2021 Alaska Statutes
Title 45. Trade and Commerce
Chapter 29. Secured Transactions
Article 2. Security Agreements; Security Interests.
Sec. 45.29.209. Duties of secured party if account debtor has been notified of assignment.

Universal Citation: AK Stat § 45.29.209 (2021)

(a) Except as otherwise provided in (c) of this section, this section applies to a case in which

(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 AS 45.29.406(a) an authenticated record that releases the account debtor from 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.

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