400.9-209. Duties of secured party if account of debtor has been notified of assignment. - Missouri Statutes

Duties of secured party if account of debtor has been notified ofassignment.

400.9-209. (a) Except as otherwise provided in subsection (c), thissection applies if:

(1) There is no outstanding secured obligation; and

(2) The secured party is not committed to make advances, incurobligations, or otherwise give value.

(b) Within ten days after receiving an authenticated demand by thedebtor, a secured party shall send to an account debtor that has receivednotification of an assignment to the secured party as assignee undersection 400.9-406(a) an authenticated record that releases the accountdebtor from any further obligation to the secured party.

(c) This section does not apply to an assignment constituting thesale of an account, chattel paper, or payment intangible.

(L. 2001 S.B. 288)

Effective 7-01-01