(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:

Terms Used In Ohio Code 1309.628

  • Collateral: means the property subject to a security interest or agricultural lien, including:

    (a) Proceeds to which a security interest attaches;

    (b) Accounts, chattel paper, payment intangibles, and promissory notes that have been sold; and

    (c) Goods that are the subject of a consignment. See Ohio Code 1309.102

  • Communicate: means :

    (a) To send a written or other tangible record;

    (b) To transmit a record by any means agreed upon by the persons sending and receiving the record; or

    (c) In the case of transmission of a record to or by a filing office, to transmit a record by any means prescribed by filing-office rule. See Ohio Code 1309.102

  • Consumer goods: means goods that are used or bought for use primarily for personal, family, or household purposes. See Ohio Code 1309.102
  • Consumer transaction: means a transaction in which: (a) an individual incurs an obligation primarily for personal, family, or household purposes, (b) a security interest secures the obligation, and (c) the collateral is held or acquired primarily for personal, family, or household purposes. See Ohio Code 1309.102
  • Consumer-goods transaction: means a consumer transaction in which:

    (a) An individual incurs an obligation primarily for personal, family, or household purposes; and

    (b) A security interest in consumer goods secures the obligation. See Ohio Code 1309.102

  • Debtor: means :

    (a) A person having an interest, other than a security interest or other lien, in the collateral, whether or not the person is an obligor;

    (b) A seller of accounts, chattel paper, payment intangibles, or promissory notes; or

    (c) A consignee. See Ohio Code 1309.102

  • Financing statement: means a record composed of an initial financing statement and any filed record or records relating to the initial financing statement. See Ohio Code 1309.102
  • Goods: includes (i) fixtures, (ii) standing timber that is to be cut and removed under a conveyance or contract for sale, (iii) the unborn young of animals, (iv) crops grown, growing, or to be grown, even if the crops are produced on trees, vines, or bushes, and (v) manufactured homes. See Ohio Code 1309.102
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Obligor: means a person who, with respect to an obligation secured by a security interest in or an agricultural lien on the collateral, (i) owes payment or other performance of the obligation, (ii) has provided property other than the collateral to secure payment or other performance of the obligation, or (iii) is otherwise accountable in whole or in part for payment or other performance of the obligation. See Ohio Code 1309.102
  • Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
  • Secured party: means :

    (a) A person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding;

    (b) A person that holds an agricultural lien;

    (c) A consignor;

    (d) A person to whom accounts, chattel paper, payment intangibles, or promissory notes have been sold;

    (e) A trustee, indenture trustee, agent, collateral agent, or other representative in whose favor a security interest or agricultural lien is created or provided for; or

    (f) A person who holds a security interest arising under section 1302. See Ohio Code 1309.102

(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 chapter; and

(2) The failure of the secured party to comply with this chapter 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 division (C)(2) of section 1309.625 of the Revised Code for its failure to comply with section 1309.616 of the Revised Code.

(E) A secured party is not liable under division (C)(2) of section 1309.625 of the Revised Code more than once with respect to any one secured obligation.