Section 45.29.209. Duties of secured party if account debtor has been notified of assignment.

   (a) Except as otherwise provided in (c) of this section, this section applies to a case in which
        (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) Within 10 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 AS 45.29.406(a) an authenticated record that releases the account debtor from further obligation to the secured party.
   (c) This section does not apply to an assignment constituting the sale of an account, chattel paper, or payment intangible.

Authorities

45.29.625

Notes

References

AS 45.29.625 Remedies for secured party's failure to comply with chapter.

History

(Sec. 1 ch 113 SLA 2000)