Ark. Code Ann. § 4-9-209

Duties of secured party if account debtor has been notified of assignment

Known as the Uniform Commercial Code

The act spans §§ 4–4 (597 sections).

Acts 2001, No. 1439, § 1.

(1) Except as otherwise provided in subsection (c), this section applies if: there is no outstanding secured obligation; and

(2) the secured party is not committed to make advances, incur obligations, or otherwise give value.

(3) Within ten (10) days after receiving an authenticated demand by the debtor, a secured party shall send to an account debtor that has received notification of an assignment to the secured party as assignee under § 4-9-406(a) an authenticated record that releases the account debtor from any further obligation to the secured party.

(4) This section does not apply to an assignment constituting the sale of an account, chattel paper, or payment intangible.

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.