§490:9-208  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 490:9-104(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 490:9-104(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;



(3)  A secured party, other than a buyer, having
control of electronic chattel paper under section 490:9-105 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 which 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 490:8-106(d)(2) or 490:9-106(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 490:9-107 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



(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. [L 2000, c 241, pt
of §1; am L 2004, c 163, §24]