Texas Business & Commerce Code
§ 9.208 — ADDITIONAL DUTIES OF SECURED PARTY HAVING CONTROL OF COLLATERAL
BC § 9.208Title 1. UNIFORM COMMERCIAL CODE · Ch. 9. SECURED TRANSACTIONS · Art. B. EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT
Statute text
View on source(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 an authenticated demand by the debtor:
(1)a secured party having control of a deposit account under Section 9.104(a)(2) shall send to the bank with which the deposit account is maintained an authenticated statement that releases the bank from any further obligation to comply with instructions originated by the secured party;
(2)a secured party having control of a deposit account under Section 9.104(a)(3) shall:
(A)pay the debtor the balance on deposit in the deposit account; or
(B)transfer the balance on deposit into a deposit account in the debtor's name;
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Legislative history
Acts 2005, 79th Leg., Ch. 122 (S.B. 1593), Sec. 22, eff. September 1, 2005.