Colo. Rev. Stat. § 4-9-209
Duties of secured party if account debtor has been notified of assignment.
Effective Aug 7, 2023L. 2001: Entire article R&RE, p. 1340, § 1, effective July 1. L. 2023: (b) amended, (SB 23-090), ch. 136, p. 549, § 50, effective August 7.
- (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 days after receiving a signed demand by the debtor, a secured party shall send to an account debtor that has received notification under section 4-9-406 (a) or 4-12-106 (b) of an assignment to the secured party as assignee a signed 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.
Source: L. 2001: Entire article R&RE, p. 1340, § 1, effective July 1. L. 2023: (b) amended, (SB 23-090), ch. 136, p. 549, § 50, effective August 7.