{"data":{"id":"us-wi/wis.-stat.-409.628","jurisdiction":"us-wi","citation":"Wis. Stat. § 409.628","heading":"Nonliability and limitation on liability of secured party; liability of secondary obligor.","body":"(1) Limitation of liability of secured party for noncompliance with chapter. 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:\n(a) 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\n(b) The secured party’s failure to comply with this chapter does not affect the liability of the person for a deficiency.\n(2) Limitation of liability based on status as secured party. A secured party is not liable because of its status as secured party:\n(a) To a person that is a debtor or obligor, unless the secured party knows:\n1. That the person is a debtor or obligor;\n2. The identity of the person; and\n3. How to communicate with the person; or\n(b) To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:\n1. That the person is a debtor; and\n2. The identity of the person.\n(3) 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:\n(a) A debtor’s representation concerning the purpose for which collateral was to be used, acquired, or held; or\n(b) An obligor’s representation concerning the purpose for which a secured obligation was incurred.\n(4) Limitation of liability for statutory damages. A secured party is not liable to any person under s. 409.625 (3) (b) for its failure to comply with s. 409.616.\n(5) Limitation of multiple liability for statutory damages. A secured party is not liable under s. 409.625 (3) (b) more than once with respect to any one secured obligation.","path":["Chs. 401-411, Uniform Commercial Code","Chapter 409 Uniform Commercial Code — Secured Transactions","SUBCHAPTER VI DEFAULT"],"source_url":"https://docs.legis.wisconsin.gov/document/statutes/409.628","current_through":"2023-24 Wisconsin Statutes updated through 2025 Wis. Act 247 (published 9-4-26)","vintage":"","retrieved_at":"2026-09-05T12:01:23Z","sha256":"74b0ac69281b1f296d7207f8cff692629b6b19cdecbce706cba114f550d3cee2","source_id":"us-wi","stale":false,"prev":"us-wi/wis.-stat.-409.627","next":"us-wi/wis.-stat.-409.702"},"notice":"GroundRules: Original legal text. Not legal advice."}