§ 34.1-9-208 — Additional duties of secured party having control of collateral

Wyoming § 34.1-9-208

• Jurisdiction: Wyoming
• Title 34.1: Uniform Commercial Code
• Art. 9: SECURED TRANSACTIONS

Text

(a) This section applies to cases in which there is no
outstanding secured obligation and the secured party is not
committed to make advances, incur obligations or otherwise give
value.
(b) Within ten (10) days after receiving an authenticated
demand by the debtor:
(i) A secured party having control of a deposit
account under section 34.1-9-104(a)(ii) shall send to the bank
with which the deposit account is maintained an authenticated
statement that releases the bank from any further obligation to
comply with instructions originated by the secured party;
(ii) A secured party having control of a deposit
account under section 34.1-9-104(a)(iii) shall:
(A) Pay the debtor the balance on deposit in the
deposit account; or
(B) Transfer the balance on deposit into a
deposit account in the debtor's name.
(iii) A secured party, other than a buyer, having
control of electronic chattel paper under section 34.1-9-105
shall:
(A) Communicate the authoritative copy of the
electronic chattel paper to the debtor or its designated
custodian;
(B) If the debtor designates a custodian that is
the designated custodian with which the authoritative copy of
the electronic chattel paper is maintained for the secured
party, communicate to the custodian an authenticated record
releasing the designated custodian from any further obligation
to comply with instructions originated by the secured party and
instructing the custodian to comply with instructions originated
by the debtor; and
(C) Take appropriate action to enable the debtor
or its designated custodian to make copies of or revisions to
the authoritative copy which add or change an identified
assignee of the authoritative copy without the consent of the
secured party.
(iv) A secured party having control of investment
property under section 34.1-8-106(d)(ii) or 34.1-9-106(b) shall
send to the securities intermediary or commodity intermediary
with which the security entitlement or commodity contract is
maintained an authenticated record that releases the securities
intermediary or commodity intermediary from any further
obligation to comply with entitlement orders or directions
originated by the secured party;
(v) A secured party having control of a
letter-of-credit right under section 34.1-9-107 shall send to
each person having an unfulfilled obligation to pay or deliver
proceeds of the letter of credit to the secured party an
authenticated release from any further obligation to pay or
deliver proceeds of the letter of credit to the secured party;
and
(vi) A secured party having control of an electronic
document shall:
(A) Give control of the electronic document to
the debtor or its designated custodian;
(B) If the debtor designates a custodian that is
the designated custodian with which the authoritative copy of
the electronic document is maintained for the secured party,
communicate to the custodian an authenticated record releasing
the designated custodian from any further obligation to comply
with instructions originated by the secured party and
instructing the custodian to comply with instructions originated
by the debtor; and
(C) Take appropriate action to enable the debtor
or its designated custodian to make copies of or revisions to
the authoritative copy which add or change an identified
assignee of the authoritative copy without the consent of the
secured party.