47-9209. Duties of secured party if account debtor has been notified of assignment
A. Except as otherwise provided in subsection C of this section, this section applies if:
1. There is no outstanding secured obligation; and
2. The secured party is not committed to make advances, incur obligations or otherwise give value.
B. Within ten days after receiving an authenticated demand by the debtor, a secured party shall send to an account debtor that has received notification of an assignment to the secured party as assignee under section 47-9406, subsection A an authenticated record that releases the account debtor from any further obligation to the secured party.
C. This section does not apply to an assignment constituting the sale of an account, chattel paper or payment intangible.
Section: Previous 47-9202 47-9203 47-9204 47-9205 47-9206 47-9207 47-9208 47-9209 47-9210 47-9301 47-9302 47-9303 47-9304 47-9305 47-9306 NextLast modified: October 13, 2016