§9-1605. Unknown debtor or secondary obligor
346 words·~2 min read·
/me/title-11-uniform-commercial-code/9-1605A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Except as provided in this section, a secured party does not owe a duty based on its status as secured party: [PL 2023, c. 669, Pt. A, §144 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]
(1). To a person that is a debtor or obligor unless the secured party knows:
(a). That the person is a debtor or obligor; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). The identity of the person; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). How to communicate with the person; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(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 [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). The identity of the person. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
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, the person is a debtor or obligor and the secured party knows that the information in subsection (1), paragraph
(a),
(b)or
(c)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. [PL 2023, c. 669, Pt. A, §144 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]