2023 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.