California Commercial Code

§ 9208

COM § 9208 Effective Jan 1, 2024Div. 9 · Ch. 2

Statute text

(a)This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations, or otherwise give value.

(b)Within 10 days after receiving a signed demand by the debtor, all of the following apply:

(1)A secured party having control of a deposit account under paragraph (2) of subdivision (a) of Section 9104 shall send to the bank with which the deposit account is maintained a signed record that releases the bank from any further obligation to comply with instructions originated by the secured party.

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Legislative history

Amended by Stats. 2023, Ch. 210, Sec. 33. (SB 95) Effective January 1, 2024.