Iowa Code Title XIII. Commerce [Chs. 505-554D] § 554.9605. Unknown debtor or secondary obligor

1. Duties to unknown persons--general rule. Except as provided in subsection 2, a secured party does not owe a duty based on its status as secured party:

2. When secured party owes duty to debtor notwithstanding subsection 1. A secured party owes a duty based on its status as a secured party to a person that is a debtor if, at the time the secured party obtains control of a controllable account, controllable electronic record, or controllable payment intangible, the secured party has knowledge that the nature of the collateral or a system in which the collateral is recorded would prevent the secured party from acquiring the knowledge specified in subsection 1, paragraph “a”, subparagraph (1), (2), or (3).