Utah § 70A-9a-628 Nonliability and limitation on liability of secured party -- Liability of secondary obligor.

Utah Statutes

§ 70A-9a-628 — Nonliability and limitation on liability of secured party -- Liability of secondary obligor.

Utah·Title 70A Uniform Commercial Code·Ch. 70A-9a Uniform Commercial Code - Secured Transactions·Part 70A-9a-6 Default

(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:

(1)(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

(1)(b) the secured party's failure to comply with this chapter does not affect the liability of the person for a deficiency.

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

(2)(a) to a person that is a debtor or obligor, unless the secured party knows:

(2)(a)(i) that the person is a debtor or obligor;

(2)(a)(ii) the identity of the person; and

(2)(a)(iii) how to communicate with the person; or

(2)(b) to a secured party or lie

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(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:

(1)(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
(1)(b) the secured party's failure to comply with this chapter does not affect the liability of the person for a deficiency.
(2) A secured party is not liable because of its status as secured party:

(2)(a) to a person that is a debtor or obligor, unless the secured party knows:
(2)(a)(i) that the person is a debtor or obligor;
(2)(a)(ii) the identity of the person; and
(2)(a)(iii) how to communicate with the person; or
(2)(b) to a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
(2)(b)(i) that the person is a debtor; and
(2)(b)(ii) the identity of the person.
(3) 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:

(3)(a) a debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or
(3)(b) an obligor's representation concerning the purpose for which a secured obligation was incurred.
(4) A secured party is not liable to any person under Subsection 70A-9a-625(3)(b) for its failure to comply with Section 70A-9a-616.
(5) A secured party is not liable under Section 70A-9a-625(3)(b) more than once with respect to any one secured obligation.

Utah § 70A-9a-628 (Nonliability and limitation on liability of secured party -- Liability of secondary obligor.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.