47-9208

47-9208. Additional duties of secured party
having control of collateral

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 ten days after receiving an authenticated demand by the debtor:

1. A secured party having control of a deposit account under section 47-9104,
subsection A, paragraph 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 47-9104,
subsection A, paragraph 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;

3. A secured party, other than a buyer, having control of electronic chattel paper
under section 47-9105 shall:

(a) Communicate the authoritative copy of the electronic chattel paper to the
debtor or its designated custodian;

(b) If the debtor designates a custodian that is the designated custodian with
which the authoritative copy of the electronic chattel paper is maintained for the
secured party, communicate to the custodian an authenticated record releasing the
designated custodian from any further obligation to comply with instructions originated
by the secured party and instructing the custodian to comply with instructions originated
by the debtor; and

(c) Take appropriate action to enable the debtor or its designated custodian to
make copies of or revisions to the authoritative copy that add or change an identified
assignee of the authoritative copy without the consent of the secured party;

4. A secured party having control of investment property under section 47-8106,
subsection D, paragraph 2 or section 47-9106, subsection B shall send to the securities
intermediary or commodity intermediary with which the security entitlement or commodity
contract is maintained an authenticated record that releases the securities intermediary
or commodity intermediary from any further obligation to comply with entitlement orders
or directions originated by the secured party;

5. A secured party having control of a letter-of-credit right under section 47-9107
shall send to each person having an unfulfilled obligation to pay or deliver proceeds of
the letter of credit to the secured party an authenticated release from any further
obligation to pay or deliver proceeds of the letter of credit to the secured party; and

6. A secured party having control of an electronic document shall:

(a) Give control of the electronic document to the debtor or its designated
custodian;

(b) If the debtor designates a custodian that is the designated custodian with
which the authoritative copy of the electronic document is maintained for the secured
party, communicate to the custodian an authenticated record releasing the designated
custodian from any further obligation to comply with instructions originated by the
secured party and instructing the custodian to comply with instructions originated by the
debtor; and