§ 355-9-605

355.9 -605 Unknown debtor or secondary obligor. (1) Except as provided in subsection (2) of this section, 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 i dentity of the person; and 3. How to communicate with the person; or (b) 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 pers on. (2) 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 secur ity interest attaches to the collateral, whichever is later: (a) The person is a debtor or obligor; and (b) The secured party knows that the information in subsection (1)(a)1., 2., or 3. of this section relating to the person is not provided by the collate ral, a record attached to or logically associated with the collateral, or the system in which the

subsection (1)(a)1., 2., or 3. of this section relating to the person is not provided by the collate ral, a record attached to or logically associated with the collateral, or the system in which the collateral is recorded. Effective: January 1, 2025 History: Amended 2024 Ky. Acts ch. 10, sec. 82, effective January 1, 2025. -- Created 2000 Ky. Acts ch. 408 , sec. 123, effective July 1, 2001.