                                 CODE OF VIRGINIA

DUTIES OF SECURED PARTY IF ACCOUNT DEBTOR HAS BEEN NOTIFIED OF ASSIGNMENT (§
8.9A-209)

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 a signed demand by the debtor, a secured party shall send to an
account debtor that has received notification under subsection (a) of &#xA7;
8.9A-406 or subsection (b) of &#xA7; 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: 2000, c. 1007; 2024, c. 652.