4-9-605. Unknown debtor or secondary obligor.
209 words·~1 min read·
/co/title-4-uniform-commercial-code/article-9-secured-transactions/4-9-605·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Except as provided in subsection
(b)of this section, a secured party does not owe a duty based on its status as secured party:
(1)To a person that is a debtor or obligor, unless the secured party knows:
(A)That the person is a debtor or obligor;
(B)The identity of the person; and
(C)How to communicate with the person; or
(2)To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
(A)That the person is a debtor; and
(B)The identity of the person.
(b)A secured party owes a duty based on its status as a secured party to a person if, at the time the secured party obtains control of collateral that is a controllable account, controllable electronic record, or controllable payment intangible or at the time the security interest attaches to the collateral, whichever is later:
(1)The person is a debtor or obligor; and
(2)The secured party knows that the information in subsection (a)(1)(A), (a)(1)(B), or (a)(1)(C) of this section relating to the person is not provided by the collateral, a record attached to or logically associated with the collateral, or the system in which the collateral is recorded.