§ 10:9-605 — Unknown debtor or secondary obligor

§9-605. Unknown debtor or secondary obligor
(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 Subparagraph (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.

Legislative History

Acts 2001, No. 128, §1, eff. July 1, 2001; Acts 2024, No. 773, §1.