(a) Limitation of liability of secured party for noncompliance with article. 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 article; and
2. (2) The secured party's failure to comply with this article does not affect the liability of the person for a deficiency.

(b) Limitation of liability based on status as secured party. 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) Limitation of liability if reasonable belief that transaction not a consumer-goods transaction or consumer transaction. 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.