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Pennsylvania Statutes Title 13 Pa.C.S.A. Commercial Code § 9209. Duties of secured party if account debtor has been notified of assignment

Current as of January 01, 2025 | Updated by Findlaw Staff

(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 ten days after receiving a signed demand by the debtor, a secured party shall send to an account debtor that has received notification under section 9406(a) (relating to discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles and promissory notes ineffective) or 12106(a) (relating to discharge of account debtor on controllable account or controllable payment intangible) of an assignment to the secured party as assignee a signed record which releases the account debtor from any further obligation to the secured party.

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

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 13 Pa.C.S.A. Commercial Code § 9209. Duties of secured party if account debtor has been notified of assignment - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-13-pacsa-commercial-code/pa-csa-sect-13-9209/

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