679.209 Duties of secured party if account debtor has been notified of assignment.—
(1) Except as otherwise provided in subsection (3), this section applies if:
(a) There is no outstanding secured obligation; and
(b) The secured party is not committed to make advances, incur obligations, or otherwise give value.
(2) Within 10 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 s. 679.4061(1) an authenticated record that releases the account debtor from any further obligation to the secured party.
(3) This section does not apply to an assignment constituting the sale of an account, chattel paper, or payment intangible.
History.—s. 2, ch. 2001-198.
Section: Previous 679.2011 679.2021 679.2031 679.2041 679.2051 679.2061 679.2071 679.2081 679.209 679.210 NextLast modified: September 23, 2016