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The Florida Senate

2010 Florida Statutes

Title XXXIX COMMERCIAL RELATIONS
Chapter 679 UNIFORM COMMERCIAL CODE: SECURED TRANSACTIONS Entire Chapter
SECTION 628
Nonliability and limitation on liability of secured party; liability of secondary obligor.
F.S. 679.628
679.628

Nonliability and limitation on liability of secured party; liability of secondary obligor.

—
(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:

(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

(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 a secured party:

(a)

To a person who is a debtor or obligor, unless the secured party knows:

1.

That the person is a debtor or obligor;

2.

The identity of the person; and

3.

How to communicate with the person; or

(b)

To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:

1.

That the person is a debtor; and

2.

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:

(a)

A debtor’s representation concerning the purpose for which collateral was to be used, acquired, or held; or

(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 s. 679.625(3)(b) for its failure to comply with s. 679.616.

(5)

A secured party is not liable under s. 679.625(3)(b) more than once with respect to any one secured obligation.

History.
—

s. 7, ch. 2001-198.