§ 9-628. Nonliability and limitation on liability of secured party; liability of secondary obligor.
A. Limitation of Liability of Secured Party for Noncompliance with Osage Nation Secured Transactions Act. 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 lien holder that has filed a financing statement against the person, for failure to comply with this Osage Nation Secured Transactions Act; and
2. The secured party’s failure to comply with this Osage Nation Secured Transactions Act 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:
b. The identity of the person; and
c. How to communicate with the person; or
2. To a secured party or lien holder that has filed a financing statement against a person, unless the secured party knows:
b. The identity of the person.
C. Limitation of Liability if Reasonable Belief That Transaction Not a Consumer Transaction or Collateral Is Not Consumer Goods. 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 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 27A ONC § 9-625(C)(2), which deals with statutory damages where the collateral is consumer goods, for its failure to comply with 27A ONC § 9-616, which deals with explanations of calculations of surplus or deficiency.
E. Limitation of Multiple Liability for Statutory Damages. A secured party is not liable under 27A ONC § 9-623(C)(2), which deals with statutory damages where the collateral is consumer goods, more than once with respect to any one secured obligation. ONCA 07-22, eff. June 18, 2007.