14-9-112. WHERE COLLATERAL IS NOT OWNED BY THE 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 502 (20) or under Section 504 (1) and is not liable for the debt or for any deficiency after resale, and he has the same right as the debtor

1. To receive statements under Section 208;
2. To receive notice of and object to a secured party’s proposal to retain the collateral in satisfaction of the indebtedness under Section 505;
3. To redeem the collateral under Section 507 (1); and
4. To recover losses caused to him under Section 208 (2).