Section 554.9605 - [Effective Until 7/1/2024] Unknown debtor or secondary obligor1.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, at the time the secured party obtains control of a controllable account, controllable electronic record, or controllable payment intangible, the secured party has knowledge that the nature of the collateral or a system in which the collateral is recorded would prevent the secured party from acquiring the knowledge specified in subsection 1, paragraph "a", subparagraph (1), (2), or (3).Amended by 2022 Iowa, ch 1117, s 36, eff. 7/1/2022.2000 Acts, ch 1149, §103, 187Referred to in §554.9601
Liability limitations; see §554.9628
This section is set out more than once due to postponed, multiple, or conflicting amendments.