(810 ILCS 5/9-605) (Text of Section before amendment by P.A. 103-1036) Sec. 9-605. Unknown debtor or secondary obligor. 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 |
|
(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.
(Source: P.A. 91-893, eff. 7-1-01.)
(Text of Section after amendment by P.A. 103-1036)
Sec. 9-605. 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:
(1) to a person that is a debtor or obligor, unless
|
|
(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) 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.
|
|
(Source: P.A. 103-1036, eff. 1-1-25.)
|