554.9208 Additional duties of secured party having control of collateral. 1. 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, incurobligations, or otherwise give value. 2. Duties of secured party after receiving demand from debtor. Within ten days after receiving an authenticated 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 anauthenticated statement that releases the bank from any further obligation to comply withinstructions 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 of electronic chattel paper under section 554.9105 shall: (1) communicate the authoritative copy of the electronic chattel paper to the debtor or its secured party, other than a buyer, having control of electronic chattel paper under section 554.9105 shall: (1) communicate the authoritative copy of the electronic chattel paper to the debtor or its designated custodian; (2) if the debtor designates a custodian that is the designated custodian with which the authoritative copy of the electronic chattel paper is maintained for the secured party,communicate to the custodian an authenticated record releasing the designated custodianfrom any further obligation to comply with instructions originated by the secured party andinstructing the custodian to comply with instructions originated by the debtor; and (3) take appropriate action to enable the debtor or its designated custodian to make copies of or revisions to the authoritative copy which add or change an identified assignee of theauthoritative copy without the consent of the secured party; 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 securitiesintermediary or commodity intermediary with which the security entitlement or commoditycontract is maintained an ction 4, paragraph 'b', or section 554.9106, subsection 2, shall send to the securitiesintermediary or commodity intermediary with which the security entitlement or commoditycontract is maintained an authenticated record that releases the securities intermediary orcommodity intermediary from any further obligation to comply with entitlement orders ordirections 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 letterof credit to the secured party an authenticated release from any further obligation to pay ordeliver proceeds of the letter of credit to the secured party; f. a secured party having control of an electronic document shall: (1) give control of the electronic document to the debtor or its designated custodian;(2) if the debtor designates a custodian that is the designated custodian with which the authoritative copy of the electronic document is maintained for the secured party,communicate to the custodian an authenticated record releasing the designated custodianfrom any further obligation to comply with e copy of the electronic document is maintained for the secured party,communicate to the custodian an authenticated record releasing the designated custodianfrom any further obligation to comply with instructions originated by the secured party andinstructing the custodian to comply with instructions originated by the debtor; and (3) take appropriate action to enable the debtor or its designated custodian to make copies of or revisions to the authoritative copy which add or change an identified assignee of theauthoritative copy without the consent of the secured party; 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;and h. a secured party having control under section 554.14105 of a controllable electronic record shall transfer control of the controllable electronic record to the debtor or a persondesignated by the debtor. 2000 Acts, ch 1149, §18, 185, 187; 2007 Acts, ch 30, §45, 46, 68; 2022 Acts, ch 1117, §21, 22; 2023 Acts, ch 64, §93 Referred to in §554.9625Subsection 2, paragraph f, subparagraph (3) amended Sat Dec 23 11:01:40 2023 Iowa Code 2024, 2007 Acts, ch 30, §45, 46, 68; 2022 Acts, ch 1117, §21, 22; 2023 Acts, ch 64, §93 Referred to in §554.9625Subsection 2, paragraph f, subparagraph (3) amended Sat Dec 23 11:01:40 2023 Iowa Code 2024, Section 554.9208 (27, 1)
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