There is a newer version of the Kentucky Revised Statutes
2022
2021
2020
2019
2018
Other previous versions
View our newest version here

2016 Kentucky Revised Statutes
CHAPTER 355 - UNIFORM COMMERCIAL CODE
Article 9 - Secured Transactions -- Sales of Accounts, Contract Rights, and Chattel Paper
355.9-209 Duties of secured party if account debtor has been notified of assignment.

KY Rev Stat § 355.9-209 (2016) What's This?

Download as PDF 355.9-209 Duties of secured party if account debtor has been notified of assignment. (1) (2) (3) Except as otherwise provided in subsection (3) of this section, this section applies if: (a) There is no outstanding secured obligation; and (b) The secured party is not committed to make advances, incur obligations, or otherwise give value. Within ten (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 KRS 355.9-406(1) an authenticated record that releases the account debtor from any further obligation to the secured party. This section does not apply to an assignment constituting the sale of an account, chattel paper, or payment intangible. Effective: July 1, 2001 History: Created 2000 Ky. Acts ch. 408, sec. 39, effective July 1, 2001.

Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.