(1) Except as otherwise provided in subsection (3), this section applies if:
(a) There is no outstanding secured obligation; and
(b) The secured party is not committed to make advances, incur obligations, or otherwise give value.
(2) 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 s. 679.4061(1) an authenticated record that releases the account debtor from any further obligation to the secured party.
(3) This section does not apply to an assignment constituting the sale of an account, chattel paper, or payment intangible.
History.—s. 2, ch. 2001-198.
Structure Florida Statutes
Title XXXIX - Commercial Relations
Chapter 679 - Uniform Commercial Code: Secured Transactions
679.2011 - General effectiveness of security agreement.
679.2021 - Title to collateral immaterial.
679.2041 - After-acquired property; future advances.
679.2051 - Use or disposition of collateral permissible.
679.2061 - Security interest arising in purchase or delivery of financial asset.
679.2071 - Rights and duties of secured party having possession or control of collateral.
679.2081 - Additional duties of secured party having control of collateral.
679.209 - Duties of secured party if account debtor has been notified of assignment.
679.210 - Request for accounting; request regarding list of collateral or statement of account.