Com. Code, § 9209 · Chapter 2. Effectiveness of Security Agreement: Attachment of Security Interest: Rights of Parties to Security Agreement
Com. Code, § 9209
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) Except as otherwise provided in subdivision (c), this section applies if both of the following conditions are satisfied:
(1) There is no outstanding secured obligation.
(2) The secured party is not committed to make advances, incur obligations, or otherwise give value.
(b) 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 subdivision (a) of Section 9406 or subdivision (b) of Section 12106 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.
Notes and commentary — not statutory text
History
Amended by Stats. 2023, Ch. 210, Sec. 34. (SB 95) Effective January 1, 2024.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=COM§ionNum=9209.
- Text hash
- sha256 022c802113af029929996e5b93c0037ed3390869e05d799f531fa7947eada6f2
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
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Commercial Code
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Commercial Code
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