ORS 79.0628 UCC 9-628

Nonliability and limitation on liability of secured party; liability of secondary obligor. (1) 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:

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

The secured party’s failure to comply with this chapter does not affect the liability of the person for a deficiency.

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

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

That the person is a debtor or obligor;

The identity of the person; and

How to communicate with the person; or

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

That the person is a debtor; and

The identity of the person.

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:

A debtor’s representation concerning the purpose for which collateral was to be used, acquired or held; or

An obligor’s representation concerning the purpose for which a secured obligation was incurred.

A secured party is not liable to any person under ORS 79.0625 (3)(b) for its failure to comply with ORS 79.0616.

A secured party is not liable under ORS 79.0625 (3)(b) more than once with respect to any one secured obligation.