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West Virginia Code Chapter 46. Uniform Commercial Code § 46-9-209. Duties of secured party if account debtor has been notified of assignment

Current as of January 01, 2020 | 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 an authenticated demand by the debtor, a secured party shall send to an account debtor that has received notification of an assignment to the secured party as assignee under section 9-406(a) an authenticated record that 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 - West Virginia Code Chapter 46. Uniform Commercial Code § 46-9-209. Duties of secured party if account debtor has been notified of assignment - last updated January 01, 2020 | https://codes.findlaw.com/wv/chapter-46-uniform-commercial-code/wv-code-sect-46-9-209/

Read this complete West Virginia Code Chapter 46. Uniform Commercial Code § 46-9-209. Duties of secured party if account debtor has been notified of assignment on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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