§ 30-9A-209 — Duties Of Secured Party If Account Debtor Has Been Notified Of Assignment

Montana § 30-9A-209

• Jurisdiction: Montana
• Title 30: TRADE AND COMMERCE
• Ch. 9A: UNIFORM COMMERCIAL CODE SECURED TRANSACTIONS
• Part 2: Effectiveness of Security Agreement -- Attachment of Security Interest -- Rights of Parties to Security Agreement

Text

30-9A-209 . Duties of secured party if account debtor has been notified of assignment. (1) Except as otherwise provided in subsection (3), this section applies if:
(a) there is no outstanding secured obligation; and
(b) the secured party is not committed to make advances, incur obligations, or otherwise give value.
(2) 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 30-9A-406 or 30-12A-106 (2) 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.
(3) This section does not apply to an assignment constituting the sale of an account, chattel paper, or payment intangible.

Legislative History

En. Sec. 18, Ch. 305, L. 1999; Sec. 30-9-219, MCA 1999; redes. 30-9A-209 by Code Commissioner, 2001; amd. Sec. 54, Ch. 200, L. 2025.