§ 9—209.

153 words·~1 min read·/vt/9-23

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

§ 9—209. Duties of secured party if account debtor has been notified of assignment

(a)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)Within 10 days after receiving a signed demand by the debtor, a secured party shall send to an account debtor that has received notification under subsection 9—406(a) or 12—106(b) of this title of an assignment to the secured party as assignee a signed 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. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001; amended 2025, No. 17, § 9, eff. July 1, 2025.)