30-9-112. 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 30-9-502(2) or under 30-9-504(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 30-9-208;
     (b) to receive notice of and to object to a secured party's proposal to retain the collateral in satisfaction of the indebtedness under 30-9-505;
     (c) to redeem the collateral under 30-9-506;
     (d) to obtain injunctive or other relief under 30-9-507(1); and
     (e) to recover losses caused to him under 30-9-208(2).

     History: En. Sec. 9-112, Ch. 264, L. 1963; R.C.M. 1947, 87A-9-112.