NY UCC § 9-208 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 9 - Secured Transactions Part 2 - Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement Sub Part 2 - Rights and Duties 9-208 - Additional Duties of Secured Party Having Control of Collateral.

Section 9--208. Additional  Duties  of  Secured  Party Having Control of                   Collateral.  (a) 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, incur obligations, or otherwise give value.  (b) Duties of secured party after receiving demand from debtor. Within 10 days after receiving an authenticated demand by the debtor:       (1) a secured party having control of  a  deposit  account  under            Section  9--104(a)(2)  shall  send to the bank with which the            deposit account is maintained an authenticated statement that            releases the bank from any further obligation to comply  with            instructions originated by the secured party;       (2) a  secured  party  having  control of a deposit account under            Section 9--104(a)(3) shall:           (A) pay the debtor the balance  on  deposit  in  the  deposit                account; or           (B) transfer the balance on deposit into a deposit account in                the debtor's name;       (3) a  secured  party,  other  than  a  buyer,  having control of            electronic chattel paper under Section 9--105 shall:           (A) communicate the  authoritative  copy  of  the  electronic                chattel paper to the debtor or its designated custodian;           (B) 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  custodian                from  any  further obligation to comply with instructions                originated by  the  secured  party  and  instructing  the                custodian  to  comply with instructions originated by the                debtor; and           (C) 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 the authoritative copy without the consent of                the secured party;       (4) a  secured  party having control of investment property under            Section  8--106(d)(2)  or  9--106(b)  shall   send   to   the            securities  intermediary or commodity intermediary with which            the security entitlement or commodity contract is  maintained            an   authenticated   record   that  releases  the  securities            intermediary  or  commodity  intermediary  from  any  further            obligation  to  comply  with entitlement orders or directions            originated by the secured party;       (5) a secured party having control of  a  letter-of-credit  right            under  Section  9--107  shall  send  to each person having an            unfulfilled obligation to pay  or  deliver  proceeds  of  the            letter-of-credit   to  the  secured  party  an  authenticated            release  from  any  further  obligation  to  pay  or  deliver            proceeds of the letter-of-credit to the secured party; and       (6) a  secured  party  having  control  of an electronic document            shall:           (A) give control of the electronic document to the debtor  or                its designated custodian;           (B) 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  custodian  from   any                further obligation to comply with instructions originated                by  the  secured  party  and instructing the custodian to                comply with instructions originated by the debtor; and           (C)  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 the authoritative copy without the consent of                the secured party.