1. (a) Applicability of section. — Except as otherwise provided in subsection (c), this section applies if:

   1. (1) there is no outstanding secured obligation; and
   2. (2) the secured party is not committed to make advances, incur obligations, or otherwise give value.
2. (b) Duties of secured party after receiving demand from debtor. — Within 10 days after receiving a signed demand by the debtor, a secured party shall send to an account debtor that has received notification under Section 9-406(a) or 12-106(b) of an assignment to the secured party as assignee under a signed record that releases the account debtor from any further obligation to the secured party.
3. (c) Inapplicability to sales. — This section does not apply to an assignment constituting the sale of an account, chattel paper, or payment intangible.

72 Del. Laws, c. 401, § 1; 84 Del. Laws, c. 174, § 51