Section 1-9-209 - [Effective 11/1/2024] Duties of secured party if account debtor has been notified of assignment(a) Except as otherwise provided in subsection (c) of this section, 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) Within ten (10) 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 Section 1-9-406 of this title or subsection (b) of Section 12-106 of this title 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) This section does not apply to an assignment constituting the sale of an account, chattel paper, or payment intangible.Okla. Stat. tit. 12A, § 1-9-209
Amended by Laws 2024 , c. 13, s. 51, eff. 11/1/2024.Added by Laws 2000 , SB 1519, c. 371, § 19, eff. 7/1/2001.Oklahoma Code Comment
This section also is new and like revised section 9-208 addresses a situation not explicitly covered under present law: the case where an account, chattel paper or general intangible has been assigned and the account debtor has been notified to pay the assignee, and now should be released by the assignee. Sales are not covered, nor are persons obligated on negotiable instruments (even if the instrument is part of chattel paper) (see revised sections 9-102(a)(3) and 3-602 ) .
The sanction for violation appears in revised section 9-625(b) and (d) .
This section is set out more than once due to postponed, multiple, or conflicting amendments.