RCW 62A.9A-605
253 words·~1 min read·
/wa/title-62a/chapter-62a-9a/62a-9a-605·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)In general: No duty owed by secured party. 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)Exception: Secured party owes duty to debtor or obligor. 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 subsection (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.
[ 2023 c 266 s 939 ; 2000 c 250 s 9A-605.]
Notes:
Construction — Effective date — 2023 c 266: See notes following RCW 62A.12-101 .