554.9402 Secured party not obligated on contract of debtor or in tort.
47 words·~1 min read·
/ia/chapter-554-uniform-commercial-code/554-9402A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor’s acts or omissions.
2000 Acts, ch 1149, §64, 185, 187