13 Pa. C.S. § 9209

Current through Pa Acts 2024-53, 2024-56 through 2024-111
Section 9209 - 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 a signed demand by the debtor, a secured party shall send to an account debtor that has received notification under section 9406(a) (relating to discharge of account debtor ; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles and promissory notes ineffective ) or 12106(a) (relating to discharge of account debtor on controllable account or controllable electronic payment intangible) of an assignment to the secured party as assignee a signed record which 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.

13 Pa.C.S. § 9209

Amended by P.L. (number not assigned at time of publication) 2024 No. 41,§ 21, eff. 8/30/2024.
2001, June 8, P.L. 123, No. 18, § 16, effective 7/1/2001.