8.9A-209 - A-209. Duties of secured party if account debtor has been notified of assignment. - Virginia Statutes

§ 8.9A-209. Duties of secured party if account debtor has been notified ofassignment.

(a) Applicability of section. 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) Duties of secured party after receiving demand from debtor. Within tendays after receiving an authenticated demand by the debtor, a secured partyshall send to an account debtor that has received notification of anassignment to the secured party as assignee under § 8.9A-406 (a) anauthenticated record that releases the account debtor from any furtherobligation to the secured party.

(c) Inapplicability to sales. This section does not apply to an assignmentconstituting the sale of an account, chattel paper, or payment intangible.

(2000, c. 1007.)