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.
S.C. Code Ann. § 36-9-402
Secured party not obligated on contract of debtor or in tort
Known as the Uniform Commercial Code
The act spans §§ 36–36 (519 sections).
Applied in 3 court decisions — leading case Anderson v. Blackman (In Re Karisda, Inc.) (1988)
Most recently applied in Bank of America, N.A. v. Case Credit Corp. (In re K & P Logging, Inc.) (July 2001)
1962 Code SECTION 10.9-402; 1966 (54) 2716; 1988 Act No. 494, SECTION 5; 1992 Act No. 357, SECTION 1; 2001 Act No. 67, SECTION 12.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.