14-9-206. AGREEMENT NOT TO ASSERT DEFENSES AGAINST AN ASSIGNEE; MODIFICATION OF SALES WARRANTIES WHERE A SECURITY AGREEMENT EXISTS.

1. Subject to any applicable statute or court decision which establishes a different rule for buyers or lessees of consumer goods, and agreement by a buyer or lessee that he will not assert against an assignee any claim or defense which he may have against the seller or lessor is enforceable by an assignee who takes his assignment for value, in good faith and against a holder in due course of a negotiable instrument. A buyer who as part of one transaction signs both a negotiable instrument and a security agreement makes such an agreement.
2. When a seller retains a purchase money security interest in goods the Sales Chapter governs the sale and any disclaimer, limitation or modification of the seller’s warranties.