28-9-209. DUTIES OF SECURED PARTY IF ACCOUNT DEBTOR HAS BEEN NOTIFIED OF ASSIGNMENT. (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 section 28-9-406(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.
History:
[28-9-209, added 2001, ch. 208, sec. 2, p. 727.]
Structure Idaho Code
Title 28 - COMMERCIAL TRANSACTIONS
Chapter 9 - SECURED TRANSACTIONS
Section 28-9-201 - GENERAL EFFECTIVENESS OF SECURITY AGREEMENT.
Section 28-9-202 - TITLE TO COLLATERAL IMMATERIAL.
Section 28-9-204 - AFTER-ACQUIRED PROPERTY — FUTURE ADVANCES.
Section 28-9-205 - USE OR DISPOSITION OF COLLATERAL PERMISSIBLE.
Section 28-9-206 - SECURITY INTEREST ARISING IN PURCHASE OR DELIVERY OF FINANCIAL ASSET.
Section 28-9-207 - RIGHTS AND DUTIES OF SECURED PARTY HAVING POSSESSION OR CONTROL OF COLLATERAL.
Section 28-9-208 - ADDITIONAL DUTIES OF SECURED PARTY HAVING CONTROL OF COLLATERAL.
Section 28-9-209 - DUTIES OF SECURED PARTY IF ACCOUNT DEBTOR HAS BEEN NOTIFIED OF ASSIGNMENT.