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(810 ILCS 5/9-209) (Text of Section before amendment by P.A. 103-1036) Sec. 9-209. 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.
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(b) Duties of secured party after receiving demand from debtor.
Within 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 Section 9-406(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.
(Source: P.A. 91-893, eff. 7-1-01.)
(Text of Section after amendment by P.A. 103-1036)
Sec. 9-209. 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
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| advances, incur obligations, or otherwise give value.
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(b) Duties of secured party after receiving demand from debtor. Within 10 days after receiving a signed demand by the debtor, a secured party shall send to an account debtor that has received notification under Section 9-406(a) or 12-106(b) 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.
(Source: P.A. 103-1036, eff. 1-1-25.)
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