§ 62A.9A-209. Duties of secured party if account debtor has been notified of assignment
(a) Applicability of section. 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) Duties of secured party after receiving demand from debtor. 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 RCW 62A.9A-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.
[2000 c 250 § 9A-209.]
Sections: Previous 62A.9A-202 62A.9A-203 62A.9A-204 62A.9A-205 62A.9A-206 62A.9A-207 62A.9A-208 62A.9A-209 62A.9A-210 62A.9A-301 62A.9A-302 62A.9A-303 62A.9A-304 62A.9A-305 62A.9A-306 NextLast modified: April 7, 2009