SECTION 679.209. Duties of secured party if account debtor has been notified of assignment.
Latest version.
1(1) 2Except as otherwise provided in subsection (3), this section applies if:13(a) 14There is no outstanding secured obligation; and
21(b) 22The secured party is not committed to make advances, incur obligations, or otherwise give value.
37(2) 38Within 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 s. 73679.4061(1) 74an authenticated record that releases the account debtor from any further obligation to the secured party. 90(3) 91This section does not apply to an assignment constituting the sale of an account, chattel paper, or payment intangible.
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Cited by Court Cases:
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