D.C. Code § 28:9-605

Current through codified legislation effective September 18, 2024
Section 28:9-605 - Unknown debtor or secondary obligor
(a)Except as provided in subsection (b), a secured party does not owe a duty based on its status as a third 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) 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 subsection (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.

D.C. Code § 28:9-605

Amended by D.C. Law 25-158,§ 2, 71 DCR 002265, eff. 4/20/2024.
Oct. 26, 2000, D.C. Law 13-201, § 101, 47 DCR 7576.