Unknown debtor or secondary obligor.

1. In general: no duty owed by a secured party. Except as provided in subsection 2 , a secured party does not owe a duty based on its status as secured party: a. to a person that is a debtor or obligor, unless the secured party knows: (1) that the person is a debtor or obligor; (2) the identity of the person; and (3) how to communicate with the person; or b. to a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows: (1) that the person is a debtor; and (2) the identity of the person. 2. Exception: secured party owes a 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: a. the person is a debtor or obligor; and b. the secured party knows that the information in subsection 1 , paragraph “a” , subparagraph (1), (2), or (3) 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. 2000 Acts, ch 1149, §103, 187 ; 2022 Acts, ch 1117, §36 ; 2024 Acts, ch 1023, §85 Referred to in §554.9601