Section 554.9605 - Unknown debtor or secondary obligor1. In general: no duty owed by a secured party. Except as provided in subsection 2, a secured party does not owe a duty based on its status as secured party: a. to a person that is a debtor or obligor, unless the secured party knows: (1) that the person is a debtor or obligor;(2) the identity of the person; and(3) how to communicate with the person; orb. to a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows: (1) that the person is a debtor; and(2) the identity of the person.2. Exception: secured party owes a 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: a. the person is a debtor or obligor; andb. the secured party knows that the information in subsection 1, paragraph "a", subparagraph (1), (2), or (3) 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.2000 Acts, ch 1149, §103, 187; 2022 Acts, ch 1117, §36
Amended by 2024 Iowa, ch Chapter 1023,s 85, eff. 7/1/2024.Amended by 2022 Iowa, ch 1117, s 36, eff. 7/1/2022.2000 Acts, ch 1149, §103, 187Referred to in §554.9601
Liability limitations; see §554.9628