(a) There is no outstanding secured obligation; and
(b) The secured party is not committed to make advances, incur obligations, or otherwise give value.
(2) Within 10 days after receiving a signed demand by the debtor, a secured party shall send to an account debtor that has received notification under ORS 79A.4060 (1) or 80.1060 of an assignment to the secured party as assignee a signed record that releases the account debtor from any further obligation to the secured party.
(3) This section does not apply to an assignment constituting the sale of an account, chattel paper or payment intangible. [Formerly 79.0209]