TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 9

SECURED TRANSACTIONS

PART 6.

DEFAULT

28-9-605.  Unknown debtor or secondary obligor. 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.

History:

[28-9-605, added 2001, ch. 208, sec. 2, p. 782.]