440.9605 Unknown debtor or secondary obligor.
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440.9605 Unknown debtor or secondary obligor.
Sec. 9605.
A secured party does not owe a duty based on its status as secured party to either of the following:
(a)To a person that is a debtor or obligor, unless the secured party knows all of the following:
(i)That the person is a debtor or obligor.
(ii)The identity of the person.
(iii)How to communicate with the person.
(b)To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows both of the following:
(i)That the person is a debtor.
(ii)The identity of the person.
History: Add. 2000, Act 348 , Eff. July 1, 2001