Indiana Code 26-1-9.1-209. Duties of secured party if account debtor has been notified of assignment
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Sec. 209. (a) Except as otherwise provided in subsection (c), this section applies if:
(2) the secured party is not committed to make advances, incur obligations, or otherwise give value.
(1) there is no outstanding secured obligation; and
Terms Used In Indiana Code 26-1-9.1-209
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(b) Within ten (10) days after receiving a signed demand by the debtor, a secured party shall send to an account debtor that has received notification under IC 26-1-9.1-406(a) or IC 26-1-12-106(b) of an assignment to the secured party as assignee a signed record that releases the account debtor from any 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.
As added by P.L.57-2000, SEC.45. Amended by P.L.199-2023, SEC.49.