Oklahoma Statutes
§ 12A-1-9-209 — Duties of secured party if account debtor has been
Oklahoma·Title 12A Uniform Commercial Code
notified of assignment. DUTIES OF SECURED PARTY IF ACCOUNT DEBTOR HAS BEEN NOTIFIED OF ASSIGNMENT (a) Except as otherwise provided in subsection (c) of this section, 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)Within ten (10) 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 Section 1-9-406 of this title or subsection (b) of Section 12-106 of this title 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)This section does not apply to an assignment con
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Legislative History
Added by Laws 2000, c. 371, § 19, eff. July 1, 2001. Amended by Laws 2024, c. 13, § 51, eff. Nov. 1, 2024.
Nearby Sections
15
§ 12A-1-101
Short titles.§ 12A-1-102
Scope of article.§ 12A-1-104
Construction against implicit repeal.§ 12A-1-106
Use of singular and plural - Gender.§ 12A-1-107
Section captions.§ 12A-1-108
Repealed§ 12A-1-108.1
Relationship to Electronic Signatures in Global and§ 12A-1-202
Notice - Knowledge.§ 12A-1-203
Lease distinguished from security interest.§ 12A-1-204
"Value".§ 12A-1-205
Reasonable time - Seasonableness.§ 12A-1-206
Presumptions.