§ 9209. Duties of secured party if account debtor has been notified of assignment.

230 words·~1 min read·/pa/title-13/chapter-92/9209

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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 ten days after receiving a signed demand by the debtor, a secured party shall send to an account debtor that has received notification under section 9406(a) (relating to discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles and promissory notes ineffective) or 12106(a) (relating to discharge of account debtor on controllable account or controllable payment intangible) of an assignment to the secured party as assignee a signed record which 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.

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(July 1, 2024, P.L.450, No.41, eff. 60 days)

2024 Amendment. Act 41 amended subsec. (b). See section 1 of Act 41 in the appendix to this title for special provisions relating to findings and declarations.

Cross References. Section 9209 is referred to in section 9625 of this title.

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