Sec. 14. (a) If an agreement by an electric utility or an assignee to transfer securitization property expressly states that the transfer is a sale or is otherwise an absolute transfer: (1) the resulting transaction: (A) is a true sale; and (B) is not a secured transaction; and (2) title, both legal and equitable, passes to the person to which the securitization property is transferred. (b) A transaction resulting from an agreement described in subsection (a) is a true sale regardless of: (1) whether the purchaser has any recourse against the seller; or (2) any other term of the agreement, including the following: (A) The seller's retention of an equity interest in the securitization property. (B) The fact that the electric utility acts as a collector of securitization charges relating to the securitization property. (C) The treatment of the transfer as a financing for tax, financial reporting, or other purposes.
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