§ 9-402 — Secured party not obligated on contract of debtor or in tort

Illinois § 9-402

• Jurisdiction: Illinois
• Topic: BUSINESS AND EMPLOYMENT
• Ch. 810: COMMERCIAL CODE
• Act 810 ILCS 5/: Uniform Commercial Code.
• Art.: Article 9 - Secured Transactions

Text

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.

Legislative History

(Source: P.A. 91-357, eff. 7-29-99; 91-893, eff. 7-1-01.)