Maine Revised Statutes Title 11 Sec. 9-1402 – Secured party not obligated on contract of debtor or in tort
Current as of: 2023 | Check for updates
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Terms Used In Maine Revised Statutes Title 11 Sec. 9-1402
- Collateral: includes :
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Contract: A legal written agreement that becomes binding when signed. Debtor: means :
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Lien: A claim against real or personal property in satisfaction of a debt. Secured party: means :
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
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. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).