Washington Code 62A.9A-209 – Duties of secured party if account debtor has been notified of assignment
Current as of: 2023 | Check for updates
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(a) Applicability of section. Except as otherwise provided in subsection (c) of this section, this section applies if:
Terms Used In Washington Code 62A.9A-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.
(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 RCW 62A.9A-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.
[ 2011 c 74 § 707; 2000 c 250 § 9A-209.]
NOTES:
Application—Effective date—2011 c 74: See notes following RCW 62A.9A-102.
PDFRCW 62A.9A-209
Duties of secured party if account debtor has been notified of assignment. (Effective January 1, 2024.)
(a) Applicability of section. Except as otherwise provided in subsection (c) of this section, 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 10 days after receiving a signed demand by the debtor, a secured party shall send to an account debtor that has received notification under RCW 62A.9A-406(a) or 62A.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) Inapplicability to sales. This section does not apply to an assignment constituting the sale of an account, chattel paper, or payment intangible.
[ 2023 c 266 § 911; 2011 c 74 § 707; 2000 c 250 § 9A-209.]
NOTES:
Construction—Effective date—2023 c 266: See notes following RCW 62A.12-101.
Application—Effective date—2011 c 74: See notes following RCW 62A.9A-102.