Unless otherwise agreed, when a secured party knows that collateral is owned by a person who is not the debtor, the owner of the collateral is entitled to receive from the secured party any surplus under s. 679.502(2) or under s. 679.504(1), and is not liable for the debt or for any deficiency after resale, and he or she has the same right as the debtor:

1. (1) To receive statements under s. 679.208;
2. (2) To receive notice of and to object to a secured party's proposal to retain the collateral in satisfaction of the indebtedness under s. 679.505;
3. (3) To redeem the collateral under s. 679.506;
4. (4) To obtain injunctive or other relief under s. 679.507(1); and
5. (5) To recover losses caused to him or her under s. 679.208(2).

History.--s. 1, ch. 65-254; s. 681, ch. 97-102.

Note.--s. 9-112, U.C.C.