2012 Pennsylvania Consolidated Statutes
Title 13 - COMMERCIAL CODE
Chapter 92 - Effectiveness of Security Agreement, Attachment of Security Interest and Rights of Parties to Security Agreement
Section 9208 - Additional duties of secured party having control of collateral

     § 9208.  Additional duties of secured party having control of
                collateral.
        (a)  Applicability of section.--This section applies to cases
     in which there is no outstanding secured obligation and 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:
            (1)  A secured party having control of a deposit account
        under section 9104(a)(2) (relating to control of deposit
        account) shall send to the bank with which the deposit
        account is maintained an authenticated statement which
        releases the bank from any further obligation to comply with
        instructions originated by the secured party.
            (2)  A secured party having control of a deposit account
        under section 9104(a)(3) shall:
                (i)  pay the debtor the balance on deposit in the
            deposit account; or
                (ii)  transfer the balance on deposit into a deposit
            account in the debtor's name.
            (3)  A secured party, other than a buyer, having control
        of electronic chattel paper under section 9105 (relating to
        control of electronic chattel paper) shall:
                (i)  communicate the authoritative copy of the
            electronic chattel paper to the debtor or its designated
            custodian;
                (ii)  if the debtor designates a custodian that is
            the designated custodian with whom or which the
            authoritative copy of the electronic chattel paper is
            maintained for the secured party, communicate to the
            custodian an authenticated record releasing the
            designated custodian from any further obligation to
            comply with instructions originated by the secured party
            and instructing the custodian to comply with instructions
            originated by the debtor; and
                (iii)  take appropriate action to enable the debtor
            or its designated custodian to make copies of or
            revisions to the authoritative copy which add or change
            an identified assignee of the authoritative copy without
            the consent of the secured party.
            (4)  A secured party having control of investment
        property under section 8106(d)(2) (relating to control of
        security entitlement) or 9106(b) (relating to control of
        commodity contract) shall send to the securities intermediary
        or commodity intermediary with which the security entitlement
        or commodity contract is maintained an authenticated record
        which releases the securities intermediary or commodity
        intermediary from any further obligation to comply with
        entitlement orders or directions originated by the secured
        party.
            (5)  A secured party having control of a letter-of-credit
        right under section 9107 (relating to control of letter-of-
        credit right) shall send to each person having an unfulfilled
        obligation to pay or deliver proceeds of the letter of credit
        to the secured party an authenticated release from any
        further obligation to pay or deliver proceeds of the letter
        of credit to the secured party.
            (6)  A secured party having control of an electronic
        document shall:
                (i)  give control of the electronic document to the
            debtor or its designated custodian;
                (ii)  if the debtor designates a custodian that is
            the designated custodian with which the authoritative
            copy of the electronic document is maintained for the
            secured party, communicate to the custodian an
            authenticated record releasing the designated custodian
            from any further obligation to comply with instructions
            originated by the secured party and instructing the
            custodian to comply with instructions originated by the
            debtor; and
                (iii)  take appropriate action to enable the debtor
            or its designated custodian to make copies of or
            revisions to the authoritative copy which add or change
            an identified assignee of the authoritative copy without
            the consent of the secured party.
     (Apr. 16, 2008, P.L.57, No.13, eff. 60 days)

        2008 Amendment.  Act 13 added subsec. (b)(6).
        Cross References.  Section 9208 is referred to in section
     9625 of this title.