Nebraska Uniform Commercial Code 9-402
- Uniform Commercial Code
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.
1. Source. Former section 9-317.
2. Nonliability of Secured Party. This section, like former section 9-317, rejects theories on which a secured party might be held liable on a debtor's contracts or in tort merely because a security interest exists or because the debtor is entitled to dispose of or use collateral. This section expands former section 9-317 to cover agricultural liens.