(a) 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) 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 § 4-9-406(a) 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.
Structure Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 1 - Uniform Commercial Code
Chapter 9 - Secured Transactions
§ 4-9-207. Rights and duties of secured party having possession or control of collateral
§ 4-9-208. Additional duties of secured party having control of collateral
§ 4-9-209. Duties of secured party if account debtor has been notified of assignment
§ 4-9-210. Request for accounting — Request regarding list of collateral or statement of account