§ 8.9A-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 the secured party knows:
2. to a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
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:
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.
History
This law was first created in 2000. The record of its establishment is cataloged in chapter 1007 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2024, chapter 652.
2000, c. 1007; 2024, c. 652.