§ 4-9-605 — 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 subsection (a)(1)(A),
(a)(1)(B), or (a)(1)(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.

Legislative History

Source: L. 2001: Entire article R&RE, p. 1400, � 1, effective July 1. L. 2023: IP amended and (b) added, (SB 23-090), ch. 136, p. 559, � 77, effective August 7.