The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
47-9209 - Duties of secured party if account debtor has been notified of assignment
47-9209. 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 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 47-9406, subsection A an authenticated 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.