Okla. Stat. tit. 12A, § 12A-1-9-628: Nonliability and limitation on liability of secured

party; liability of secondary obligor.

NONLIABILITY AND LIMITATION ON LIABILITY

OF SECURED PARTY; LIABILITY OF SECONDARY OBLIGOR

(a) Subject to subsection (f) of this section, 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) Subject to subsection (f) of this section, 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 paragraph

(2) of subsection (c) of Section 1-9-625 of this title for its

failure to comply with Section 1-9-616 of this title.

(e) A secured party is not liable under paragraph (2) of

subsection (c) of Section 1-9-625 of this title more than once with

respect to any one secured obligation.

(f) Subsections (a) and (b) of this section do not apply to

limit the liability of a secured party to a person if, at the time

the secured party obtains control of collateral that is a

controllable account, controllable electronic record, or

controllable payment intangible or at the time the security interest

attaches to the collateral, whichever is later:

(1) the person is a debtor or obligor; and

(2) the secured party knows that the information in

subparagraph (A), (B), or (C) of paragraph (1) of subsection (b) of

this section relating to the person is not provided by the

collateral, a record attached to or logically associated with the

collateral, or the system in which the collateral is recorded.