[§269G-7]  Transfers of infrastructure resilience property.  (a)  A transfer or assignment of infrastructure resilience property by the electric utility to an assignee or to a financing entity, or by an assignee of the electric utility or a financing entity to another financing entity, which the parties in the governing documentation have expressly stated to be a sale or other absolute transfer, in a transaction approved in a financing order, shall be treated as an absolute transfer of all of the transferor's right, title, and interest, as in a true sale, and not as a pledge or other financing, of the infrastructure resilience property, other than for federal and state income and franchise tax purposes.

     (b)  The characterization of the sale, assignment, or transfer as an absolute transfer and true sale and the corresponding characterization of the property interest of the assignee shall not be affected or impaired by, among other things, the occurrence of any of the following:

     (1)  Commingling of infrastructure resilience charge revenues with other amounts;

     (2)  The retention by the seller of either of the following:

          (A)  A partial or residual interest, including an equity interest, in the financing entity or the infrastructure resilience property, whether direct or indirect, subordinate or otherwise; or

          (B)  The right to recover costs associated with taxes, franchise fees, or license fees imposed on the collection of infrastructure resilience charge;

     (3)  Any recourse that an assignee may have against the seller;

     (4)  Any indemnification rights, obligations, or repurchase rights made or provided by the seller;

     (5)  The obligation of the seller to collect infrastructure resilience charges on behalf of an assignee;

     (6)  The treatment of the sale, assignment, or transfer for tax, financial reporting, or other purpose; or

     (7)  Any true-up adjustment of the infrastructure resilience charge as provided in the financing order.

     (c)  A transfer of infrastructure resilience property shall be deemed perfected against third parties when:

     (1)  The commission issues the financing order authorizing the infrastructure resilience charge included in the infrastructure resilience property; and

     (2)  An assignment of the infrastructure resilience property in writing has been executed and delivered to the assignee.

     (d)  As between bona fide assignees of the same right for value without notice, the assignee first filing a financing statement with the bureau of conveyances in accordance with part 5 of article 9 of chapter 490, naming the assignor of the infrastructure resilience property as debtor and identifying the infrastructure resilience property, shall have priority.  Any description of the infrastructure resilience property shall be sufficient if it refers to the financing order creating the infrastructure resilience property.  A copy of the financing statement shall be filed by the assignee with the commission, and the commission may require the assignor or the assignee to make other filings with respect to the transfer in accordance with procedures the commission may establish; provided that these filings shall not affect the perfection of the transfer. [L 2025, c 258, pt of §3]