Section 8.9A-628 - [Effective Until 7/1/2025] Nonliability and limitation on liability of secured party; liability of secondary obligor(a) Limitation of liability of secured party for noncompliance with title. 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 title; and(2) the secured party's failure to comply with this title does not affect the liability of the person for a deficiency.(b) Limitation of liability based on status as secured party. 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) Limitation of liability if reasonable belief that transaction not a consumer-goods transaction or consumer transaction. 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) Limitation of liability for statutory damages. A secured party is not liable to any person under § 8.9A-625 A(c) (2) for its failure to comply with § 8.9-616A.(e) Limitation of multiple liability for statutory damages. A secured party is not liable under § 8.9A-625 A(c) (2) more than once with respect to any one secured obligation.Amended by Acts 2000, § c.1007.This section is set out more than once due to postponed, multiple, or conflicting amendments.