has the meaning provided in subsection 3—303(a) of this title. (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 subsection 3—305(a) of this title. (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 subsection 3—305(b) of this title. (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. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)