554.9605 Unknown debtor or secondary obligor. 1. Duties to unknown persons — general rule. 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. When secured party owes duty to debtor notwithstanding subsection 1. A secured party owes a duty based on its status as a secured party to a person that is a debtor if, atthe time the secured party obtains control of a controllable account, controllable electronicrecord, or controllable payment intangible, the secured party has knowledge that the natureof the collateral or a system in which the collateral is recorded would prevent the securedparty from acquiring the knowledge specified in subsection 1, paragraph 'a', subparagraph(1), (2), or (3). reof the collateral or a system in which the collateral is recorded would prevent the securedparty from acquiring the knowledge specified in subsection 1, paragraph 'a', subparagraph(1), (2), or (3). 2000 Acts, ch 1149, §103, 187; 2022 Acts, ch 1117, §36Referred to in §554.9601Liability limitations; see §554.9628 Sat Dec 23 11:02:21 2023 Iowa Code 2024, Section 554.9605 (25, 0)
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