§12A-1-9-605. Unknown debtor or secondary obligor.
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UNKNOWN DEBTOR OR SECONDARY OBLIGOR
(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 subparagraph (A), (B), or
(C)of paragraph
(1)of subsection
(a)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. Added by Laws 2000, c. 371, § 112, eff. July 1, 2001. Amended by Laws 2024, c. 13, § 79, eff. Nov. 1, 2024.