§6417 — Direct pay, and why it does not transfer
§6417 elective payment is not transferable.
Permanent, not pending
Non-transferability is a characteristic of the election itself, not a temporary limitation of the platform. A credit taken as an elective payment cannot later be transferred under §6418.
The two look alike from outside. A transaction can be blocked temporarily because a prerequisite has not been completed, or permanently because the instrument does not support it.