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.
History
N.C. Gen. Stat. § 25-9-402
Secured party not obligated on contract of debtor or in tort
Showing this section's text as in effect on June 1, 2021 (in force June 1, 2021 – April 1, 2022). View current text →
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.