13 Pa. C.S. § 9605

Current through Pa Acts 2024-53, 2024-56 through 2024-92
Section 9605 - Unknown debtor or secondary obligor
(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.

13 Pa.C.S. § 9605

Amended by P.L. (number not assigned at time of publication) 2024 No. 41,§ 34, eff. 8/30/2024.
2001, June 8, P.L. 123, No. 18, § 16, effective 7/1/2001.