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Code of Virginia
Title 8.9A. Commercial Code — Secured Transactions
Part 2. Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement
Part 2. Rights and Duties
11/16/2024

This section has more than one version with varying effective dates. Scroll down to see all versions.

§ 8.9A-209. (Effective until July 1, 2025) 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 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 § 8.9A-406 (a) an authenticated record that 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.

2000, c. 1007.

§ 8.9a-209. (Effective July 1, 2025) 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 subsection (a) of § 8.9A-406 or subsection (b) of § 8.12-106 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.

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

2000, c. 1007; 2024, c. 652.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.