§ 8.9A-208. Additional duties of secured party having control of collateral.
(a) Applicability of section. This section applies to cases in which there isno outstanding secured obligation and the secured party is not committed tomake advances, incur obligations, or otherwise give value.
(b) Duties of secured party after receiving demand from debtor. Within 10days after receiving an authenticated demand by the debtor:
(1) a secured party having control of a deposit account under § 8.9A-104 (a)(2) shall send to the bank with which the deposit account is maintained anauthenticated statement that releases the bank from any further obligation tocomply with instructions originated by the secured party;
(2) a secured party having control of a deposit account under § 8.9A-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'sname;
(3) a secured party, other than a buyer, having control of electronic chattelpaper under § 8.9A-105 shall:
(A) communicate the authoritative copy of the electronic chattel paper to thedebtor or its designated custodian;
(B) if the debtor designates a custodian that is the designated custodianwith which the authoritative copy of the electronic chattel paper ismaintained 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 thedebtor; and
(C) take appropriate action to enable the debtor or its designated custodianto make copies of or revisions to the authoritative copy which add or changean identified assignee of the authoritative copy without the consent of thesecured party;
(4) a secured party having control of investment property under § 8.8A-106(d) (2) or § 8.9A-106 (b) shall send to the securities intermediary orcommodity intermediary with which the security entitlement or commoditycontract is maintained an authenticated record that releases the securitiesintermediary or commodity intermediary from any further obligation to complywith entitlement orders or directions originated by the secured party;
(5) a secured party having control of a letter-of-credit right under §8.9A-107 shall send to each person having an unfulfilled obligation to pay ordeliver proceeds of the letter of credit to the secured party anauthenticated release from any further obligation to pay or deliver proceedsof 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 designatedcustodian;
(B) if the debtor designates a custodian that is the designated custodianwith which the authoritative copy of the electronic document is maintainedfor the secured party, communicate to the custodian an authenticated recordreleasing the designated custodian from any further obligation to comply withinstructions originated by the secured party and instructing the custodian tocomply with instructions originated by the debtor; and
(C) take appropriate action to enable the debtor or its designated custodianto make copies of or revisions to the authoritative copy that add or changean identified assignee of the authoritative copy without the consent of thesecured party.
§ 8.9A-208. Additional duties of secured party having control of collateral.
(a) Applicability of section. This section applies to cases in which there isno outstanding secured obligation and the secured party is not committed tomake advances, incur obligations, or otherwise give value.
(b) Duties of secured party after receiving demand from debtor. Within 10days after receiving an authenticated demand by the debtor:
(1) a secured party having control of a deposit account under § 8.9A-104 (a)(2) shall send to the bank with which the deposit account is maintained anauthenticated statement that releases the bank from any further obligation tocomply with instructions originated by the secured party;
(2) a secured party having control of a deposit account under § 8.9A-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'sname;
(3) a secured party, other than a buyer, having control of electronic chattelpaper under § 8.9A-105 shall:
(A) communicate the authoritative copy of the electronic chattel paper to thedebtor or its designated custodian;
(B) if the debtor designates a custodian that is the designated custodianwith which the authoritative copy of the electronic chattel paper ismaintained 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 thedebtor; and
(C) take appropriate action to enable the debtor or its designated custodianto make copies of or revisions to the authoritative copy which add or changean identified assignee of the authoritative copy without the consent of thesecured party;
(4) a secured party having control of investment property under § 8.8A-106(d) (2) or § 8.9A-106 (b) shall send to the securities intermediary orcommodity intermediary with which the security entitlement or commoditycontract is maintained an authenticated record that releases the securitiesintermediary or commodity intermediary from any further obligation to complywith entitlement orders or directions originated by the secured party;
(5) a secured party having control of a letter-of-credit right under §8.9A-107 shall send to each person having an unfulfilled obligation to pay ordeliver proceeds of the letter of credit to the secured party anauthenticated release from any further obligation to pay or deliver proceedsof 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 designatedcustodian;
(B) if the debtor designates a custodian that is the designated custodianwith which the authoritative copy of the electronic document is maintainedfor the secured party, communicate to the custodian an authenticated recordreleasing the designated custodian from any further obligation to comply withinstructions originated by the secured party and instructing the custodian tocomply with instructions originated by the debtor; and
(C) take appropriate action to enable the debtor or its designated custodianto make copies of or revisions to the authoritative copy that add or changean identified assignee of the authoritative copy without the consent of thesecured party.
§ 8.9A-208. Additional duties of secured party having control of collateral.
(a) Applicability of section. This section applies to cases in which there isno outstanding secured obligation and the secured party is not committed tomake advances, incur obligations, or otherwise give value.
(b) Duties of secured party after receiving demand from debtor. Within 10days after receiving an authenticated demand by the debtor:
(1) a secured party having control of a deposit account under § 8.9A-104 (a)(2) shall send to the bank with which the deposit account is maintained anauthenticated statement that releases the bank from any further obligation tocomply with instructions originated by the secured party;
(2) a secured party having control of a deposit account under § 8.9A-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'sname;
(3) a secured party, other than a buyer, having control of electronic chattelpaper under § 8.9A-105 shall:
(A) communicate the authoritative copy of the electronic chattel paper to thedebtor or its designated custodian;
(B) if the debtor designates a custodian that is the designated custodianwith which the authoritative copy of the electronic chattel paper ismaintained 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 thedebtor; and
(C) take appropriate action to enable the debtor or its designated custodianto make copies of or revisions to the authoritative copy which add or changean identified assignee of the authoritative copy without the consent of thesecured party;
(4) a secured party having control of investment property under § 8.8A-106(d) (2) or § 8.9A-106 (b) shall send to the securities intermediary orcommodity intermediary with which the security entitlement or commoditycontract is maintained an authenticated record that releases the securitiesintermediary or commodity intermediary from any further obligation to complywith entitlement orders or directions originated by the secured party;
(5) a secured party having control of a letter-of-credit right under §8.9A-107 shall send to each person having an unfulfilled obligation to pay ordeliver proceeds of the letter of credit to the secured party anauthenticated release from any further obligation to pay or deliver proceedsof 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 designatedcustodian;
(B) if the debtor designates a custodian that is the designated custodianwith which the authoritative copy of the electronic document is maintainedfor the secured party, communicate to the custodian an authenticated recordreleasing the designated custodian from any further obligation to comply withinstructions originated by the secured party and instructing the custodian tocomply with instructions originated by the debtor; and
(C) take appropriate action to enable the debtor or its designated custodianto make copies of or revisions to the authoritative copy that add or changean identified assignee of the authoritative copy without the consent of thesecured party.
