As Amended
SEC. 75-9-112. Where collateral is not owned by debtor.
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 9-502(2) [Sec. 75-9-502 (2)] or under Section 9-504(1) [Sec. 75-9-504 (1)], 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 9-208 [Sec. 75-9-208];
(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 9-505 [Sec. 75-9-505];
(c) to redeem the collateral under Section 9-506 [Sec. 75-9-506];
(d) to obtain injunctive or other relief under Section 9-507(1) [Sec. 75-9-507 (1)]; and
(e) to recover losses caused to him under Section 9-208(2) [Sec. 75-9-208 (2)].
SOURCES: Codes, 1942, Sec. 41A:9-112; Laws, 1966, ch. 316, Sec. 9-112, eff March 31, 1968.