DecisionDepot
California legal research

Texas Business & Commerce Code

§ 9.209 — DUTIES OF SECURED PARTY IF ACCOUNT DEBTOR HAS BEEN NOTIFIED OF ASSIGNMENT

BC § 9.209Title 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)Except as otherwise provided in Subsection (c), 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)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 Section 9.406(a) an authenticated 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.

Legislative history

Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001.

Source: Texas Business & Commerce Code § 9.209 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.