Unless otherwise agreed, when a secured party knows that collateral is owned by a person who is not the debtor, the owner of the collateral is entitled to receive from the secured party any surplus under section 28:9-502(2) or under section 28:9-504(2), and is not liable for the debt or for any deficiency after resale, and he has the same right as the debtor
(a) to receive statements under section 28:9-208;
(b) to receive notice of and to object to a secured party's proposal to retain the collateral in satisfaction of the indebtedness under section 28:9-505;
(c) to redeem the collateral under section 28:9-506;
(d) to obtain injunctive or other relief under section 28:9-507(1); and
(e) to recover losses caused to him under section 28:9-208(2).
CREDIT(S)
(Apr. 9, 1997, D.C. Law 11-255, § 27(aaa), 44 DCR 1271.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 28:9-112.
1973 Ed., § 28:9-112.
Legislative History of Laws
Law 11-255, the “Second Technical Amendments Act of 1996,” was introduced in Council and assigned Bill No. 11-905 , which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on November 7, 1996, and December 3, 1996, respectively. Signed by the Mayor on December 24, 1996, it was assigned Act No. 11-519 and transmitted to both Houses of Congress for its review. D.C. Law 11-255 became effective on April 9, 1997.
For Law 13-201, see notes following § 28:9-101.