(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 a signed demand by the debtor, a secured party shall send to an account debtor that has received notification under IC 26-1-9.1-406 (a) or IC 26-1-12-106 (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.
As added by P.L.57-2000, SEC.45. Amended by P.L.199-2023, SEC.49.