{"data":{"id":"us-nm/55-9-402","jurisdiction":"us-nm","citation":"55-9-402","heading":"Secured party not obligated on contract of debtor or in tort.","body":"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.\nOFFICIAL COMMENTS\nUCC Official Comments © by ALI \u0026 the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.\n1. Source. Former section 9-317.\n2. Nonliability of Secured Party. This section, like former section 9-317, rejects theories on which a secured party might be held liable on a debtor's contracts or in tort merely because a security interest exists or because the debtor is entitled to dispose of or use collateral. This section expands former section 9-317 to cover agricultural liens.","path":["Chapter 55 - Uniform Commercial Code","ARTICLE 9 Secured Transactions"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18558/index.do","current_through":"2024-04-27","vintage":"","retrieved_at":"2026-09-03T15:02:20Z","sha256":"4ec6ef3c247de5eda5a651751e49e8a237a47e03ca58d0621badb3a55c3a2282","source_id":"us-nm","stale":false,"prev":"us-nm/55-9-401","next":"us-nm/55-9-403"},"notice":"GroundRules: Original legal text. Not legal advice."}