§ 9—605.

238 words·~1 min read·/vt/9-111

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

§ 9—605. 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 subdivision (a)(1)(A), (B), or

(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. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001; amended 2025, No. 17, § 9, eff. July 1, 2025.)