New York Uniform Commercial Code Law Section 9-209 - Duties of Secured Party If Account Debtor Has Been Notified of Assignment.

Section 9--209. Duties  of  Secured  Party  If  Account  Debtor Has Been
                Notified of Assignment.
(a) Applicability  of  section.  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) Duties of secured party after receiving demand from debtor. 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 Section 9--406(a)
  an authenticated record  that  releases  the  account  debtor  from  any
  further obligation to the secured party.
(c) Inapplicability  to  sales.  This  section  does  not  apply to an
  assignment constituting the  sale  of  an  account,  chattel  paper,  or
  payment intangible.

Last modified: February 3, 2019