(a) No Duty Generally Owed by Secured Party. - Except as provided in subsection (b) of this section, a secured party does not owe a duty based on its status as secured party to either of the following: (1) To a person that is a debtor or obligor, unless the secured party knows all of the following: a. That the person is a debtor or obligor. b. The identity of the person. c. How to communicate with the person. (2) To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows both of the following: a. That the person is a debtor. b. The identity of the person. (b) Exception When Secured Party Owes 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, both of the following apply: (1) The person is a debtor or obligor. (2) The secured party knows that the information in sub-subdivision (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.
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