§ 9–628
Statutes in effect as of October 1, 2026.
Md. Code Ann., Com. Law § 9-628 (2026)
Title 9. Secured Transactions
Subtitle 6. Default
§ 9–628LinkCopy Citation
(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.