(a) 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 title; and
(2) The secured party’s failure to comply with this title does not affect the liability of the person for a deficiency.
(b) 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 § 9-625(c)(2) for its failure to comply with § 9-616.
(e) A secured party is not liable under § 9-625(c)(2) more than once with respect to any one secured obligation.
Structure Maryland Statutes
Title 9 - Secured Transactions
Section 9-602 - Waiver and Variance of Rights and Duties
Section 9-603 - Agreement on Standards Concerning Rights and Duties
Section 9-604 - Procedure if Security Agreement Covers Real Property or Fixtures
Section 9-605 - Unknown Debtor or Secondary Obligor
Section 9-606 - Time of Default for Agricultural Lien
Section 9-607 - Collection and Enforcement by Secured Party
Section 9-609 - Secured Party's Right to Take Possession After Default
Section 9-610 - Disposition of Collateral After Default
Section 9-611 - Notification Before Disposition of Collateral
Section 9-612 - Timeliness of Notification Before Disposition of Collateral
Section 9-613 - Contents and Form of Notification Before Disposition of Collateral: General
Section 9-616 - Explanation of Calculation of Surplus or Deficiency
Section 9-617 - Rights of Transferee of Collateral
Section 9-618 - Rights and Duties of Certain Secondary Obligors
Section 9-619 - Transfer of Record or Legal Title
Section 9-621 - Notification of Proposal to Accept Collateral
Section 9-622 - Effect of Acceptance of Collateral
Section 9-623 - Right to Redeem Collateral
Section 9-625 - Remedies for Secured Party's Failure to Comply With Title
Section 9-626 - Action in Which Deficiency or Surplus Is in Issue
Section 9-627 - Determination of Whether Conduct Was Commercially Reasonable