400.9-208. Additional duties of secured party having control of collateral.

MISSOURI STATUTES AND CODES

400.9-208. Additional duties of secured party having control of collateral.

Additional duties of secured party having control of collateral.

400.9-208. (a) This section applies to cases in which there is nooutstanding secured obligation and the secured party is not committed tomake advances, incur obligations, or otherwise give value.

(b) Within ten days after receiving an authenticated demand by thedebtor:

(1) A secured party having control of a deposit account under section400.9-104(a)(2) shall send to the bank with which the deposit account ismaintained an authenticated statement that releases the bank from anyfurther obligation to comply with instructions originated by the securedparty;

(2) A secured party having control of a deposit account under section400.9-104(a)(3) 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 thedebtor's name;

(3) A secured party, other than a buyer, having control of electronicchattel paper under section 400.9-105 shall:

(A) Communicate the authoritative copy of the electronic chattelpaper to the debtor or its designated custodian;

(B) If the debtor designates a custodian that is the designatedcustodian with which the authoritative copy of the electronic chattel paperis maintained for the secured party, communicate to the custodian anauthenticated record releasing the designated custodian from any furtherobligation to comply with instructions originated by the secured party andinstructing the custodian to comply with instructions originated by thedebtor; and

(C) Take appropriate action to enable the debtor or its designatedcustodian to make copies of or revisions to the authoritative copy whichadd or change an identified assignee of the authoritative copy without theconsent of the secured party;

(4) A secured party having control of investment property undersection 400.8-106(d)(2) or 400.9-106(b) shall send to the securitiesintermediary or commodity intermediary with which the security entitlementor commodity contract is maintained an authenticated record that releasesthe securities intermediary or commodity intermediary from any furtherobligation to comply with entitlement orders or directions originated bythe secured party; and

(5) A secured party having control of a letter-of-credit right undersection 400.9-107 shall send to each person having an unfulfilledobligation to pay or deliver proceeds of the letter of credit to thesecured party an authenticated release from any further obligation to payor deliver proceeds of the letter of credit to the secured party.