Secured party not obligated on contract of debtor or in tort
12A:9-402. Secured party not obligated on contract of debtor or in tort
12A:9-402. Secured Party Not Obligated on Contract of Debtor or in Tort.
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.
L.2001, c.117, s.1.
This is the verbatim text of N.J.S.A. 12A:9-402, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. KyzerLex is not a law firm and this page is not legal advice.