(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. (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. (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. (1) To a person that is a debtor or obligor, unless the secured party knows;

   1. (a) That the person is a debtor or obligor;
   2. (b) The identity of the person; and
   3. (c) How to communicate with the person; or

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

   1. (a) That the person is a debtor; and
   2. (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. (1) A debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or
2. (2) An obligor's representation concerning the purpose for which a secured obligation was incurred.