§ 9-209. 9-209
128 words·~1 min read·
/us/ucc/a9/s9-209A 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 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 .