Wash. Rev. Code § 62A.9A-605

Current through Chapter 376 of the 2024 Regular Session
Section 62A.9A-605 - Unknown debtor or secondary obligor
(a)In general: No duty 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:
(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)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)(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.

RCW 62A.9A-605

Amended by 2023 c 266,§ 939, eff. 1/1/2024.
2000 c 250 § 9A-605.

Construction-Effective date- 2023 c 266: See notes following RCW 62A.12-101.