2006 Minnesota Code
Chapters 324 - 338 Trade Regulations, Consumer Protection
Chapter 336 Uniform Commercial Code
Section 336.9-209 DUTIES OF SECURED PARTY IF ACCOUNT DEBTOR HAS BEEN NOTIFIED OF ASSIGNMENT.
336.9-209 DUTIES OF SECURED PARTY IF ACCOUNT DEBTOR HAS BEEN
NOTIFIED OF ASSIGNMENT.
(a) Applicability of section. 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) Duties of secured party after receiving demand from debtor. Within ten 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 section
336.9-406(a) an authenticated record that releases the account debtor from any further obligation
to the secured party.
(c) Inapplicability to sales. This section does not apply to an assignment constituting the
sale of an account, chattel paper, or payment intangible.
History: 2000 c 399 art 1 s 19
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