{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-1-9-628","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-1-9-628","heading":"Nonliability and limitation on liability of secured","body":"party; liability of secondary obligor.\n\nNONLIABILITY AND LIMITATION ON LIABILITY\n\nOF SECURED PARTY; LIABILITY OF SECONDARY OBLIGOR\n\n(a) Subject to subsection (f) of this section, unless a secured\n\nparty knows that a person is a debtor or obligor, knows the identity\n\nof the person, and knows how to communicate with the person:\n\n(1) the secured party is not liable to the person, or to a\n\nsecured party or lienholder that has filed a financing statement\n\nagainst the person, for failure to comply with this article; and\n\n(2) the secured party's failure to comply with this article\n\ndoes not affect the liability of the person for a deficiency.\n\n(b) Subject to subsection (f) of this section, a secured party\n\nis not liable because of its status as secured party:\n\n(1) to a person that is a debtor or obligor, unless the secured\n\nparty knows:\n\n(A) that the person is a debtor or obligor;\n\n(B) the identity of the person; and\n\n(C) how to communicate with the person; or\n\n(2) to a secured party or lienholder that has filed a financing\n\nstatement against a person, unless the secured party knows:\n\n(A) that the person is a debtor; and\n\n(B) the identity of the person.\n\n(c) A secured party is not liable to any person, and a person's\n\nliability for a deficiency is not affected, because of any act or\n\nomission arising out of the secured party's reasonable belief that a\n\ntransaction is not a consumer-goods transaction or a consumer\n\ntransaction or that goods are not consumer goods, if the secured\n\nparty's belief is based on its reasonable reliance on:\n\n(1) a debtor's representation concerning the purpose for which\n\ncollateral was to be used, acquired, or held; or\n\n(2) an obligor's representation concerning the purpose for\n\nwhich a secured obligation was incurred.\n\n(d) A secured party is not liable to any person under paragraph\n\n(2) of subsection (c) of Section 1-9-625 of this title for its\n\nfailure to comply with Section 1-9-616 of this title.\n\n(e) A secured party is not liable under paragraph (2) of\n\nsubsection (c) of Section 1-9-625 of this title more than once with\n\nrespect to any one secured obligation.\n\n(f) Subsections (a) and (b) of this section do not apply to\n\nlimit the liability of a secured party to a person if, at the time\n\nthe secured party obtains control of collateral that is a\n\ncontrollable account, controllable electronic record, or\n\ncontrollable payment intangible or at the time the security interest\n\nattaches to the collateral, whichever is later:\n\n(1) the person is a debtor or obligor; and\n\n(2) the secured party knows that the information in\n\nsubparagraph (A), (B), or (C) of paragraph (1) of subsection (b) of\n\nthis section relating to the person is not provided by the\n\ncollateral, a record attached to or logically associated with the\n\ncollateral, or the system in which the collateral is recorded.","path":["OK Code","Title 12A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os12A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"3dfb1438c9cc4fe420f294b8e1c9b5491fdc6c889281ac8adbf49d33c9ac43ad","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-1-9-627","next":"us-ok/okla.-stat.-tit.-12a-12a-1-9-702"},"notice":"GroundRules: Original legal text. Not legal advice."}