New Jersey Statutes
§ 12A:9-209 — Duties of secured party if account debtor has been notified of assignment.
New Jersey·Title 12A COMMERCIAL TRANSACTIONS
12A:9-209. Duties of Secured Party If Account Debtor Has Been Notified of Assignment.
(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 10 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 12A: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 assig
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Nearby Sections
15
§ 12A:9-101
Short title§ 12A:9-102
Definitions and index of definitions.§ 12A:9-104
Control of deposit account.§ 12A:9-105
Control of electronic chattel paper.§ 12A:9-106
Control of investment property.§ 12A:9-107
Control of letter-of-credit right§ 12A:9-108
Sufficiency of description.§ 12A:9-109
Scope.§ 12A:9-201
General effectiveness of security agreement.§ 12A:9-202
Title to collateral immaterial§ 12A:9-204
After-acquired property, future advances.