§490:9-209 Duties of secured party if account debtor has been notified of assignment. (a) Except as otherwise provided in subsection (c), 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 490:9-406(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. [L 2000, c 241, pt of §1]
Section: Previous 490-9-202 490-9-203 490-9-204 490-9-205 490-9-206 490-9-207 490-9-208 490-9-209 490-9-210 490-9-301 490-9-302 490-9-303 490-9-304 490-9-305 490-9-306 NextLast modified: October 27, 2016