69-109.01. Security interest; personal property; sale by auctioneer; no liability under conditions specified.

The auctioneer, who in good faith and without notice of a security interest therein, sells personal property at auction, which is in fact subject to a security interest, for a principal whose identity has been disclosed, in which property the auctioneer has no interest but acts only as an intermediary of the owner is not liable to the holder of the security interest for any damage sustained as a result of such sale.

Source:Laws 1963, c. 391, § 1, p. 1242; Laws 1969, c. 543, § 2, p. 2194; Laws 1971, LB 961, § 2.