Section 75-9-402 - Secured party not obligated on contract of debtor or in tortThe 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.
Former 1972 Code § 75-9-402 [Codes, 1942, § 41A:9-402; Laws, 1966, ch. 316, § 9-402; Laws, 1968, ch. 490, § 1; Laws, 1977, ch. 452, § 25, eff. 4/1/1978] is now found in comparable provisions enacted at §§ 75-9-502, 75-9-503, 75-9-504, 75-9-506, 75-9-507, 75-9-512, and 75-9-521 by Laws, 2001, ch. 495, § 1. Present § 75-9-402 was derived from former 1972 Code § 75-9-317 [Codes, 1942, § 41A:9-317; Laws, 1966, ch. 316, § 9-317, eff. 3/31/1968] and was enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.