South Dakota § 57A-9-605 Unknown debtor or secondary obligor.

South Dakota Statutes

§ 57A-9-605 — Unknown debtor or secondary obligor.

South Dakota·Title 57A UNIFORM COMMERCIAL CODE·Ch. 57A-6 SECURED TRANSACTIONS

(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 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 secur

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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 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) 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.

South Dakota § 57A-9-605 (Unknown debtor or secondary obligor.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.