RS 10:9-605

§9-605. Unknown debtor or secondary obligor (a) In general: No duty owed by secured party. Except as provided in Subsection (b) of this Section, 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. (b) Exception: Secured party owes 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: (1) the person is a debtor or obligor; and (2) the secured party knows that the information in Subparagraph (a)(1)(A), (B), or (C) of this Section 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. Acts 2001, No. 128, §1, eff. July 1, 2001; Acts 2024, No. 773, §1.