Oregon Statutes 79.0402 – UCC 9-402. Secured party not obligated on contract of debtor or in tort
Current as of: 2023 | Check for updates
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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. [2001 c.445 § 64]
Terms Used In Oregon Statutes 79.0402
- Collateral: means the property subject to a security interest or agricultural lien. See Oregon Statutes 79.0102
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Tort: 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.