(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 § 9-625(C)(2) FOR
ITS FAILURE TO COMPLY WITH § 9-616.

(E) A SECURED PARTY IS NOT LIABLE UNDER § 9-625(C)(2) MORE THAN ONCE
WITH RESPECT TO. ANY ONE SECURED OBLIGATION.

SUBTITLE 7. TRANSITION.

9-701. EFFECTIVE DATE.

(A) THIS TITLE TAKES EFFECT AT 12:01 A.M. ON JULY 1, 2001.

(B) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(1) "ORIGINAL CODE" MEANS CHAPTER 538 OF THE ACTS OF 1963, AS THE
PROVISIONS OF THAT CHAPTER WERE AMENDED PRIOR TO 12:01 A.M. ON JANUARY 1,
1981.

(2) "PRIOR CODE" MEANS CHAPTER 824 OF THE ACTS OF 1980, AS THE
PROVISIONS OF THAT CHAPTER WERE AMENDED PRIOR TO THE EFFECTIVE DATE OF
THIS TITLE.

9-702. SAVINGS CLAUSE.

(A) EXCEPT AS OTHERWISE PROVIDED IN THIS SUBTITLE, THIS TITLE APPLIES
TO A TRANSACTION OR LIEN WITHIN ITS SCOPE, EVEN IF THE TRANSACTION OR LIEN
WAS ENTERED INTO OR CREATED BEFORE THIS TITLE TAKES EFFECT.

(B) EXCEPT AS OTHERWISE PROVIDED IN SUBSECTION (C) AND §§ 9-703
THROUGH 9-708:

(1) TRANSACTIONS AND LIENS THAT WERE NOT GOVERNED BY THE
ORIGINAL CODE OR THE PRIOR CODE, WERE VALIDLY ENTERED INTO OR CREATED
BEFORE THIS TITLE TAKES EFFECT, AND WOULD BE SUBJECT TO THIS TITLE IF THEY
HAD BEEN ENTERED INTO OR CREATED AFTER THIS TITLE TAKES EFFECT, AND THE
RIGHTS, DUTIES, AND INTERESTS FLOWING FROM THOSE TRANSACTIONS AND LIENS
REMAIN VALID AFTER THIS TITLE TAKES EFFECT; AND