- (a) Applicability of section. 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) Duties of secured party after receiving demand from debtor. 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 subsection (a) of § 8.9A-406 or subsection (b) of § 8.12-106 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) Inapplicability to sales. This section does not apply to an assignment constituting the sale of an account, chattel paper, or payment intangible.
2000, c. 1007; 2024, c. 652.