<html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 57A-9-605 - Unknown debtor or secondary obligor.</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s542cea8038cc46509f9b2481c4f37badNormal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s542cea8038cc46509f9b2481c4f37badSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s542cea8038cc46509f9b2481c4f37badCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s542cea8038cc46509f9b2481c4f37badStatute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s542cea8038cc46509f9b2481c4f37badDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s542cea8038cc46509f9b2481c4f37badStatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s542cea8038cc46509f9b2481c4f37badStatuteNumber2 { margin-left: 1.25in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s542cea8038cc46509f9b2481c4f37bad000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s542cea8038cc46509f9b2481c4f37badNoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s542cea8038cc46509f9b2481c4f37badDefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s542cea8038cc46509f9b2481c4f37badSCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 57A-9-605 - Unknown debtor or secondary obligor."><meta property="og:description" content="SDLRC Codified Law 57A-9-605 - Unknown debtor or secondary obligor."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/57A-9-605"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s542cea8038cc46509f9b2481c4f37badNormal"><a href="https://sdlegislature.gov/Statutes?Statute=57A-9-605" rel="noopener"><span class="s542cea8038cc46509f9b2481c4f37badSENU">57A-9-605</span></a><span xml:space="preserve" class="s542cea8038cc46509f9b2481c4f37badSENU">. </span><span class="s542cea8038cc46509f9b2481c4f37badCL">Unknown debtor or secondary obligor.</span></p><p dir="ltr" class="s542cea8038cc46509f9b2481c4f37badStatute"><span class="s542cea8038cc46509f9b2481c4f37badDefaultParagraphFont">(a) Except as provided in subsection (b), a secured party does not owe a duty based on its status as secured party:</span></p><p dir="ltr" class="s542cea8038cc46509f9b2481c4f37badStatuteNumber1"><span class="s542cea8038cc46509f9b2481c4f37badDefaultParagraphFont">(1)    To a person that is a debtor or obligor, unless the secured party knows:</span></p><p dir="ltr" class="s542cea8038cc46509f9b2481c4f37badStatuteNumber2"><span class="s542cea8038cc46509f9b2481c4f37badDefaultParagraphFont">(A)    That the person is a debtor or obligor;</span></p><p dir="ltr" class="s542cea8038cc46509f9b2481c4f37badStatuteNumber2"><span class="s542cea8038cc46509f9b2481c4f37badDefaultParagraphFont">(B)    The identity of the person; and</span></p><p dir="ltr" class="s542cea8038cc46509f9b2481c4f37badStatuteNumber2"><span class="s542cea8038cc46509f9b2481c4f37badDefaultParagraphFont">(C)    How to communicate with the person; or</span></p><p dir="ltr" class="s542cea8038cc46509f9b2481c4f37badStatuteNumber1"><span class="s542cea8038cc46509f9b2481c4f37badDefaultParagraphFont">(2)    To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:</span></p><p dir="ltr" class="s542cea8038cc46509f9b2481c4f37badStatuteNumber2"><span class="s542cea8038cc46509f9b2481c4f37badDefaultParagraphFont">(A)    That the person is a debtor; and</span></p><p dir="ltr" class="s542cea8038cc46509f9b2481c4f37badStatuteNumber2"><span class="s542cea8038cc46509f9b2481c4f37badDefaultParagraphFont">(B)    The identity of the person.</span></p><p dir="ltr" class="s542cea8038cc46509f9b2481c4f37badStatute"><span class="s542cea8038cc46509f9b2481c4f37badDefaultParagraphFont">(b) 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:</span></p><p dir="ltr" class="s542cea8038cc46509f9b2481c4f37badStatuteNumber1"><span class="s542cea8038cc46509f9b2481c4f37badDefaultParagraphFont">(1)    The person is a debtor or obligor; and</span></p><p dir="ltr" class="s542cea8038cc46509f9b2481c4f37badStatuteNumber1"><span class="s542cea8038cc46509f9b2481c4f37badDefaultParagraphFont">(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.</span></p><p dir="ltr" class="s542cea8038cc46509f9b2481c4f37badNormal"><span xml:space="preserve" class="s542cea8038cc46509f9b2481c4f37bad000000"> </span></p><p dir="ltr" class="s542cea8038cc46509f9b2481c4f37badNoIndent"><span xml:space="preserve" class="s542cea8038cc46509f9b2481c4f37badDefaultParagraphFont-000001">Source: </span><span class="s542cea8038cc46509f9b2481c4f37badSCL">SL 2000, ch 231; SL 2024, ch 198, § 81.</span></p></div></body></html>