554.9317  Secured party not obligated on contract of debtor.

The mere existence of a security interest or authority given to the debtor to dispose of or use collateral does not impose contract or tort liability upon the secured party for the debtor's acts or omissions.

Section History: Early form

  [C66, 71, 73, 75, 77, 79, 81, § 554.9317]

Internal References

  Referred to in § 15E.91, 16.26, 16A.9

Footnotes

  For future amendments to this section effective July 1, 2001, see 2000 Acts, ch 1149, §37, 185, 187

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