Section 57A-9-209 - Secured party's obligation to release account debtor that has receivednote of assignment. - South-dakota Statutes

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57A-9-209. Secured party's obligation to release account debtor that has received note of assignment. (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 § 57A-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.

Source: SL 2000, ch 231.

State Codes and Statutes

Statutes > South-dakota > Title-57a > Chapter-09 > Statute-57a-9-209

57A-9-209. Secured party's obligation to release account debtor that has received note of assignment. (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 § 57A-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.

Source: SL 2000, ch 231.

State Codes and Statutes

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State Codes and Statutes

Statutes > South-dakota > Title-57a > Chapter-09 > Statute-57a-9-209

57A-9-209. Secured party's obligation to release account debtor that has received note of assignment. (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 § 57A-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.

Source: SL 2000, ch 231.