57A-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 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) 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) 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. n (a)(1)(A), (B), or (C) 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. Source: SL 2000, ch 231; SL 2024, ch 198, §81.
South Dakota Legal Code