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 ten (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 subsection (a) of Section 1-9-406 of this title an authenticated 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 by Laws 2000, c. 371, § 19, eff. July 1, 2001.