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

2. (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

3. (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.
   3. (b) 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:
4. (1) The person is a debtor or obligor; and
5. (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.

Source: SL 2000, ch 231 ; SL 2024, ch 198 , § 81.