(a) In general: no duty owed by secured party.-- Except as provided in subsection (b), a secured party does not owe a duty based on its status as secured party to any of the following: (1) A person that is a debtor or obligor unless the secured party knows: (i) that the person is a debtor or obligor; (ii) the identity of the person; and (iii) how to communicate with the person. (2) A secured party or lienholder that has filed a financing statement against a person unless the secured party knows: (i) that the person is a debtor; and (ii) the identity of the person. (b) Exception: 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: (1) the person is a debtor or obligor; and (2) the secured party knows that the information in subsection (a)(1) 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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