70A-9a-605. Unknown debtor or secondary obligor.

221 words·~1 min read·/ut/title-70a/chapter-9a/70a-9a-605

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 5/6/2026

(1)Except as provided in Subsection

(2), a secured party does not owe a duty based on its status as secured party:

(a)to a person that is a debtor or obligor, unless the secured party knows:

(i)that the person is a debtor or obligor;

(ii)the identity of the person; and

(iii)how to communicate with the person; or

(b)to a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:

(i)that the person is a debtor; and

(ii)the identity of the person.

(2)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:

(a)the person is a debtor or obligor; and

(b)the secured party knows that the information in Subsection (1)(a)(i) , (ii), or

(iii)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.

Amended by Chapter 322 , 2026 General Session