§ 1309.628

Effective: July 1, 2001 Latest Legislation: Senate Bill 74 - 124th General Assembly (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 chapter; and(2) The failure of the secured party to comply with this chapter 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

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 division (C)(2) of section 1309.625 of the Revised Code for its failure to comply with section 1309.616 of the Revised Code.(E) A secured party is not liable under division (C)(2) of section 1309.625 of the Revised Code more than once with respect to any one secured obligation.