(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 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 36-9-406(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: 2001 Act No. 67, Section 12.