Legislation

Section 9--605. Unknown Debtor or Secondary Obligor.

(a) In general: No duty owed by secured party. 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) 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) 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.