Mich. Comp. Laws § 440.9402

Current through Public Act 57 of the 2024 Legislative Session

Section 440.9402 - 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.

MCL 440.9402

1962, Act 174, Eff. 1/1/1964 ;--Am. 1978, Act 369, Eff. 1/1/1979 ;--Am. 1980, Act 53, Imd. Eff. 3/27/1980 ;--Am. 1988, Act 130, Eff. 9/1/1988 ;--Am. 1989, Act 216, Imd. Eff. 11/27/1989 ;--Am. 1998, Act 489, Imd. Eff. 1/4/1999 ;--Am. 2000, Act 348, Eff. 7/1/2001.