§490:9-628  Nonliability and limitation on
liability of secured party; liability of secondary obligor.  (a)  Unless a
secured party knows that a person is a debtor or obligor, knows the identity of
the person, and knows how to communicate with the person:



(1)  The secured party is not liable to the person, or
to a secured party or lienholder that has filed a financing statement against
the person, for failure to comply with this article; and



(2)  The secured party's failure to comply with this
article does not affect the liability of the person for a deficiency.



(b)  A secured party is not liable because of
its status as secured party:



(1)  To a person that is a debtor or obligor, unless
the secured party knows:



(A)  That the person is a debtor or obligor;



(B)  The identity of the person; and



(C)  How to communicate with the person; or



(2)  To a secured party or lienholder that has filed a
financing statement against a person, unless the secured party knows:



(A)  That the person is a debtor; and



(B)  The identity of the person.



(c)  A secured party is not liable to any
person, and a person's liability for a deficiency is not affected, because of
any act or omission arising out of the secured party's reasonable belief that a
transaction is not a consumer-goods transaction or a consumer transaction or
that goods are not consumer goods, if the secured party's belief is based on
its reasonable reliance on:



(1)  A debtor's representation concerning the purpose
for which collateral was to be used, acquired, or held; or



(2)  An obligor's representation concerning the
purpose for which a secured obligation was incurred.



(d)  A secured party is not liable to any
person under section 490:9-625(c)(2) for its failure to comply with section
490:9-616.



(e)  A secured party is not liable under
section 490:9-625(c)(2) more than once with respect to any one secured
obligation. [L 2000, c 241, pt of §1]