Section 554.9208 - [Effective 7/1/2024] Additional duties of secured party having control of collateral1.Applicability of section. 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.2.Duties of secured party after receiving demand from debtor. Within ten days after receiving a signed demand by the debtor:a. a secured party having control of a deposit account under section 554.9104, 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;b. a secured party having control of a deposit account under section 554.9104, subsection 1, paragraph "c", shall: (1) pay the debtor the balance on deposit in the deposit account; or(2) transfer the balance on deposit into a deposit account in the debtor's name;c. a secured party, other than a buyer, having control under section 554.9105 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; d. a secured party having control of investment property under section 554.8106, subsection 4, paragraph "b", or section 554.9106, 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;e. a secured party having control of a letter-of-credit right under section 554.9107 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;f. a secured party having control under section 554.7106 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; g. a secured party having control under section 554.9105A of electronic money shall transfer control of the electronic money to the debtor or a person designated by the debtor; andh. a secured party having control under section 554.14105 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.Amended by 2024 Iowa SF 2389,s 50, eff. 7/1/2024.Amended by 2023 Iowa, ch 64, s 93, eff. 7/1/2023.Amended by 2022 Iowa, ch 1117, s 22, eff. 7/1/2022.Amended by 2022 Iowa, ch 1117, s 21, eff. 7/1/2022.2000 Acts, ch 1149, §18, 185, 187; 2007 Acts, ch 30, §45, 46, 68Referred to in §554.9625
Subsection 2, paragraph f, subparagraph (3) amended
This section is set out more than once due to postponed, multiple, or conflicting amendments.