New York § 9-209 Duties of Secured Party If Account Debtor Has Been Notified of Assignment

New York Statutes

§ 9-209 — Duties of Secured Party If Account Debtor Has Been Notified of Assignment

New York·Law UCC Uniform Commercial Code·Part 2 Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement·Subpart 2 Rights and Duties·Art. 9 Secured Transactions

Section 9--209. Duties of Secured Party If Account Debtor Has Been\n                  Notified of Assignment.\n  (a) Applicability of section. Except as otherwise provided in\nsubsection (c), this section applies if:\n       (1) there is no outstanding secured obligation; and\n       (2) the secured party is not committed to make advances, incur\n           obligations, or otherwise give value.\n  * (b) Duties of secured party after receiving demand from debtor.\nWithin 10 days after receiving an authenticated demand by the debtor, a\nsecured party shall send to an account debtor that has received\nnotification of an assignment to the secured party as assignee under\nSection 9--406(a) an authenticated record that releases the account\ndebtor from any further obligation to the secured party

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Section 9--209. Duties of Secured Party If Account Debtor Has Been\n Notified of Assignment.\n (a) Applicability of section. Except as otherwise provided in\nsubsection (c), this section applies if:\n (1) there is no outstanding secured obligation; and\n (2) the secured party is not committed to make advances, incur\n obligations, or otherwise give value.\n * (b) Duties of secured party after receiving demand from debtor.\nWithin 10 days after receiving an authenticated demand by the debtor, a\nsecured party shall send to an account debtor that has received\nnotification of an assignment to the secured party as assignee under\nSection 9--406(a) an authenticated record that releases the account\ndebtor from any further obligation to the secured party.\n * NB Effective until June 3, 2026\n * (b) Duties of secured party after receiving demand from debtor.\nWithin 10 days after receiving a signed demand by the debtor, a secured\nparty shall send to an account debtor that has received notification\nunder Section 9--406(a) or 12--106(b) of an assignment to the secured\nparty as assignee a signed record that releases the account debtor from\nany further obligation to the secured party.\n * NB Effective June 3, 2026\n (c) Inapplicability to sales. This section does not apply to an\nassignment constituting the sale of an account, chattel paper, or\npayment intangible.\n

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