1. (a) Except as provided in subsection (b), a secured party does not owe a duty based on its status as secured party:

   1. (1) to a person that is a debtor or obligor, unless the secured party knows:

      1. (A) that the person is a debtor or obligor;
      2. (B) the identity of the person; and
      3. (C) how to communicate with the person; or

   2. (2) to a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:

      1. (A) that the person is a debtor; and
      2. (B) the identity of the person.

2. (b) A secured party owes a duty based on its status as secured party to a person if, at the time the secured party obtains control of collateral that is a controllable account, a controllable electronic record, or a controllable payment intangible or at the time the security interest attaches to the collateral, whichever is later:

   1. (1) the person is a debtor or obligor; and
   2. (2) the secured party knows that the information in subsection (a)(1)(A), (a)(1)(B), or (a)(1)(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.

As added by P.L.57-2000, SEC.45. Amended by P.L.199-2023, SEC.77.