South Dakota § 57A-9-209 Duties of secured party if account debtor has been notified of assignment.

South Dakota Statutes

§ 57A-9-209 — Duties of secured party if account debtor has been notified of assignment.

South Dakota·Title 57A UNIFORM COMMERCIAL CODE·Ch. 57A-6 SECURED TRANSACTIONS

(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 10 days after receiving a signed demand by the debtor, a secured party shall send to an account debtor that has received notification under § 57A-9-406 (a) or 57A-12-106 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 constituting the sale of an account, chattel paper, or payment intangible.

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(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 10 days after receiving a signed demand by the debtor, a secured party shall send to an account debtor that has received notification under § 57A-9-406 (a) or 57A-12-106 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 constituting the sale of an account, chattel paper, or payment intangible.

South Dakota § 57A-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.