§ 6A-9-208 Additional duties of securedparty having control of collateral. – (a) Applicability of section. This section applies to cases in whichthere is no outstanding secured obligation and the secured party is notcommitted to make advances, incur obligations, or otherwise give value.
(b) Duties of secured party after receiving demand fromdebtor. Within 10 days after receiving an authenticated demand by thedebtor:
(1) A secured party having control of a deposit account under§ 6A-9-104(a)(2) shall send to the bank with which the deposit account ismaintained an authenticated statement that releases the bank from any furtherobligation to comply with instructions originated by the secured party;
(2) A secured party having control of a deposit account under§ 6A-9-104(a)(3) shall:
(i) Pay the debtor the balance on deposit in the depositaccount; or
(ii) Transfer the balance on deposit into a deposit accountin the debtor's name;
(3) A secured party, other than a buyer, having control ofelectronic chattel paper under § 6A-9-105 shall:
(i) Communicate the authoritative copy of the electronicchattel paper to the debtor or its designated custodian;
(ii) If the debtor designates a custodian that is thedesignated custodian with which the authoritative copy of the electronicchattel paper is maintained for the secured party, communicate to the custodianan authenticated record releasing the designated custodian from any furtherobligation to comply with instructions originated by the secured party andinstructing the custodian to comply with instructions originated by the debtor;and
(iii) Take appropriate action to enable the debtor or itsdesignated custodian to make copies of or revisions to the authoritative copywhich add or change an identified assignee of the authoritative copy withoutthe consent of the secured party;
(4) A secured party having control of investment propertyunder § 6A-8-106(d)(2) or 6A-9-106(b) shall send to the securitiesintermediary or commodity intermediary with which the security entitlement orcommodity contract is maintained an authenticated record that releases thesecurities intermediary or commodity intermediary from any further obligationto comply with entitlement orders or directions originated by the secured party;
(5) A secured party having control of a letter-of-creditright under § 6A-9-107 shall send to each person having an unfulfilledobligation to pay or deliver proceeds of the letter of credit to the securedparty an authenticated release from any further obligation to pay or deliverproceeds of the letter of credit to the secured party; and
(6) A secured party having control of an electronic documentshall:
(a) Give control of the electronic document to the debtor orits designated custodian;
(b) If the debtor designates a custodian that is thedesignated custodian with which the authoritative copy of the electronicdocument is maintaining for the secured party, communicate to the custodian anauthenticated record releasing the designated custodian from any furtherobligation to comply with instructions originated by the secured party andinstructing the custodian to comply with instructions originated by the debtor;and
(c) Take appropriate action to enable the debtor or itsdesignated custodian to make copies of or revisions to the authoritative copywhich add or change an identified assignee of the authoritative copy withoutthe consent of the secured party.
§ 6A-9-208 Additional duties of securedparty having control of collateral. – (a) Applicability of section. This section applies to cases in whichthere is no outstanding secured obligation and the secured party is notcommitted to make advances, incur obligations, or otherwise give value.
(b) Duties of secured party after receiving demand fromdebtor. Within 10 days after receiving an authenticated demand by thedebtor:
(1) A secured party having control of a deposit account under§ 6A-9-104(a)(2) shall send to the bank with which the deposit account ismaintained an authenticated statement that releases the bank from any furtherobligation to comply with instructions originated by the secured party;
(2) A secured party having control of a deposit account under§ 6A-9-104(a)(3) shall:
(i) Pay the debtor the balance on deposit in the depositaccount; or
(ii) Transfer the balance on deposit into a deposit accountin the debtor's name;
(3) A secured party, other than a buyer, having control ofelectronic chattel paper under § 6A-9-105 shall:
(i) Communicate the authoritative copy of the electronicchattel paper to the debtor or its designated custodian;
(ii) If the debtor designates a custodian that is thedesignated custodian with which the authoritative copy of the electronicchattel paper is maintained for the secured party, communicate to the custodianan authenticated record releasing the designated custodian from any furtherobligation to comply with instructions originated by the secured party andinstructing the custodian to comply with instructions originated by the debtor;and
(iii) Take appropriate action to enable the debtor or itsdesignated custodian to make copies of or revisions to the authoritative copywhich add or change an identified assignee of the authoritative copy withoutthe consent of the secured party;
(4) A secured party having control of investment propertyunder § 6A-8-106(d)(2) or 6A-9-106(b) shall send to the securitiesintermediary or commodity intermediary with which the security entitlement orcommodity contract is maintained an authenticated record that releases thesecurities intermediary or commodity intermediary from any further obligationto comply with entitlement orders or directions originated by the secured party;
(5) A secured party having control of a letter-of-creditright under § 6A-9-107 shall send to each person having an unfulfilledobligation to pay or deliver proceeds of the letter of credit to the securedparty an authenticated release from any further obligation to pay or deliverproceeds of the letter of credit to the secured party; and
(6) A secured party having control of an electronic documentshall:
(a) Give control of the electronic document to the debtor orits designated custodian;
(b) If the debtor designates a custodian that is thedesignated custodian with which the authoritative copy of the electronicdocument is maintaining for the secured party, communicate to the custodian anauthenticated record releasing the designated custodian from any furtherobligation to comply with instructions originated by the secured party andinstructing the custodian to comply with instructions originated by the debtor;and
(c) Take appropriate action to enable the debtor or itsdesignated custodian to make copies of or revisions to the authoritative copywhich add or change an identified assignee of the authoritative copy withoutthe consent of the secured party.
§ 6A-9-208 Additional duties of securedparty having control of collateral. – (a) Applicability of section. This section applies to cases in whichthere is no outstanding secured obligation and the secured party is notcommitted to make advances, incur obligations, or otherwise give value.
(b) Duties of secured party after receiving demand fromdebtor. Within 10 days after receiving an authenticated demand by thedebtor:
(1) A secured party having control of a deposit account under§ 6A-9-104(a)(2) shall send to the bank with which the deposit account ismaintained an authenticated statement that releases the bank from any furtherobligation to comply with instructions originated by the secured party;
(2) A secured party having control of a deposit account under§ 6A-9-104(a)(3) shall:
(i) Pay the debtor the balance on deposit in the depositaccount; or
(ii) Transfer the balance on deposit into a deposit accountin the debtor's name;
(3) A secured party, other than a buyer, having control ofelectronic chattel paper under § 6A-9-105 shall:
(i) Communicate the authoritative copy of the electronicchattel paper to the debtor or its designated custodian;
(ii) If the debtor designates a custodian that is thedesignated custodian with which the authoritative copy of the electronicchattel paper is maintained for the secured party, communicate to the custodianan authenticated record releasing the designated custodian from any furtherobligation to comply with instructions originated by the secured party andinstructing the custodian to comply with instructions originated by the debtor;and
(iii) Take appropriate action to enable the debtor or itsdesignated custodian to make copies of or revisions to the authoritative copywhich add or change an identified assignee of the authoritative copy withoutthe consent of the secured party;
(4) A secured party having control of investment propertyunder § 6A-8-106(d)(2) or 6A-9-106(b) shall send to the securitiesintermediary or commodity intermediary with which the security entitlement orcommodity contract is maintained an authenticated record that releases thesecurities intermediary or commodity intermediary from any further obligationto comply with entitlement orders or directions originated by the secured party;
(5) A secured party having control of a letter-of-creditright under § 6A-9-107 shall send to each person having an unfulfilledobligation to pay or deliver proceeds of the letter of credit to the securedparty an authenticated release from any further obligation to pay or deliverproceeds of the letter of credit to the secured party; and
(6) A secured party having control of an electronic documentshall:
(a) Give control of the electronic document to the debtor orits designated custodian;
(b) If the debtor designates a custodian that is thedesignated custodian with which the authoritative copy of the electronicdocument is maintaining for the secured party, communicate to the custodian anauthenticated record releasing the designated custodian from any furtherobligation to comply with instructions originated by the secured party andinstructing the custodian to comply with instructions originated by the debtor;and
(c) Take appropriate action to enable the debtor or itsdesignated custodian to make copies of or revisions to the authoritative copywhich add or change an identified assignee of the authoritative copy withoutthe consent of the secured party.
