liability of secondary obligor.

(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 N.M. Stat. Ann. Chapter 55, Article 9; and

(2)     the secured party’s failure to comply with N.M. Stat. Ann. Chapter 55, Article 9 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 Paragraph (2) of Subsection (c) of Section 55-9-625 N.M. Stat. Ann. for its failure to comply with Section 55-9-616 N.M. Stat. Ann..

(e) A secured party is not liable under Paragraph (2) of Subsection (c) of Section 55- 9-625 NMSA 1978 more than once with respect to any one secured obligation.