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.
Structure Code of Alabama
Article 9A - Secured Transactions.
Part 4 - Rights of Third Parties.
Section 7-9A-401 - Alienability of Debtor's Rights.
Section 7-9A-402 - Secured Party Not Obligated on Contract of Debtor or in Tort.
Section 7-9A-403 - Agreement Not to Assert Defenses Against Assignee.
Section 7-9A-404 - Rights Acquired by Assignee; Claims and Defenses Against Assignee.
Section 7-9A-405 - Modification of Assigned Contract.
Section 7-9A-409 - Restrictions on Assignment of Letter-of-Credit Rights Ineffective.