(1). 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. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (2). Within 20 days after receiving a signed demand by the debtor: (a). A secured party having control of a deposit account under section 9-1104, subsection (1), paragraph (b) shall send to the bank with which the deposit account is maintained a signed record that releases the bank from any further obligation to comply with instructions originated by the secured party; [PL 2023, c. 669, Pt. A, §93 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). A secured party having control of a deposit account under section 9-1104, subsection (1), paragraph (c) 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; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). [PL 2023, c. 669, Pt. A, §93 (RP); PL 2023, c. 669, Pt. E, §1 (AFF).] (c-1). A secured party, other than a buyer, having control under section 9-1105-A of an authoritative electronic copy of a record evidencing chattel paper shall transfer control of the electronic copy to the debtor or a person designated by the debtor; [PL 2023, c. 669, Pt. A, §93 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (d). A secured party having control of investment property under section 8-1106, subsection (4), paragraph (b) or 9-1106, subsection (2) shall send to the securities intermediary or commodity intermediary with which the security entitlement or commodity contract is maintained a signed record that releases the securities intermediary or commodity intermediary from any further obligation to comply with entitlement orders or directions originated by the secured party; [PL 2023, c. 669, Pt. A, §93 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (e). A secured party having control of a letter-of-credit right under section 9-1107 shall send to each person having an unfulfilled obligation to pay or deliver proceeds of the letter of credit to the secured party a signed release from any further obligation to pay or deliver proceeds of the letter of credit to the secured party; [PL 2023, c. 669, Pt. A, §93 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (f). [PL 2023, c. 669, Pt. A, §93 (RP); PL 2023, c. 669, Pt. E, §1 (AFF).] (f-1). A secured party having control under section 7-1106 of an authoritative electronic copy of an electronic document shall transfer control of the electronic copy to the debtor or a person designated by the debtor; and [PL 2023, c. 669, Pt. A, §93 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (g). A secured party having control under section 12-105 of a controllable electronic record, other than a buyer of a controllable account or controllable payment intangible evidenced by the controllable electronic record, shall transfer control of the controllable electronic record to the debtor or a person designated by the debtor. [PL 2023, c. 669, Pt. A, §93 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §93 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]
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