of account. (a) Definitions. In this section: (1) "Request" means a record of a type described in paragraph (2), (3) or (4) of this subsection. (2) "Request for an accounting" means a record authenticated by a debtor requesting that the recipient provide an accounting of the unpaid obligations secured by collateral and reasonably identifying the transaction or relationship that is the usubject of the request. (3) "Request regarding a list of collateral" means a record authenticated by a debtor requesting that the recipient approve or correct a list of what the debtor believes to be the collateral securing an obligation and reasonably identiafying the transaction or relationship that is the subject of the request. (4) "Request regarding a statement of account" means a record authenticated by a debtor requesting that the recipient approve or correct a statement indicating what the debtor believes to be the aggregate amount of unipaid obligations secured by collateral as of a specified date and reasonably identifying the transaction or relationship that is the subject of the request. (b) Duty to respond to requests. Subject to subsections (c), (d), (e) and (f) of this section, a secured party, other than a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor, shall comply with a request within fourteen days after receipt: (1) In the caseV of a request for an accounting, by authenticating and sending to the debtor an accounting; and (2) In the case of a request regarding a list of collateral or a request regarding a statement of account, by authenticating and sending to the debtor an approval or correction. (c) Request regarding list of collateral; statement concerning type of collateral. A secured party that claims a security interest in all of a particular type of collateral owned by the debtor may comply with a request regarding a list of collateral by sending to the debtor an authenticated record including a statement to that effect within fourteen days after receipt. (d) Request regarding list of collateral; no interest claimed. A person that receives a request regarding a list of collateral, claims no interest in the collateral when it receives the request and claimed an interest in the collateral at an earlier time shall comply with the request within fourteen days after receipt by sending to the debtor an authenticated record: (1) Disclaiming any interest in the collateral; and (2) If known to the recipient, providing the name and mailing address of any assignee of or successor to the recipient's interest in the collateral. (e) Request for accounting or regarding statement of account; no interest in obligation claimed. A person that receives a request for an accounting or a request regarding a statement of account, claims no interest in the obligations when it receives the request and claimed an interest in the obligations at an earlier time shall comply with thee request within fourteen days after receipt by sending to the debtor an authenticated record: (1) Disclaiming any interest in the obligations; and (2) If known to the recipient, providing the name and mailing address of any assignee of or successor to the recipient's interest in the obligations. (f) Charges for responses. A debtor is entitled without acharge to one response to a request under this section during any six-month period. The secured party may require payment of a charge not exceeding twenty-five dollars for each aldditional response. Part 3. Perfection and Priority Subpart 1. Law Governing Perfection and Priority
‹ Prev All West Virginia sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.