(1). Except as otherwise provided in subsection (3), this section applies if: (a). There is no outstanding secured obligation; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). 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).] [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 secured party shall send to an account debtor that has received notification under section 9-1406, subsection (1) or section 12-106, subsection (2) 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. [PL 2023, c. 669, Pt. A, §94 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (3). This section does not apply to an assignment constituting the sale of an account, chattel paper or payment intangible. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
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