South Carolina Statutes
§ 36-9-209 — Duties of secured party if account debtor has been notified of assignment.
(a)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)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 36-9-406(a) an authenticated record that releases the account debtor from any further obligation to the secured party.
(c)This section does not apply to an assignment constituting the sale of an account, chattel paper, or payment intangible.
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South Carolina § 36-9-209 (Duties of secured party if account debtor has been notified of assignment.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2001 Act No. 67, SECTION 12.
Nearby Sections
15
§ 36-9-101
Short title.§ 36-9-102
Definitions and index of definitions.§ 36-9-104
Control of deposit account.§ 36-9-106
Control of investment property.§ 36-9-107
Control of letter-of-credit right.§ 36-9-108
Sufficiency of description.§ 36-9-109
Scope.§ 36-9-111
UCC lien satisfaction.§ 36-9-202
Title to collateral immaterial.