§ 8.9A-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:
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 a signed demand by the debtor, a secured party shall send to an account debtor that has received notification under subsection (a) of § 8.9A-406 or subsection (b) of § 8.12-106 of an assignment to the secured party as assignee a signed 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
This law was first created in 2000. The record of its establishment is cataloged in chapter 1007 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2024, chapter 652.
2000, c. 1007; 2024, c. 652.