Idaho State Statutes - Idaho Attorney Directory

ADDITIONAL DUTIES OF SECURED PARTY HAVING CONTROL OF
COLLATERAL. (a) 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) Within ten (10) days after receiving an authenticated demand by the
debtor:
(1) A secured party having control of a deposit account under section
28-9-104(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
28-9-104(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 28-9-105 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
28-8-106(4)(b) or 28-9-106(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; and
(5) A secured party having control of a letter of credit right under
section 28-9-107 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.
(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.

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