Indiana § 26-1-9.1-605 Unknown debtor or secondary obligor; no duty owed by secured party;
exception for controllable account, controllable electronic record, or
controllable payment intangible

Indiana Statutes

§ 26-1-9.1-605 — Unknown debtor or secondary obligor; no duty owed by secured party; exception for controllable account, controllable electronic record, or controllable payment intangible

Indiana § 26-1-9.1-605

Title 26COMMERCIAL LAW

Art. 1UNIFORM COMMERCIAL CODE

Ch. 9.1Secured Transactions

This text of Indiana § 26-1-9.1-605 (Unknown debtor or secondary obligor; no duty owed by secured party; exception for controllable account, controllable electronic record, or controllable payment intangible) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 26-1-9.1-605 (2026).

Text

(a)Except as provided in subsection (b), 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 secured party to a person if, at the time the secured party obtains control of collateral that is a controllable account, a controllable electronic record, or a controllable payment intangible or at the time the security interest attach

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(a) Except as provided in subsection (b),
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 secured party
to a person if, at the time the secured party obtains control of collateral
that is a controllable account, a controllable electronic record, or a
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) 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.