(a) [Applicability of section.]
Except as otherwise provided in subsection (c), 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) [Duties of secured party after receiving demand from debtor.]
Within 10 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 9-406(a) an authenticated record that releases the account debtor from any further obligation to the secured party.
(c) [Inapplicability to sales.]
This section does not apply to an assignment constituting the sale of an account, chattel paper, or payment intangible.