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2017 Maryland Code
Commercial Law
Title 9 - Secured Transactions
Subtitle 2 - Effectiveness of Security Agreement; Attachment of Security Agreement; Rights of Parties to Security Agreement
§ 9-209. Duties of secured party if account debtor has been notified of assignment
Universal Citation: MD Comm L Code § 9-209 (2017)
- (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 ยง 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.
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