(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 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 9-406(a) an authenticated 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.