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Code · Michigan · Chapter 440 — Uniform Commercial Code

440.9402 Secured party not obligated on contract of debtor or in tort.

121 words·~1 min read·/mi/chapter-440/440-9402

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440.9402 Secured party not obligated on contract of debtor or in tort.
Sec. 9402.
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.
History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1978, Act 369, Eff. Jan. 1, 1979 ;-- Am. 1980, Act 53, Imd. Eff. Mar. 27, 1980 ;-- Am. 1988, Act 130, Eff. Sept. 1, 1988 ;-- Am. 1989, Act 216, Imd. Eff. Nov. 27, 1989 ;-- Am. 1998, Act 489 , Imd. Eff. Jan. 4, 1999 ;-- Am. 2000, Act 348 , Eff. July 1, 2001
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