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https://law.justia.com/codes/alabama/title-7/article-9/part-1/section-7-9-104/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 1 - Short Title, Applicability and Definitions.›Section 7-9-104 - Transactions Excluded From Article.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 1 - Short Title, Applicability and Definitions. › Section 7-9-104 - Transactions Excluded From Article.
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Section 7-9-104
Transactions excluded from article.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1965, 3rd Ex. Sess., No. 30, p. 237, §2; Acts 1981, No. 81-312, p. 399; Acts 1997, No. 97-702, §2.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-1/section-7-9-105/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 1 - Short Title, Applicability and Definitions.›Section 7-9-105 - Definitions and Index of Definitions.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 1 - Short Title, Applicability and Definitions. › Section 7-9-105 - Definitions and Index of Definitions.
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Section 7-9-105
Definitions and index of definitions.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399; Acts 1995, No. 95-668, p. 1381, §4; Acts 1996, No. 96-742, p. 1241, §2; Acts 1997, No. 97-702, §2.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-1/section-7-9-106/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 1 - Short Title, Applicability and Definitions.›Section 7-9-106 - Definitions: "Account"; "General intangibles."
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 1 - Short Title, Applicability and Definitions. › Section 7-9-106 - Definitions: "Account"; "General intangibles."
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Section 7-9-106
Definitions: "Account"; "general intangibles."
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399; Acts 1996, No. 96-742, p. 1241, §2; Acts 1997, No. 97-702, §2.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-1/section-7-9-107/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 1 - Short Title, Applicability and Definitions.›Section 7-9-107 - Definitions: "Purchase Money Security interest."
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 1 - Short Title, Applicability and Definitions. › Section 7-9-107 - Definitions: "Purchase Money Security interest."
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Section 7-9-107
Definitions: "Purchase money security interest."
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-1/section-7-9-108/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 1 - Short Title, Applicability and Definitions.›Section 7-9-108 - When After-Acquired Collateral Not Security for Antecedent Debt.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 1 - Short Title, Applicability and Definitions. › Section 7-9-108 - When After-Acquired Collateral Not Security for Antecedent Debt.
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Section 7-9-108
When after-acquired collateral not security for antecedent debt.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-1/section-7-9-109/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 1 - Short Title, Applicability and Definitions.›Section 7-9-109 - Classification of Goods; "Consumer Goods"; "Equipment"; "Farm Products"; "Inventor...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 1 - Short Title, Applicability and Definitions. › Section 7-9-109 - Classification of Goods; "Consumer Goods"; "Equipment"; "Farm Products"; "Inventory".
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Section 7-9-109
Classification of goods; "consumer goods"; "equipment"; "farm products"; "inventory".
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-1/section-7-9-110/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 1 - Short Title, Applicability and Definitions.›Section 7-9-110 - Sufficiency of Description.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 1 - Short Title, Applicability and Definitions. › Section 7-9-110 - Sufficiency of Description.
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Section 7-9-110
Sufficiency of description.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-1/section-7-9-111/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 1 - Short Title, Applicability and Definitions.›Section 7-9-111 - Applicability of Bulk Transfer Laws.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 1 - Short Title, Applicability and Definitions. › Section 7-9-111 - Applicability of Bulk Transfer Laws.
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Section 7-9-111
Applicability of bulk transfer laws.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-1/section-7-9-112/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 1 - Short Title, Applicability and Definitions.›Section 7-9-112 - Where Collateral Is Not Owned by Debtor.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 1 - Short Title, Applicability and Definitions. › Section 7-9-112 - Where Collateral Is Not Owned by Debtor.
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Section 7-9-112
Where collateral is not owned by debtor.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-1/section-7-9-113/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 1 - Short Title, Applicability and Definitions.›Section 7-9-113 - Security Interests Arising Under the Article on Sales or Under the Article on Leas...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 1 - Short Title, Applicability and Definitions. › Section 7-9-113 - Security Interests Arising Under the Article on Sales or Under the Article on Leases.
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Section 7-9-113
Security interests arising under the article on sales or under the article on leases.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1992, 2nd Ex. Sess., No. 92-700, p. 92, §603.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-1/section-7-9-114/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 1 - Short Title, Applicability and Definitions.›Section 7-9-114 - Consignment.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 1 - Short Title, Applicability and Definitions. › Section 7-9-114 - Consignment.
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Section 7-9-114
Consignment.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1981, No. 81-312, p. 399.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-1/section-7-9-115/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 1 - Short Title, Applicability and Definitions.›Section 7-9-115 - Investment Property.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 1 - Short Title, Applicability and Definitions. › Section 7-9-115 - Investment Property.
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Section 7-9-115
Investment property.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1996, No. 96-742, p. 1241, §3.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-1/section-7-9-116/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 1 - Short Title, Applicability and Definitions.›Section 7-9-116 - Security Interest Arising in Purchase or Delivery of Financial Asset.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 1 - Short Title, Applicability and Definitions. › Section 7-9-116 - Security Interest Arising in Purchase or Delivery of Financial Asset.
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Section 7-9-116
Security interest arising in purchase or delivery of financial asset.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1996, No. 96-742, p. 1241, §3.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-2/section-7-9-201/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 2 - Validity of Security Agreement and Rights of Parties Thereto.›Section 7-9-201 - General Validity of Security Agreement.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 2 - Validity of Security Agreement and Rights of Parties Thereto. › Section 7-9-201 - General Validity of Security Agreement.
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Section 7-9-201
General validity of security agreement.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-2/section-7-9-202/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 2 - Validity of Security Agreement and Rights of Parties Thereto.›Section 7-9-202 - Title to Collateral Immaterial.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 2 - Validity of Security Agreement and Rights of Parties Thereto. › Section 7-9-202 - Title to Collateral Immaterial.
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Section 7-9-202
Title to collateral immaterial.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-2/section-7-9-203/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 2 - Validity of Security Agreement and Rights of Parties Thereto.›Section 7-9-203 - Attachment and Enforceability of Security Interest; Proceeds; Formal Requisites.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 2 - Validity of Security Agreement and Rights of Parties Thereto. › Section 7-9-203 - Attachment and Enforceability of Security Interest; Proceeds; Formal Requisites.
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Section 7-9-203
Attachment and enforceability of security interest; proceeds; formal requisites.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399; Acts 1995, No. 95-668, p. 1381, §4; Acts 1996, No. 96-742, p. 1241, §2.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-2/section-7-9-204/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 2 - Validity of Security Agreement and Rights of Parties Thereto.›Section 7-9-204 - After-Acquired Property; Future Advances.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 2 - Validity of Security Agreement and Rights of Parties Thereto. › Section 7-9-204 - After-Acquired Property; Future Advances.
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Section 7-9-204
After-acquired property; future advances.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1979, No. 79-256, p. 390; Acts 1981, No. 81-312, p. 399; Acts 1983, No. 83-605, p. 942, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-2/section-7-9-205/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 2 - Validity of Security Agreement and Rights of Parties Thereto.›Section 7-9-205 - Use or Disposition of Collateral Without Accounting Permissible.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 2 - Validity of Security Agreement and Rights of Parties Thereto. › Section 7-9-205 - Use or Disposition of Collateral Without Accounting Permissible.
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Section 7-9-205
Use or disposition of collateral without accounting permissible.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-2/section-7-9-206/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 2 - Validity of Security Agreement and Rights of Parties Thereto.›Section 7-9-206 - Agreement Not to Assert Defenses Against Assignee; Modification of Sales Warrantie...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 2 - Validity of Security Agreement and Rights of Parties Thereto. › Section 7-9-206 - Agreement Not to Assert Defenses Against Assignee; Modification of Sales Warranties Where Security Agreement Exists.
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Section 7-9-206
Agreement not to assert defenses against assignee; modification of sales warranties where security agreement exists.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1995, No. 95-668, p. 1381, §4.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-2/section-7-9-207/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 2 - Validity of Security Agreement and Rights of Parties Thereto.›Section 7-9-207 - Rights and Duties When Collateral Is in Secured Party's Possession.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 2 - Validity of Security Agreement and Rights of Parties Thereto. › Section 7-9-207 - Rights and Duties When Collateral Is in Secured Party's Possession.
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Section 7-9-207
Rights and duties when collateral is in secured party's possession.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-2/section-7-9-208/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 2 - Validity of Security Agreement and Rights of Parties Thereto.›Section 7-9-208 - Request for Statement of Account or List of Collateral.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 2 - Validity of Security Agreement and Rights of Parties Thereto. › Section 7-9-208 - Request for Statement of Account or List of Collateral.
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Section 7-9-208
Request for statement of account or list of collateral.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-3/section-7-9-301/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority.›Section 7-9-301 - Persons Who Take Priority Over Unperfected Security Interests; "Lien creditor."
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority. › Section 7-9-301 - Persons Who Take Priority Over Unperfected Security Interests; "Lien creditor."
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Section 7-9-301
Persons who take priority over unperfected security interests; "lien creditor."
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1979, No. 79-256, p. 390; Acts 1981, No. 81-312, p. 399; Acts 1996, No. 96-742, p. 1241, §2.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-3/section-7-9-302/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority.›Section 7-9-302 - When Filing Is Required to Perfect Security Interest; Security Interests to Which...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority. › Section 7-9-302 - When Filing Is Required to Perfect Security Interest; Security Interests to Which Filing Provisions of This Article Do Not Apply.
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Section 7-9-302
When filing is required to perfect security interest; security interests to which filing provisions of this article do not apply.
THIS SECTION WAS REPEALED IN THE 2001 REGULAR SESSION, BY ACT 2001-481, EFFECTIVE JAN. 1, 2002.
(1) A financing statement must be filed to perfect all security interests except the following:
(a) A security interest in collateral in possession of the secured party under Section 7-9-305;
(b) A security interest temporarily perfected in instruments, certificated securities, or documents without delivery under Section 7-9-304 or in proceeds for a 20-day period under Section 7-9-306;
(c) A security interest created by an assignment of a beneficial interest in a trust or a decedent's estate;
(d) A purchase money security interest in consumer goods; but filing is required for a motor vehicle required to be registered; and fixture filing is required for priority over conflicting interests in fixtures to the extent provided in Section 7-9-313;
(e) An assignment of accounts which does not alone or in conjunction with other assignments to the same assignee transfer a significant part of the outstanding accounts of the assignor;
(f) A security interest of a collecting bank (Section 7-4-208) or arising under the article on sales (see Section 7-9-113) or covered in subsection (3) of this section;
(g) An assignment for the benefit of all the creditors of the transferor, and subsequent transfers by the assignee thereunder;
(h) A security interest in investment property which is perfected without filing under Section 7-9-115 or Section 7-9-116.
(2) If a secured party assigns a perfected security interest, no filing under this article is required in order to continue the perfected status of the security interest against creditors of and transferees from the original debtor.
(3) The filing of a financing statement otherwise required by this article is not necessary or effective to perfect a security interest in property subject to:
(a) A statute or treaty of the United States which provides for a national or international registration or a national or international certificate of title or which specifies a place of filing different from that specified in this article for filing of the security interest; or
(b) The following statutes of this state: any certificate of title statute covering automobiles, trailers, mobile homes, boats, farm tractors or the like, and any central filing statute; but during any period in which collateral is inventory held for sale by a person who is in the business of selling goods of that kind, the filing provisions of this article (Part 4) apply to a security interest in that collateral created by him as debtor; or
(c) A certificate of title statute of another jurisdiction under the law of which indication of a security interest on the certificate is required as a condition of perfection (subsection (2) of Section 7-9-103).
(4) Compliance with a statute or treaty described in subsection (3) is equivalent to the filing of a financing statement under this article, and a security interest in property subject to the statute or treaty can be perfected only by compliance therewith except as provided in Section 7-9-103 on multiple state transactions. Duration and renewal of perfection of a security interest perfected by compliance with the statute or treaty are governed by the provisions of the statute or treaty; in other respects the security interest is subject to this article.
(5)(a) The filing provisions of this article also do not apply to a security interest in personal property or fixtures of a utility which is created by a mortgage or other security agreement which also covers real property situated in the State of Alabama and which has been filed for record in accordance with the laws of Alabama governing mortgages of real property. Such security interest shall be perfected by such filing, whether such filing shall have been accomplished before or after February 1, 1982; and such security interest shall be and remain effective, both as to the personal property or fixtures covered by the security interest at the time that it is perfected and as to personal property or fixtures which may subsequently be covered by the security interest under any after-acquired property provision of the mortgage or other security agreement creating the security interest, as long as such mortgage or other security agreement shall remain in effect, without the necessity for any refiling under the provisions of this article.
(b) Except as otherwise provided in paragraph (a) of this subsection (5), security interests in personal property or fixtures of a utility are subject to Sections 7-9-401(5) and 7-9-403(6).
(Acts 1965, No. 459, p. 811; Acts 1979, No. 79-256, p. 390; Acts 1981, No. 81-312, p. 399; Acts 1995, No. 95-668, p. 1381, §4; Acts 1996, No. 96-742, p. 1241, §2.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-3/section-7-9-303/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority.›Section 7-9-303 - When Security Interest Is Perfected; Continuity of Perfection.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority. › Section 7-9-303 - When Security Interest Is Perfected; Continuity of Perfection.
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Section 7-9-303
When security interest is perfected; continuity of perfection.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-3/section-7-9-304/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority.›Section 7-9-304 - Perfection of Security Interest in Instruments, Documents, Proceeds of a Written L...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority. › Section 7-9-304 - Perfection of Security Interest in Instruments, Documents, Proceeds of a Written Letter of Credit, and Goods Covered by Documents; Perfection by Permissive Filing; Temporary Perfection Without Filing or Transfer of Possession.
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Section 7-9-304
Perfection of security interest in instruments, documents, proceeds of a written letter of credit, and goods covered by documents; perfection by permissive filing; temporary perfection without filing or transfer of possession.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399; Acts 1996, No. 96-742, p. 1241, §2; Acts 1997, No. 97-702, §2.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-3/section-7-9-305/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority.›Section 7-9-305 - When Possession by Secured Party Perfects Security Interest Without Filing.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority. › Section 7-9-305 - When Possession by Secured Party Perfects Security Interest Without Filing.
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Section 7-9-305
When possession by secured party perfects security interest without filing.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399; Acts 1997, No. 97-702, §2.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-3/section-7-9-306/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority.›Section 7-9-306 - "Proceeds"; Secured Party's Rights on Disposition of Collateral.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority. › Section 7-9-306 - "Proceeds"; Secured Party's Rights on Disposition of Collateral.
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Section 7-9-306
"Proceeds"; secured party's rights on disposition of collateral.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1979, No. 79-256, p. 390; Acts 1981, No. 81-312, p. 399; Acts 1996, No. 96-742, p. 1241, §2.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-3/section-7-9-307/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority.›Section 7-9-307 - Protection of Buyer of Goods.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority. › Section 7-9-307 - Protection of Buyer of Goods.
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Section 7-9-307
Protection of buyer of goods.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399; Acts 1986, No. 86-507, p. 989, §1; Acts 1987, No. 87-410, p. 595, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-3/section-7-9-308/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority.›Section 7-9-308 - Purchase of Chattel Paper and Instruments.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority. › Section 7-9-308 - Purchase of Chattel Paper and Instruments.
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Section 7-9-308
Purchase of chattel paper and instruments.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-3/section-7-9-309/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority.›Section 7-9-309 - Protection of Purchasers of Instruments and Documents.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority. › Section 7-9-309 - Protection of Purchasers of Instruments and Documents.
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Section 7-9-309
Protection of purchasers of instruments and documents.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1996, No. 96-742, p. 1241, §2.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-3/section-7-9-310/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority.›Section 7-9-310 - Priority of Certain Liens Arising by Operation of Law; Landlord's Lien.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority. › Section 7-9-310 - Priority of Certain Liens Arising by Operation of Law; Landlord's Lien.
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Section 7-9-310
Priority of certain liens arising by operation of law; landlord's lien.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-3/section-7-9-311/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority.›Section 7-9-311 - Alienability of Debtor's Rights: Judicial Process.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority. › Section 7-9-311 - Alienability of Debtor's Rights: Judicial Process.
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Section 7-9-311
Alienability of debtor's rights: Judicial process.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-3/section-7-9-312/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority.›Section 7-9-312 - Priorities Among Conflicting Security Interests in the Same Collateral.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority. › Section 7-9-312 - Priorities Among Conflicting Security Interests in the Same Collateral.
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Section 7-9-312
Priorities among conflicting security interests in the same collateral.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1979, No. 79-256, p. 390; Acts 1981, No. 81-312, p. 399; Acts 1995, No. 95-668, p. 1381, §4; Acts 1996, No. 96-742, p. 1241, §2.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-3/section-7-9-313/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority.›Section 7-9-313 - Priority of Security Interests in Fixtures.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority. › Section 7-9-313 - Priority of Security Interests in Fixtures.
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Section 7-9-313
Priority of security interests in fixtures.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-3/section-7-9-314/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority.›Section 7-9-314 - Accessions.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority. › Section 7-9-314 - Accessions.
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Section 7-9-314
Accessions.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-3/section-7-9-315/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority.›Section 7-9-315 - Priority When Goods Are Commingled or Processed.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority. › Section 7-9-315 - Priority When Goods Are Commingled or Processed.
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Section 7-9-315
Priority when goods are commingled or processed.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-3/section-7-9-316/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority.›Section 7-9-316 - Priority Subject to Subordination.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority. › Section 7-9-316 - Priority Subject to Subordination.
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Section 7-9-316
Priority subject to subordination.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-3/section-7-9-317/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority.›Section 7-9-317 - Secured Party Not Obligated on Contract of Debtor.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority. › Section 7-9-317 - Secured Party Not Obligated on Contract of Debtor.
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Section 7-9-317
Secured party not obligated on contract of debtor.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-3/section-7-9-318/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority.›Section 7-9-318 - Defenses Against Assignee; Modification of Contract After Notification of Assignme...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority. › Section 7-9-318 - Defenses Against Assignee; Modification of Contract After Notification of Assignment; Term Prohibiting Assignment Ineffective; Identification and Proof of Assignment.
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Section 7-9-318
Defenses against assignee; modification of contract after notification of assignment; term prohibiting assignment ineffective; identification and proof of assignment.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-4/section-7-9-401/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 4 - Filing.›Section 7-9-401 - Place of Filing; Erroneous Filing; Removal of Collateral.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 4 - Filing. › Section 7-9-401 - Place of Filing; Erroneous Filing; Removal of Collateral.
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Section 7-9-401
Place of filing; erroneous filing; removal of collateral.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-4/section-7-9-402/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 4 - Filing.›Section 7-9-402 - Formal Requisites of Financing Statement; Amendments; Mortgage as Financing Statem...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 4 - Filing. › Section 7-9-402 - Formal Requisites of Financing Statement; Amendments; Mortgage as Financing Statement.
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Section 7-9-402
Formal requisites of financing statement; amendments; mortgage as financing statement.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399; Acts 1987, No. 87-410, p. 595, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-4/section-7-9-403/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 4 - Filing.›Section 7-9-403 - What Constitutes Filing; Duration of Filing; Effect of Lapsed Filing; Duties of Fi...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 4 - Filing. › Section 7-9-403 - What Constitutes Filing; Duration of Filing; Effect of Lapsed Filing; Duties of Filing Officer.
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Section 7-9-403
What constitutes filing; duration of filing; effect of lapsed filing; duties of filing officer.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1973, No. 865, p. 1365, §1; Acts 1981, No. 81-312, p. 399; Acts 1984, No. 84-307; Acts 1984, No. 84-446, p. 1040, §2; Acts 1987, No. 87-410, p. 595, §1; Acts 1991, No. 91-593, p. 1094, §1; Act 2000-724, § 1.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-4/section-7-9-404/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 4 - Filing.›Section 7-9-404 - Termination Statement.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 4 - Filing. › Section 7-9-404 - Termination Statement.
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Section 7-9-404
Termination statement.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1973, No. 865, p. 1365, §1; Acts 1981, No. 81-312, p. 399; Acts 1984, No. 84-446, p. 1040, §2; Acts 1987, No. 87-410, p. 595, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-4/section-7-9-405/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 4 - Filing.›Section 7-9-405 - Assignment of Security Interest; Duties of Filing Officer; Fees.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 4 - Filing. › Section 7-9-405 - Assignment of Security Interest; Duties of Filing Officer; Fees.
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Section 7-9-405
Assignment of security interest; duties of filing officer; fees.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1973, No. 865, p. 1365, §1; Acts 1981, No. 81-312, p. 399; Acts 1984, No. 84-446, §2.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-4/section-7-9-406/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 4 - Filing.›Section 7-9-406 - Release of Collateral; Duties of Filing Officer; Fees.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 4 - Filing. › Section 7-9-406 - Release of Collateral; Duties of Filing Officer; Fees.
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Section 7-9-406
Release of collateral; duties of filing officer; fees.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1973, No. 865, p. 1365, §1; Acts 1981, No. 81-312, p. 399; Acts 1984, No. 84-446, §2.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-4/section-7-9-407/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 4 - Filing.›Section 7-9-407 - Information From Filing Officer.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 4 - Filing. › Section 7-9-407 - Information From Filing Officer.
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Section 7-9-407
Information from filing officer.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1973, No. 865, p. 1365, §1; Acts 1981, No. 81-312, p. 399; Acts 1984, No. 84-446, p. 1040, §2; Acts 1986, No. 86-507, p. 989, §1; Acts 1987, No. 87-410, p. 595, §1; Acts 1990, No. 90-480, p. 706.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-4/section-7-9-408/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 4 - Filing.›Section 7-9-408 - Financing Statements Covering Consigned or Leased Goods.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 4 - Filing. › Section 7-9-408 - Financing Statements Covering Consigned or Leased Goods.
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Section 7-9-408
Financing statements covering consigned or leased goods.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1981, No. 81-312, p. 399.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-4/section-7-9-409/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 4 - Filing.›Section 7-9-409 - Prescribed Fees in Lieu of All Others.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 4 - Filing. › Section 7-9-409 - Prescribed Fees in Lieu of All Others.
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Section 7-9-409
Prescribed fees in lieu of all others.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-4/section-7-9-410/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 4 - Filing.›Section 7-9-410 - Rules and Regulations and Fees to Implement Central Filing System; User and Public...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 4 - Filing. › Section 7-9-410 - Rules and Regulations and Fees to Implement Central Filing System; User and Public Training as to Uniform Commercial Code and Farm Products Central Index System Program.
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Section 7-9-410
Rules and regulations and fees to implement central filing system; user and public training as to Uniform Commercial Code and Farm Products Central Index System Program.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1987, No. 87-410, p. 595, §2.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-5/section-7-9-501/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 5 - Default.›Section 7-9-501 - Default; Procedure When Security Agreement Covers Both Real and Personal Property.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 5 - Default. › Section 7-9-501 - Default; Procedure When Security Agreement Covers Both Real and Personal Property.
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Section 7-9-501
Default; procedure when security agreement covers both real and personal property.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-5/section-7-9-502/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 5 - Default.›Section 7-9-502 - Collection Rights of Secured Party.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 5 - Default. › Section 7-9-502 - Collection Rights of Secured Party.
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Section 7-9-502
Collection rights of secured party.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-5/section-7-9-503/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 5 - Default.›Section 7-9-503 - Secured Party's Right to Take Possession After Default.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 5 - Default. › Section 7-9-503 - Secured Party's Right to Take Possession After Default.
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Section 7-9-503
Secured party's right to take possession after default.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-5/section-7-9-504/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 5 - Default.›Section 7-9-504 - Secured Party's Right to Dispose of Collateral After Default; Effect of Dispositio...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 5 - Default. › Section 7-9-504 - Secured Party's Right to Dispose of Collateral After Default; Effect of Disposition.
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Section 7-9-504
Secured party's right to dispose of collateral after default; effect of disposition.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-5/section-7-9-505/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 5 - Default.›Section 7-9-505 - Compulsory Disposition of Collateral; Acceptance of the Collateral as Discharge of...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 5 - Default. › Section 7-9-505 - Compulsory Disposition of Collateral; Acceptance of the Collateral as Discharge of Obligation.
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Section 7-9-505
Compulsory disposition of collateral; acceptance of the collateral as discharge of obligation.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-5/section-7-9-506/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 5 - Default.›Section 7-9-506 - Debtor's Right to Redeem Collateral.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 5 - Default. › Section 7-9-506 - Debtor's Right to Redeem Collateral.
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Section 7-9-506
Debtor's right to redeem collateral.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811.)
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https://law.justia.com/codes/alabama/title-7/article-9/part-5/section-7-9-507/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 5 - Default.›Section 7-9-507 - Secured Party's Liability for Failure to Comply With This Part.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 5 - Default. › Section 7-9-507 - Secured Party's Liability for Failure to Comply With This Part.
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Section 7-9-507
Secured party's liability for failure to comply with this part.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-1/division-1/section-7-9a-102/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 1 - Secured Transactions.›Division 1 - Short Title, Definitions, and General Concepts.›Section 7-9A-102 - Definitions and Index of Definitions.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 1 - Secured Transactions. › Division 1 - Short Title, Definitions, and General Concepts. › Section 7-9A-102 - Definitions and Index of Definitions.
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Section 7-9A-102
Definitions and index of definitions.
(a) Article 9A definitions. In this article:
(1) "Accession" means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost.
(2) "Account," except as used in "account for," means a right to payment of a monetary obligation, whether or not earned by performance, (i) for property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of, (ii) for services rendered or to be rendered, (iii) for a policy of insurance issued or to be issued, (iv) for a secondary obligation incurred or to be incurred, (v) for energy provided or to be provided, (vi) for the use or hire of a vessel under a charter or other contract, (vii) arising out of the use of a credit or charge card or information contained on or for use with the card, or (viii) as winnings in a lottery or other game of chance operated or sponsored by a State, governmental unit of a State, or person licensed or authorized to operate the game by a State or governmental unit of a State. The term includes health-care-insurance receivables. The term does not include (i) rights to payment evidenced by chattel paper or an instrument, (ii) commercial tort claims, (iii) deposit accounts, (iv) investment property, (v) letter-of-credit rights or letters of credit, or (vi) rights to payment for money or funds advanced or sold, other than rights arising out of the use of a credit or charge card or information contained on or for use with the card.
(3) "Account debtor" means a person obligated on an account, chattel paper, or general intangible. The term does not include persons obligated to pay a negotiable instrument, even if the instrument constitutes part of chattel paper.
(4) "Accounting," except as used in "accounting for," means a record:
(A) authenticated by a secured party;
(B) indicating the aggregate unpaid secured obligations as of a date not more than 35 days earlier or 35 days later than the date of the record; and
(C) identifying the components of the obligations in reasonable detail.
(5) "Agricultural lien" means an interest, other than a security interest, in farm products:
(A) which secures payment or performance of an obligation for:
(i) goods or services furnished in connection with a debtor's farming operation; or
(ii) rent on real property leased by a debtor in connection with its farming operation;
(B) which is created by statute in favor of a person that:
(i) in the ordinary course of its business furnished goods or services to a debtor in connection with a debtor's farming operation; or
(ii) leased real property to a debtor in connection with the debtor's farming operation; and
(C) whose effectiveness does not depend on the person's possession of the personal property.
(6) "As-extracted collateral" means:
(A) oil, gas, or other minerals that are subject to a security interest that:
(i) is created by a debtor having an interest in the minerals before extraction; and
(ii) attaches to the minerals as extracted; or
(B) accounts arising out of the sale at the wellhead or mine of oil, gas, or other minerals in which the debtor had an interest before extraction.
(7) "Authenticate" means:
(A) to sign; or
(B) with present intent to adopt or accept a record, to attach to or logically associate with the record an electronic sound, symbol, or process.
(8) "Bank" means an organization that is engaged in the business of banking. The term includes savings banks, savings and loan associations, credit unions, and trust companies.
(9) "Cash proceeds" means proceeds that are money, checks, deposit accounts, or the like.
(10) "Certificate of title" means a certificate of title with respect to which a statute provides for the security interest in question to be indicated on the certificate as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral. The term includes another record maintained as an alternative to a certificate of title by the governmental unit that issues certificates of title if a statute permits the security interest in question to be indicated on the record as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral.
(11) "Chattel paper" means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods, or a lease of specific goods and license of software used in the goods. In this paragraph, "monetary obligation" means a monetary obligation secured by the goods or owed under a lease of the goods and includes a monetary obligation with respect to software used in the goods. The term does not include (i) charters or other contracts involving the use or hire of a vessel or (ii) records that evidence a right to payment arising out of the use of a credit or charge card or information contained on or for use with the card. If a transaction is evidenced by records that include an instrument or series of instruments, the group of records taken together constitutes chattel paper.
(12) "Collateral" means the property subject to a security interest or agricultural lien. The term includes:
(A) proceeds to which a security interest attaches;
(B) accounts, chattel paper, payment intangibles, and promissory notes that have been sold; and
(C) goods that are the subject of a consignment.
(13) "Commercial tort claim" means a claim arising in tort with respect to which:
(A) the claimant is an organization; or
(B) the claimant is an individual and the claim:
(i) arose in the course of the claimant's business or profession; and
(ii) does not include damages arising out of personal injury to or the death of an individual.
(14) "Commodity account" means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer.
(15) "Commodity contract" means a commodity futures contract, an option on a commodity futures contract, a commodity option, or another contract if the contract or option is:
(A) traded on or subject to the rules of a board of trade that has been designated as a contract market for such a contract pursuant to federal commodities laws; or
(B) traded on a foreign commodity board of trade, exchange, or market, and is carried on the books of a commodity intermediary for a commodity customer.
(16) "Commodity customer" means a person for which a commodity intermediary carries a commodity contract on its books.
(17) "Commodity intermediary" means a person that:
(A) is registered as a futures commission merchant under federal commodities law; or
(B) in the ordinary course of its business provides clearance or settlement services for a board of trade that has been designated as a contract market pursuant to federal commodities law.
(18) "Communicate" means:
(A) to send a written or other tangible record;
(B) to transmit a record by any means agreed upon by the persons sending and receiving the record; or
(C) in the case of transmission of a record to or by a filing office, to transmit a record by any means prescribed by filing-office rule.
(19) "Consignee" means a merchant to which goods are delivered in a consignment.
(20) "Consignment" means a transaction, regardless of its form, in which a person delivers goods to a merchant for the purpose of sale and:
(A) the merchant:
(i) deals in goods of that kind under a name other than the name of the person making delivery;
(ii) is not an auctioneer; and
(iii) is not generally known by its creditors to be substantially engaged in selling the goods of others;
(B) with respect to each delivery, the aggregate value of the goods is $1,000 or more at the time of delivery;
(C) the goods are not consumer goods immediately before delivery; and
(D) the transaction does not create a security interest that secures an obligation.
(21) "Consignor" means a person that delivers goods to a consignee in a consignment.
(22) "Consumer debtor" means a debtor in a consumer transaction.
(23) "Consumer goods" means goods that are used or bought for use primarily for personal, family, or household purposes.
(24) "Consumer-goods transaction" means a consumer transaction in which:
(A) an individual incurs an obligation primarily for personal, family, or household purposes; and
(B) a security interest in consumer goods secures the obligation.
(25) "Consumer obligor" means an obligor who is an individual and who incurred the obligation as part of a transaction entered into primarily for personal, family, or household purposes.
(26) "Consumer transaction" means a transaction in which (i) an individual incurs an obligation primarily for personal, family, or household purposes, (ii) a security interest secures the obligation, and (iii) the collateral is held or acquired primarily for personal, family, or household purposes. The term includes consumer-goods transactions.
(27) "Continuation statement" means an amendment of a financing statement which:
(A) identifies, by its file number, the initial financing statement to which it relates; and
(B) indicates that it is a continuation statement for, or that it is filed to continue the effectiveness of, the identified financing statement.
(28) "Debtor" means:
(A) a person having an interest, other than a security interest or other lien, in the collateral, whether or not the person is an obligor;
(B) a seller of accounts, chattel paper, payment intangibles, or promissory notes; or
(C) a consignee.
(29) "Deposit account" means a demand, time, savings, passbook, or similar account maintained with a bank. The term does not include investment property or accounts evidenced by an instrument.
(30) "Document" means a document of title or a receipt of the type described in Section 7-7-201(b).
(31) "Electronic chattel paper" means chattel paper evidenced by a record or records consisting of information stored in an electronic medium.
(32) "Encumbrance" means a right, other than an ownership interest, in real property. The term includes mortgages and other liens on real property.
(33) "Equipment" means goods other than inventory, farm products, or consumer goods.
(34) "Farm products" means goods, other than standing timber, with respect to which the debtor is engaged in a farming operation and which are:
(A) crops grown, growing, or to be grown, including:
(i) crops produced on trees, vines, and bushes; and
(ii) aquatic goods produced in aquacultural operations;
(B) livestock, born or unborn, including aquatic goods produced in aquacultural operations;
(C) supplies used or produced in a farming operation; or
(D) products of crops or livestock in their unmanufactured states.
(35) "Farming operation" means raising, cultivating, propagating, fattening, grazing, or any other farming, livestock, or aquacultural operation.
(36) "File number" means the number assigned to an initial financing statement pursuant to Section 7-9A-519(a).
(37) "Filing office" means an office designated in Section 7-9A-501 as the place to file a financing statement.
(38) "Filing-office rule" means a rule adopted pursuant to Section 7-9A-526.
(39) "Financing statement" means a record or records composed of an initial financing statement and any filed record relating to the initial financing statement.
(40) "Fixture filing" means the filing of a financing statement covering goods that are or are to become fixtures and satisfying Section 7-9A-502(a) and (b). The term includes the filing of a financing statement covering goods of a transmitting utility which are or are to become fixtures.
(41) "Fixtures" means goods that have become so related to particular real property that an interest in them arises under real property law.
(42) "General intangible" means any personal property, including things in action, other than accounts, chattel paper, commercial tort claims, deposit accounts, documents, goods, instruments, investment property, letter-of-credit rights, letters of credit, money, and oil, gas, or other minerals before extraction. The term includes payment intangibles and software.
(43) "Good faith" means honesty in fact in the conduct or transaction concerned.
(44) "Goods" means all things that are movable when a security interest attaches. The term includes (i) fixtures, (ii) standing timber that is to be cut and removed under a conveyance or contract for sale, to the extent such standing timber and cutting rights with respect thereto are considered as chattels under Section 35-4-363, (iii) the unborn young of animals, (iv) crops grown, growing, or to be grown, even if the crops are produced on trees, vines, or bushes, and (v) manufactured homes. The term also includes a computer program embedded in goods and any supporting information provided in connection with a transaction relating to the program if (i) the program is associated with the goods in such a manner that it customarily is considered part of the goods, or (ii) by becoming the owner of the goods, a person acquires a right to use the program in connection with the goods. The term does not include a computer program embedded in goods that consist solely of the medium in which the program is embedded. The term also does not include accounts, chattel paper, commercial tort claims, deposit accounts, documents, general intangibles, instruments, investment property, letter-of-credit rights, letters of credit, money, or oil, gas, or other minerals before extraction.
(45) "Governmental unit" means a subdivision, agency, department, county, parish, municipality, or other unit of the government of the United States, a state, or a foreign country. The term includes an organization having a separate corporate existence if the organization is eligible to issue debt on which interest is exempt from income taxation under the laws of the United States.
(46) "Health-care-insurance receivable" means an interest in or claim under a policy of insurance which is a right to payment of a monetary obligation for health-care goods or services provided.
(47) "Instrument" means a negotiable instrument or any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease, and is of a type that in ordinary course of business is transferred by delivery with any necessary indorsement or assignment. The term does not include (i) investment property, (ii) letters of credit, or (iii) writings that evidence a right to payment arising out of the use of a credit or charge card or information contained on or for use with the card.
(48) "Inventory" means goods, other than farm products, which:
(A) are leased by a person as lessor;
(B) are held by a person for sale or lease or to be furnished under a contract of service;
(C) are furnished by a person under a contract of service; or
(D) consist of raw materials, work in process, or materials used or consumed in a business.
(49) "Investment property" means a security, whether certificated or uncertificated, security entitlement, securities account, commodity contract, or commodity account.
(50) "Jurisdiction of organization," with respect to a registered organization, means the jurisdiction under whose law the organization is formed or organized.
(51) "Letter-of-credit right" means a right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. The term does not include the right of a beneficiary to demand payment or performance under a letter of credit.
(52) "Lien creditor" means:
(A) a creditor that has acquired a lien on the property involved by attachment, levy, or the like;
(B) an assignee for benefit of creditors from the time of assignment;
(C) a trustee in bankruptcy from the date of the filing of the petition; or
(D) a receiver in equity from the time of appointment.
(53) "Manufactured home" means a structure defined as a "manufactured home" in Section 32-8-2.
(54) "Manufactured-home transaction" means a secured transaction:
(A) that creates a purchase-money security interest in a manufactured home, other than a manufactured home held as inventory; or
(B) in which a manufactured home, other than a manufactured home held as inventory, is the primary collateral.
(55) "Mortgage" means a consensual interest in real property, including fixtures, which secures payment or performance of an obligation.
(56) "New debtor" means a person that becomes bound as debtor under Section 7-9A-203(d) by a security agreement previously entered into by another person.
(57) "New value" means (i) money, (ii) money's worth in property, services, or new credit, or (iii) release by a transferee of an interest in property previously transferred to the transferee. The term does not include an obligation substituted for another obligation.
(58) "Noncash proceeds" means proceeds other than cash proceeds.
(59) "Obligor" means a person that, with respect to an obligation secured by a security interest in or an agricultural lien on the collateral, (i) owes payment or other performance of the obligation, (ii) has provided property other than the collateral to secure payment or other performance of the obligation, or (iii) is otherwise accountable in whole or in part for payment or other performance of the obligation. The term does not include issuers or nominated persons under a letter of credit.
(60) "Original debtor," except as used in Section 7-9A-310(c), means a person that, as debtor, entered into a security agreement to which a new debtor has become bound under Section 7-9A-203(d).
(61) "Payment intangible" means a general intangible under which the account debtor's principal obligation is a monetary obligation.
(62) "Person related to," with respect to an individual, means:
(A) the spouse of the individual;
(B) a brother, brother-in-law, sister, or sister-in-law of the individual;
(C) an ancestor or lineal descendant of the individual or the individual's spouse; or
(D) any other relative, by blood or marriage, of the individual or the individual's spouse who shares the same home with the individual.
(63) "Person related to," with respect to an organization, means:
(A) a person directly or indirectly controlling, controlled by, or under common control with the organization;
(B) an officer or director of, or a person performing similar functions with respect to, the organization;
(C) an officer or director of, or a person performing similar functions with respect to, a person described in subparagraph (A);
(D) the spouse of an individual described in subparagraph (A), (B), or (C); or
(E) an individual who is related by blood or marriage to an individual described in subparagraph (A), (B), (C), or (D) and shares the same home with the individual.
(64) "Proceeds," except as used in Section 7-9A-609(b), means the following property:
(A) whatever is acquired upon the sale, lease, license, exchange, or other disposition of collateral;
(B) whatever is collected on, or distributed on account of, collateral;
(C) rights arising out of collateral;
(D) to the extent of the value of collateral, claims arising out of the loss, nonconformity, or interference with the use of, defects or infringement of rights in, or damage to, the collateral; or
(E) to the extent of the value of collateral and to the extent payable to the debtor or the secured party, insurance payable by reason of the loss or nonconformity of, defects or infringement of rights in, or damage to, the collateral.
(65) "Promissory note" means an instrument that evidences a promise to pay a monetary obligation, does not evidence an order to pay, and does not contain an acknowledgment by a bank that the bank has received for deposit a sum of money or funds.
(66) "Proposal" means a record authenticated by a secured party which includes the terms on which the secured party is willing to accept collateral in full or partial satisfaction of the obligation it secures pursuant to Sections 7-9A-620, 7-9A-621, and 7-9A-622.
(67) Omitted.
(68) "Public organic record" means a record that is available to the public for inspection and that is:
(A) a record consisting of the record initially filed with or issued by a state or the United States to form or organize an organization and any record filed with or issued by the state or the United States which amends or restates the initial record;
(B) an organic record of a business trust consisting of the record initially filed with a state and any record filed with the state which amends or restates the initial record, if a statute of the state governing business trusts requires that the record be filed with the state; or
(C) a record consisting of legislation enacted by the legislature of a state or the Congress of the United States which forms or organizes an organization, any record amending the legislation, and any record filed with or issued by the state or United States which amends or restates the name of the organization.
For purposes of this definition and the definition of registered organization, a certificate of formation filed with a judge of probate pursuant to Section 10A-1-4.02(a) is filed with the state.
(69) "Pursuant to commitment," with respect to an advance made or other value given by a secured party, means pursuant to the secured party's obligation, whether or not a subsequent event of default or other event not within the secured party's control has relieved or may relieve the secured party from its obligation.
(70) "Record," except as used in "for record," "of record," "record or legal title," and "record owner," means information that is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable in perceivable form.
(71) "Registered organization" means an organization formed or organized solely under the law of a single State or the United States by the filing of a public organic record with, the issuance of a public organic record by, or the enactment of legislation by the state or the United States. The term incudes a business trust that is formed or organized under the law of a single state if a statute of the state governing business trusts requires that the business trust's organic record be filed with the state.
(72) "Secondary obligor" means an obligor to the extent that:
(A) the obligor's obligation is secondary; or
(B) the obligor has a right of recourse with respect to an obligation secured by collateral against the debtor, another obligor, or property of either.
(73) "Secured party" means:
(A) a person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding;
(B) a person that holds an agricultural lien;
(C) a consignor;
(D) a person to which accounts, chattel paper, payment intangibles, or promissory notes have been sold;
(E) a trustee, indenture trustee, agent, collateral agent, or other representative in whose favor a security interest or agricultural lien is created or provided for; or
(F) a person that holds a security interest arising under Section 7-2-401, 7-2-505, 7-2-711(3), 7-2A-508(5), 7-4-210, or 7-5-118.
(74) "Security agreement" means an agreement that creates or provides for a security interest.
(75) "Send," in connection with a record or notification, means:
(A) to deposit in the mail, deliver for transmission, or transmit by any other usual means of communication, with postage or cost of transmission provided for, addressed to any address reasonable under the circumstances; or
(B) to cause the record or notification to be received within the time that it would have been received if properly sent under subparagraph (A).
(76) "Software" means a computer program and any supporting information provided in connection with a transaction relating to the program. The term does not include a computer program that is included in the definition of goods.
(77) "State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States.
(78) "Supporting obligation" means a letter-of-credit right or secondary obligation that supports the payment or performance of an account, chattel paper, a document, a general intangible, an instrument, or investment property.
(79) "Tangible chattel paper" means chattel paper evidenced by a record or records consisting of information that is inscribed on a tangible medium.
(80) "Termination statement" means an amendment of a financing statement which:
(A) identifies, by its file number, the initial financing statement to which it relates; and
(B) indicates either that it is a termination statement or that the identified financing statement is no longer effective.
(81) "Transmitting utility" means a person primarily engaged in the business of:
(A) operating a railroad, subway, street railway, or trolley bus;
(B) transmitting communications electrically, electromagnetically, or by light;
(C) transmitting goods by pipeline or sewer;
(D) transmitting or producing or distributing electricity, steam, gas, or water; or
(E) owning, operating, leasing or controlling a "utility" as defined in Section 37-1-30.
(b) Definitions in other articles. "Control" as provided in Section 7-7-106 and the following definitions in other articles of this title apply to this article:
"Applicant" Section 7-5-102.
"Beneficiary" Section 7-5-102.
"Broker" Section 7-8-102.
"Certificated security" Section 7-8-102.
"Check" Section 7-3-104.
"Clearing corporation" Section 7-8-102.
"Contract for sale" Section 7-2-106.
"Customer" Section 7-4-104.
"Entitlement holder" Section 7-8-102.
"Financial asset" Section 7-8-102.
"Holder in due course" Section 7-3-302.
"Issuer" (with respect to a letter of credit or letter-of-credit right) Section 7-5-102.
"Issuer" (with respect to a security) Section 7-8-201.
"Issuer" (with respect to documents of title) Section 7-7-102.
"Lease" Section 7-2A-103.
"Lease agreement" Section 7-2A-103.
"Lease contract" Section 7-2A-103.
"Leasehold interest" Section 7-2A-103.
"Lessee" Section 7-2A-103.
"Lessee in ordinary course of business" Section 7-2A-103.
"Lessor" Section 7-2A-103.
"Lessor's residual interest" Section 7-2A-103.
"Letter of credit" Section 7-5-102.
"Merchant" Section 7-2-104.
"Negotiable instrument" Section 7-3-104.
"Nominated person" Section 7-5-102.
"Note" Section 7-3-104.
"Proceeds of a letter of credit" Section 7-5-114.
"Prove" Section 7-3-103.
"Sale" Section 7-2-106.
"Securities account" Section 7-8-501.
"Securities intermediary" Section 7-8-102.
"Security" Section 7-8-102.
"Security certificate" Section 7-8-102.
"Security entitlement" Section 7-8-102.
"Uncertificated security" Section 7-8-102.
(c) Article 1 definitions and principles. Article 1 contains general definitions and principles of construction and interpretation applicable throughout this article.
(Act 2001-481, p. 647, §1; Act 2004-315, p. 464, §2; Act 2014-374, p. 1339, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 1 - Secured Transactions.›Division 1 - Short Title, Definitions, and General Concepts.›Section 7-9A-101 - Short Title.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 1 - Secured Transactions. › Division 1 - Short Title, Definitions, and General Concepts. › Section 7-9A-101 - Short Title.
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Section 7-9A-101
Short title.
This article may be cited as Uniform Commercial Code-Secured Transactions.
(Act 2001-481, p. 647, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 1 - Secured Transactions.›Division 1 - Short Title, Definitions, and General Concepts.›Section 7-9A-103 - Purchase-Money Security Interest; Application of Payments; Burden of Establishing...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 1 - Secured Transactions. › Division 1 - Short Title, Definitions, and General Concepts. › Section 7-9A-103 - Purchase-Money Security Interest; Application of Payments; Burden of Establishing.
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Section 7-9A-103
Purchase-money security interest; application of payments; burden of establishing.
(a) Definitions. In this section:
(1) "purchase-money collateral" means goods or software that secures a purchase-money obligation incurred with respect to that collateral; and
(2) "purchase-money obligation" means an obligation of an obligor incurred as all or part of the price of the collateral or for value given to enable the debtor to acquire rights in or the use of the collateral if the value is in fact so used.
(b) Purchase-money security interest in goods. A security interest in goods is a purchase-money security interest:
(1) to the extent that the goods are purchase-money collateral with respect to that security interest;
(2) if the security interest is in inventory that is or was purchase-money collateral, also to the extent that the security interest secures a purchase-money obligation incurred with respect to other inventory in which the secured party holds or held a purchase-money security interest; and
(3) also to the extent that the security interest secures a purchase-money obligation incurred with respect to software in which the secured party holds or held a purchase-money security interest.
(c) Purchase-money security interest in software. A security interest in software is a purchase-money security interest to the extent that the security interest also secures a purchase-money obligation incurred with respect to goods in which the secured party holds or held a purchase-money security interest if:
(1) the debtor acquired its interest in the software in an integrated transaction in which it acquired an interest in the goods; and
(2) the debtor acquired its interest in the software for the principal purpose of using the software in the goods.
(d) Consignor's inventory purchase-money security interest. The security interest of a consignor in goods that are the subject of a consignment is a purchase-money security interest in inventory.
(e) Application of payment in non-consumer-goods transaction. In a transaction other than a consumer-goods transaction, if the extent to which a security interest is a purchase-money security interest depends on the application of a payment to a particular obligation, the payment must be applied:
(1) in accordance with any reasonable method of application to which the parties agree;
(2) in the absence of the parties' agreement to a reasonable method, in accordance with any intention of the obligor manifested at or before the time of payment; or
(3) in the absence of an agreement to a reasonable method and a timely manifestation of the obligor's intention, in the following order:
(A) to obligations that are not secured; and
(B) if more than one obligation is secured, to obligations secured by purchase-money security interests in the order in which those obligations were incurred.
(f) No loss of status of purchase-money security interest in non-consumer-goods transaction. In a transaction other than a consumer-goods transaction, a purchase-money security interest does not lose its status as such, even if:
(1) the purchase-money collateral also secures an obligation that is not a purchase-money obligation;
(2) collateral that is not purchase-money collateral also secures the purchase-money obligation; or
(3) the purchase-money obligation has been renewed, refinanced, consolidated, or restructured.
(g) Burden of proof in non-consumer-goods transaction. In a transaction other than a consumer-goods transaction, a secured party claiming a purchase-money security interest has the burden of establishing the extent to which the security interest is a purchase-money security interest.
(h) Non-consumer-goods transactions; no inference. The limitation of the rules in subsections (e), (f), and (g) to transactions other than consumer-goods transactions is intended to leave to the court the determination of the proper rules in consumer-goods transactions. The court may not infer from that limitation the nature of the proper rule in consumer-goods transactions and may continue to apply established approaches.
(Act 2001-481, p. 647, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 1 - Secured Transactions.›Division 1 - Short Title, Definitions, and General Concepts.›Section 7-9A-104 - Control of Deposit Account.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 1 - Secured Transactions. › Division 1 - Short Title, Definitions, and General Concepts. › Section 7-9A-104 - Control of Deposit Account.
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Section 7-9A-104
Control of deposit account.
(a) Requirements for control. A secured party has control of a deposit account if:
(1) the secured party is the bank with which the deposit account is maintained;
(2) the debtor, secured party, and bank have agreed in an authenticated record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the deposit account without further consent by the debtor; or
(3) the secured party becomes the bank's customer with respect to the deposit account.
(b) Debtor's right to direct disposition. A secured party that has satisfied subsection (a) has control, even if the debtor retains the right to direct the disposition of funds from the deposit account.
(Act 2001-481, p. 647, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 1 - Secured Transactions.›Division 1 - Short Title, Definitions, and General Concepts.›Section 7-9A-105 - Control of Electronic Chattel Paper.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 1 - Secured Transactions. › Division 1 - Short Title, Definitions, and General Concepts. › Section 7-9A-105 - Control of Electronic Chattel Paper.
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Section 7-9A-105
Control of electronic chattel paper.
(a) General rule: control of electronic chattel paper. A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned.
(b) Specific facts giving control. A system satisfies subsection (a) and a secured party has control of electronic chattel paper if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that:
(1) a single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in paragraphs (4), (5), and (6), unalterable;
(2) the authoritative copy identifies the secured party as the assignee of the record or records;
(3) the authoritative copy is communicated to and maintained by the secured party or its designated custodian;
(4) copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the secured party;
(5) each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and
(6) any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.
(Act 2001-481, p. 647, §1; Act 2014-374, p. 1339, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 1 - Secured Transactions.›Division 1 - Short Title, Definitions, and General Concepts.›Section 7-9A-106 - Control of Investment Property.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 1 - Secured Transactions. › Division 1 - Short Title, Definitions, and General Concepts. › Section 7-9A-106 - Control of Investment Property.
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Section 7-9A-106
Control of investment property.
(a) Control under Section 7-8-106. A person has control of a certificated security, uncertificated security, or security entitlement as provided in Section 7-8-106.
(b) Control of commodity contract. A secured party has control of a commodity contract if:
(1) the secured party is the commodity intermediary with which the commodity contract is carried; or
(2) the commodity customer, secured party, and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.
(c) Effect of control of securities account or commodity account. A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account.
(Act 2001-481, p. 647, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 1 - Secured Transactions.›Division 1 - Short Title, Definitions, and General Concepts.›Section 7-9A-107 - Control of Letter-of-Credit Right.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 1 - Secured Transactions. › Division 1 - Short Title, Definitions, and General Concepts. › Section 7-9A-107 - Control of Letter-of-Credit Right.
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Section 7-9A-107
Control of letter-of-credit right.
A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under Section 7-5-114(c) or otherwise applicable law or practice.
(Act 2001-481, p. 647, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 1 - Secured Transactions.›Division 1 - Short Title, Definitions, and General Concepts.›Section 7-9A-108 - Sufficiency of Description.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 1 - Secured Transactions. › Division 1 - Short Title, Definitions, and General Concepts. › Section 7-9A-108 - Sufficiency of Description.
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Section 7-9A-108
Sufficiency of description.
(a) Sufficiency of description. Except as otherwise provided in subsections (c), (d), and (e), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described.
(b) Examples of reasonable identification. Except as otherwise provided in subsection (d), a description of collateral reasonably identifies the collateral if it identifies the collateral by:
(1) specific listing;
(2) category;
(3) except as otherwise provided in subsection (e), a type of collateral defined in the Uniform Commercial Code;
(4) quantity;
(5) computational or allocational formula or procedure; or
(6) except as otherwise provided in subsection (c), any other method, if the identity of the collateral is objectively determinable.
(c) Supergeneric description not sufficient. A description of collateral as "all the debtor's assets" or "all the debtor's personal property" or using words of similar import does not reasonably identify the collateral.
(d) Investment property. Except as otherwise provided in subsection (e), a description of a security entitlement, securities account, or commodity account is sufficient if it describes:
(1) the collateral by those terms or as investment property; or
(2) the underlying financial asset or commodity contract.
(e) When description by type insufficient. A description only by type of collateral defined in the Uniform Commercial Code is an insufficient description of:
(1) a commercial tort claim; or
(2) in a consumer transaction, consumer goods, a security entitlement, a securities account, or a commodity account.
(Act 2001-481, p. 647, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 1 - Secured Transactions.›Division 2 - Applicability of Article.›Section 7-9A-110 - Security Interests Arising Under Article 2 or 2a.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 1 - Secured Transactions. › Division 2 - Applicability of Article. › Section 7-9A-110 - Security Interests Arising Under Article 2 or 2a.
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Section 7-9A-110
Security interests arising under Article 2 or 2A.
A security interest arising under Section 7-2-401, 7-2-505, 7-2-711(3), or 7-2A-508(5) is subject to this article. However, until the debtor obtains possession of the goods:
(1) the security interest is enforceable, even if Section 7-9A-203(b)(3) has not been satisfied;
(2) filing is not required to perfect the security interest;
(3) the rights of the secured party after default by the debtor are governed by Article 2 or 2A; and
(4) the security interest has priority over a conflicting security interest created by the debtor.
(Act 2001-481, p. 647, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 1 - Secured Transactions.›Division 2 - Applicability of Article.›Section 7-9A-109 - Scope.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 1 - Secured Transactions. › Division 2 - Applicability of Article. › Section 7-9A-109 - Scope.
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Section 7-9A-109
Scope.
(a) General scope of article. Except as otherwise provided in subsections (c) and (d), this article applies to:
(1) a transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract;
(2) an agricultural lien;
(3) a sale of accounts, chattel paper, payment intangibles, or promissory notes;
(4) a consignment;
(5) a security interest arising under Section 7-2-401, 7-2-505, 7-2-711(3), or 7-2A-508(5), as provided in Section 7-9A-110; and
(6) a security interest arising under Section 7-4-210 or 7-5-118.
(b) Security interest in secured obligation. The application of this article to a security interest in a secured obligation is not affected by the fact that the obligation is itself secured by a transaction or interest to which this article does not apply.
(c) Extent to which article does not apply. This article does not apply to the extent that:
(1) a statute, regulation, or treaty of the United States preempts this article;
(2) a statute of another State, a foreign country, or a governmental unit of another State or a foreign country, other than a statute generally applicable to security interests, expressly governs creation, perfection, priority, or enforcement of a security interest created by the State, country, or governmental unit; or
(3) the rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior under Section 7-5-114.
(d) Inapplicability of article. This article does not apply to:
(1) except as provided in Section 7-9A-333, a landlord's lien, other than an agricultural lien;
(2) a lien, other than an agricultural lien, given by statute or other rule of law for services or materials, but Section 7-9A-333 applies with respect to priority of the lien;
(3) an assignment of a claim for wages, salary, or other compensation of an employee;
(4) a sale of accounts, chattel paper, payment intangibles, or promissory notes as part of a sale of the business out of which they arose;
(5) an assignment of accounts, chattel paper, payment intangibles, or promissory notes which is for the purpose of collection only;
(6) an assignment of a right to payment under a contract to an assignee that is also obligated to perform under the contract;
(7) an assignment of a single account, payment intangible, or promissory note to an assignee in full or partial satisfaction of a preexisting indebtedness;
(8) a transfer of an interest in or an assignment of a claim under a policy of insurance, other than an assignment by or to a health-care provider of a health-care-insurance receivable and any subsequent assignment of the right to payment, but Sections 7-9A-315 and 7-9A-322 apply with respect to proceeds and priorities in proceeds;
(9) an assignment of a right represented by a judgment, other than a judgment taken on a right to payment that was collateral;
(10) a right of recoupment or set-off, but:
(A) Section 7-9A-340 applies with respect to the effectiveness of rights of recoupment or set-off against deposit accounts; and
(B) Section 7-9A-404 applies with respect to defenses or claims of an account debtor;
(11) the creation or transfer of an interest in or lien on real property, including a lease or rents thereunder, except to the extent that provision is made for:
(A) liens on real property in Sections 7-9A-203 and 7-9A-308;
(B) fixtures in Section 7-9A-334;
(C) fixture filings in Sections 7-9A-501, 7-9A-502, 7-9A-512, 7-9A-516, and 7-9A-519; and
(D) security agreements covering personal and real property in Section 7-9A-604;
(12) an assignment of a claim arising in tort, other than a commercial tort claim, but Sections 7-9A-315 and 7-9A-322 apply with respect to proceeds and priorities in proceeds;
(13) an assignment of a deposit account in a consumer transaction, but Sections 7-9A-315 and 7-9A-322 apply with respect to proceeds and priorities in proceeds; or
(14) to a security interest created in connection with any of its securities by this State, any municipal corporation, county, public authority, public corporation or other similar public or governmental agency or unit in this State, or any political subdivision of any thereof, or by any educational institution or educational corporation organized under the laws of this State, whether such institution or corporation is public or private.
(Act 2001-481, p. 647, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement.›Division 1 - Effectiveness and Attachment.›Section 7-9A-201 - General Effectiveness of Security Agreement.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement. › Division 1 - Effectiveness and Attachment. › Section 7-9A-201 - General Effectiveness of Security Agreement.
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Section 7-9A-201
General effectiveness of security agreement.
(a) General effectiveness. Except as otherwise provided in the Uniform Commercial Code, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors.
(b) Applicable consumer laws and other law. A transaction subject to this article is subject to any applicable rule of law which establishes a different rule for consumers and to (i) any other statute or regulation that regulates the rates, charges, agreements, and practices for loans, credit sales, or other extensions of credit and (ii) any consumer-protection statute or regulation.
(c) Other applicable law controls. In case of conflict between this article and a rule of law, statute, or regulation described in subsection (b), the rule of law, statute, or regulation controls. Failure to comply with a statute or regulation described in subsection (b) has only the effect the statute or regulation specifies.
(d) Further deference to other applicable law. This article does not:
(1) validate any rate, charge, agreement, or practice that violates a rule of law, statute, or regulation described in subsection (b); or
(2) extend the application of the rule of law, statute, or regulation to a transaction not otherwise subject to it.
(Act 2001-481, p. 647, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement.›Division 1 - Effectiveness and Attachment.›Section 7-9A-202 - Title to Collateral Immaterial.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement. › Division 1 - Effectiveness and Attachment. › Section 7-9A-202 - Title to Collateral Immaterial.
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Section 7-9A-202
Title to collateral immaterial.
Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this article with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor.
(Act 2001-481, p. 647, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement.›Division 1 - Effectiveness and Attachment.›Section 7-9A-203 - Attachment and Enforceability of Security Interest; Proceeds; Supporting Obligati...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement. › Division 1 - Effectiveness and Attachment. › Section 7-9A-203 - Attachment and Enforceability of Security Interest; Proceeds; Supporting Obligations; Formal Requisites.
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Section 7-9A-203
Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites.
(a) Attachment. A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment.
(b) Enforceability. Except as otherwise provided in subsections (c) through (i), a security interest is enforceable against the debtor and third parties with respect to the collateral only if:
(1) value has been given;
(2) the debtor has rights in the collateral or the power to transfer rights in the collateral to a secured party; and
(3) one of the following conditions is met:
(A) the debtor has authenticated a security agreement that provides a description of the collateral and, if the security interest covers timber to be cut, a description of the land concerned;
(B) the collateral is not a certificated security and is in the possession of the secured party under Section 7-9A-313 pursuant to the debtor's security agreement;
(C) the collateral is a certificated security in registered form and the security certificate has been delivered to the secured party under Section 7-8-301 pursuant to the debtor's security agreement; or
(D) the collateral is deposit accounts, electronic chattel paper, investment property, or letter-of-credit rights, and the secured party has control under Section 7-7-106, 7-9A-104, 7-9A-105, 7-9A-106, or 7-9A-107 pursuant to the debtor's security agreement.
(c) Other UCC provisions. Subsection (b) is subject to Section 7-4-210 on the security interest of a collecting bank, Section 7-5-118 on the security interest of a letter-of-credit issuer or nominated person, Section 7-9A-110 on a security interest arising under Article 2 or 2A, and Section 7-9A-206 on security interests in investment property.
(d) When person becomes bound by another person's security agreement. A person becomes bound as debtor by a security agreement entered into by another person if, by operation of law other than this article or by contract:
(1) the security agreement becomes effective to create a security interest in the person's property; or
(2) the person becomes generally obligated for the obligations of the other person, including the obligation secured under the security agreement, and acquires or succeeds to all or substantially all of the assets of the other person.
(e) Effect of new debtor becoming bound. If a new debtor becomes bound as debtor by a security agreement entered into by another person:
(1) the agreement satisfies subsection (b)(3) with respect to existing or after-acquired property of the new debtor to the extent the property is described in the agreement; and
(2) another agreement is not necessary to make a security interest in the property enforceable.
(f) Proceeds and supporting obligations. The attachment of a security interest in collateral gives the secured party the rights to proceeds provided by Section 7-9A-315 and is also attachment of a security interest in a supporting obligation for the collateral.
(g) Lien securing right to payment. The attachment of a security interest in a right to payment or performance secured by a security interest or other lien on personal or real property is also attachment of a security interest in the security interest, mortgage, or other lien.
(h) Security entitlement carried in securities account. The attachment of a security interest in a securities account is also attachment of a security interest in the security entitlements carried in the securities account.
(i) Commodity contracts carried in commodity account. The attachment of a security interest in a commodity account is also attachment of a security interest in the commodity contracts carried in the commodity account.
(Act 2001-481, p. 647, §1; Act 2004-315, p. 464, §2.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement.›Division 1 - Effectiveness and Attachment.›Section 7-9A-204 - After-Acquired Property; Future Advances.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement. › Division 1 - Effectiveness and Attachment. › Section 7-9A-204 - After-Acquired Property; Future Advances.
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Section 7-9A-204
After-acquired property; future advances.
(a) After-acquired collateral. Except as otherwise provided in subsection (b), a security agreement may create or provide for a security interest in after-acquired collateral.
(b) When after-acquired property clause not effective. A security interest does not attach under a term constituting an after-acquired property clause to:
(1) consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within 10 days after the secured party gives value; or
(2) a commercial tort claim.
(c) Future advances and other value. A security agreement may provide that collateral secures, or that accounts, chattel paper, payment intangibles, or promissory notes are sold in connection with, future advances or other value, whether or not the advances or value are given pursuant to commitment.
(Act 2001-481, p. 647, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-2/division-1/section-7-9a-205/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement.›Division 1 - Effectiveness and Attachment.›Section 7-9A-205 - Use or Disposition of Collateral Permissible.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement. › Division 1 - Effectiveness and Attachment. › Section 7-9A-205 - Use or Disposition of Collateral Permissible.
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Section 7-9A-205
Use or disposition of collateral permissible.
(a) When security interest not invalid or fraudulent. A security interest is not invalid or fraudulent against creditors solely because:
(1) the debtor has the right or ability to:
(A) use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods;
(B) collect, compromise, enforce, or otherwise deal with collateral;
(C) accept the return of collateral or make repossessions; or
(D) use, commingle, or dispose of proceeds; or
(2) the secured party fails to require the debtor to account for proceeds or replace collateral.
(b) Requirements of possession not relaxed. This section does not relax the requirements of possession if attachment, perfection, or enforcement of a security interest depends upon possession of the collateral by the secured party.
(Act 2001-481, p. 647, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-2/division-1/section-7-9a-206/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement.›Division 1 - Effectiveness and Attachment.›Section 7-9A-206 - Security Interest Arising in Purchase or Delivery of Financial Asset.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement. › Division 1 - Effectiveness and Attachment. › Section 7-9A-206 - Security Interest Arising in Purchase or Delivery of Financial Asset.
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Section 7-9A-206
Security interest arising in purchase or delivery of financial asset.
(a) Security interest when person buys through securities intermediary. A security interest in favor of a securities intermediary attaches to a person's security entitlement if:
(1) the person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and
(2) the securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary.
(b) Security interest secures obligation to pay for financial asset. The security interest described in subsection (a) secures the person's obligation to pay for the financial asset.
(c) Security interest in payment against delivery transaction. A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if:
(1) the security or other financial asset:
(A) in the ordinary course of business is transferred by delivery with any necessary indorsement or assignment; and
(B) is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and
(2) the agreement calls for delivery against payment.
(d) Security interest secures obligation to pay for delivery. The security interest described in subsection (c) secures the obligation to make payment for the delivery.
(Act 2001-481, p. 647, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-2/division-2/section-7-9a-207/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement.›Division 2 - Rights and Duties.›Section 7-9A-207 - Rights and Duties of Secured Party Having Possession or Control of Collateral.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement. › Division 2 - Rights and Duties. › Section 7-9A-207 - Rights and Duties of Secured Party Having Possession or Control of Collateral.
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Section 7-9A-207
Rights and duties of secured party having possession or control of collateral.
(a) Duty of care when secured party in possession. Except as otherwise provided in subsection (d), a secured party shall use reasonable care in the custody and preservation of collateral in the secured party's possession. In the case of chattel paper or an instrument, reasonable care includes taking necessary steps to preserve rights against prior parties unless otherwise agreed.
(b) Expenses, risks, duties, and rights when secured party in possession. Except as otherwise provided in subsection (d), if a secured party has possession of collateral:
(1) reasonable expenses, including the cost of insurance and payment of taxes or other charges, incurred in the custody, preservation, use, or operation of the collateral are chargeable to the debtor and are secured by the collateral;
(2) the risk of accidental loss or damage is on the debtor to the extent of a deficiency in any effective insurance coverage;
(3) the secured party shall keep the collateral identifiable, but fungible collateral may be commingled; and
(4) the secured party may use or operate the collateral:
(A) for the purpose of preserving the collateral or its value;
(B) as permitted by an order of a court having competent jurisdiction; or
(C) except in the case of consumer goods, in the manner and to the extent agreed by the debtor.
(c) Duties and rights when secured party in possession or control. Except as otherwise provided in subsection (d), a secured party having possession of collateral or control of collateral under Section 7-7-106, 7-9A-104, 7-9A-105, 7-9A-106, or 7-9A-107:
(1) may hold as additional security any proceeds, except money or funds, received from the collateral;
(2) shall apply money or funds received from the collateral to reduce the secured obligation, unless remitted to the debtor; and
(3) may create a security interest in the collateral.
(d) Buyer of certain rights to payment. If the secured party is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor:
(1) subsection (a) does not apply unless the secured party is entitled under an agreement:
(A) to charge back uncollected collateral; or
(B) otherwise to full or limited recourse against the debtor or a secondary obligor based on the nonpayment or other default of an account debtor or other obligor on the collateral; and
(2) subsections (b) and (c) do not apply.
(Act 2001-481, p. 647, §1; Act 2004-315, p. 464, §2.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-2/division-2/section-7-9a-208/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement.›Division 2 - Rights and Duties.›Section 7-9A-208 - Additional Duties of Secured Party Having Control of Collateral.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement. › Division 2 - Rights and Duties. › Section 7-9A-208 - Additional Duties of Secured Party Having Control of Collateral.
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Section 7-9A-208
Additional duties of secured party having control of collateral.
(a) Applicability of section. This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations, or otherwise give value.
(b) Duties of secured party after receiving demand from debtor. Within 10 days after receiving an authenticated demand by the debtor:
(1) a secured party having control of a deposit account under Section 7-9A-104(a)(2) shall send to the bank with which the deposit account is maintained an authenticated statement that releases the bank from any further obligation to comply with instructions originated by the secured party;
(2) a secured party having control of a deposit account under Section 7-9A-104(a)(3) shall:
(A) pay the debtor the balance on deposit in the deposit account; or
(B) transfer the balance on deposit into a deposit account in the debtor's name;
(3) a secured party, other than a buyer, having control of electronic chattel paper under Section 7-9A-105 shall:
(A) communicate the authoritative copy of the electronic chattel paper to the debtor or its designated custodian;
(B) if the debtor designates a custodian that is the designated custodian with which the authoritative copy of the electronic chattel paper is maintained for the secured party, communicate to the custodian an authenticated record releasing the designated custodian from any further obligation to comply with instructions originated by the secured party and instructing the custodian to comply with instructions originated by the debtor; and
(C) take appropriate action to enable the debtor or its designated custodian to make copies of or revisions to the authoritative copy which add or change an identified assignee of the authoritative copy without the consent of the secured party;
(4) a secured party having control of investment property under Section 7-8-106(d)(2) or 7-9A-106(b) shall send to the securities intermediary or commodity intermediary with which the security entitlement or commodity contract is maintained an authenticated record that releases the securities intermediary or commodity intermediary from any further obligation to comply with entitlement orders or directions originated by the secured party;
(5) a secured party having control of a letter-of-credit right under Section 7-9A-107 shall send to each person having an unfulfilled obligation to pay or deliver proceeds of the letter of credit to the secured party an authenticated release from any further obligation to pay or deliver proceeds of the letter of credit to the secured party.
(6) a secured party having control of an electronic document shall:
a. Give control of the electronic document to the debtor or its designated custodian;
b. If the debtor designates a custodian that is the designated custodian with which the authoritative copy of the electronic document is maintained for the secured party, communicate to the custodian an authenticated record releasing the designated custodian from any further obligation to comply with instructions originated by the secured party and instructing the custodian to comply with instructions originated by the debtor; and
c. Take appropriate action to enable the debtor or its designated custodian to make copies of or revisions to the authoritative copy which add or change an identified assignee of the authoritative copy without the consent of the secured party.
(c) Authenticated demand. In this section, "authenticated demand" means a record authenticated by the debtor demanding that the secured party take one or more of the specific actions described in subsection (b) and reasonably identifying the collateral that is the subject of the demand. The secured party may designate in a record sent to the debtor or as to which the debtor has notice an address to which such demands must be sent. A demand sent to another address of the secured party will be effective, but the 10-day period for action by the secured party does not begin until the person or department at the address specified by the secured party has notice of the demand.
(Act 2001-481, p. 647, §1; Act 2004-315, p. 464, §2.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-2/division-2/section-7-9a-209/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement.›Division 2 - Rights and Duties.›Section 7-9A-209 - Duties of Secured Party if Account Debtor Has Been Notified of Assignment.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement. › Division 2 - Rights and Duties. › Section 7-9A-209 - Duties of Secured Party if Account Debtor Has Been Notified of Assignment.
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Section 7-9A-209
Duties of secured party if account debtor has been notified of assignment.
(a) Applicability of section. Except as otherwise provided in subsection (c), this section applies if:
(1) there is no outstanding secured obligation; and
(2) the secured party is not committed to make advances, incur obligations, or otherwise give value.
(b) Duties of secured party after receiving demand from debtor. Within 10 days after receiving an authenticated demand by the debtor, a secured party shall send to an account debtor that has received notification of an assignment to the secured party as assignee under Section 7-9A-406(a) an authenticated record that releases the account debtor from any further obligation to the secured party.
(c) Inapplicability to sales. This section does not apply to an assignment constituting the sale of an account, chattel paper, or payment intangible.
(d) Authenticated demand. In this section, "authenticated demand" means a record authenticated by the debtor demanding that the secured party take the action described in subsection (b). The secured party may designate in a record sent to the debtor or as to which the debtor has notice an address to which such demand must be sent. A demand sent to another address of the secured party will be effective, but the 10-day period for action by the secured party does not begin until the person or department at the address specified by the secured party has notice of the demand.
(Act 2001-481, p. 647, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-2/division-2/section-7-9a-210/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement.›Division 2 - Rights and Duties.›Section 7-9A-210 - Request for Accounting; Request Regarding List of Collateral or Statement of Acco...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement. › Division 2 - Rights and Duties. › Section 7-9A-210 - Request for Accounting; Request Regarding List of Collateral or Statement of Account.
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Section 7-9A-210
Request for accounting; request regarding list of collateral or statement of account.
(a) Definitions. In this section:
(1) "Request" means a record of a type described in paragraph (2), (3), or (4).
(2) "Request for an accounting" means a record authenticated by a debtor requesting that the recipient provide an accounting of the unpaid obligations secured by collateral and reasonably identifying the transaction or relationship that is the subject of the request.
(3) "Request regarding a list of collateral" means a record authenticated by a debtor requesting that the recipient approve or correct a list of what the debtor believes to be the collateral securing an obligation and reasonably identifying the transaction or relationship that is the subject of the request.
(4) "Request regarding a statement of account" means a record authenticated by a debtor requesting that the recipient approve or correct a statement indicating what the debtor believes to be the aggregate amount of unpaid obligations secured by collateral as of a specified date and reasonably identifying the transaction or relationship that is the subject of the request.
(b) Duty to respond to requests. Subject to subsections (c), (d), (e), and (f), a secured party, other than a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor, shall comply with a request within 14 days after receipt:
(1) in the case of a request for an accounting, by authenticating and sending to the debtor an accounting; and
(2) in the case of a request regarding a list of collateral or a request regarding a statement of account, by authenticating and sending to the debtor an approval or correction.
(c) Request regarding list of collateral; statement concerning type of collateral. A secured party that claims a security interest in all of a particular type of collateral owned by the debtor may comply with a request regarding a list of collateral by sending to the debtor an authenticated record including a statement to that effect within 14 days after receipt.
(d) Request regarding list of collateral; no interest claimed. A person that receives a request regarding a list of collateral, claims no interest in the collateral when it receives the request, and claimed an interest in the collateral at an earlier time shall comply with the request within 14 days after receipt by sending to the debtor an authenticated record:
(1) disclaiming any interest in the collateral; and
(2) if known to the recipient, providing the name and mailing address of any assignee of or successor to the recipient's interest in the collateral.
(e) Request for accounting or regarding statement of account; no interest in obligation claimed. A person that receives a request for an accounting or a request regarding a statement of account, claims no interest in the obligations when it receives the request, and claimed an interest in the obligations at an earlier time shall comply with the request within 14 days after receipt by sending to the debtor an authenticated record:
(1) disclaiming any interest in the obligations; and
(2) if known to the recipient, providing the name and mailing address of any assignee of or successor to the recipient's interest in the obligations.
(f) Charges for responses. A debtor is entitled without charge to one response to a request under this section during any six-month period. The secured party may require payment of a charge not exceeding $25 for each additional response.
(g) Designation of address for request. The secured party may designate in a record sent to the debtor, authenticated by the debtor, or, as to which the debtor has notice, an address to which a request under this section must be sent. A request sent to another address of the secured party will be effective, but the 14-day period for action by the secured party does not begin until the person or department at the address specified by the secured party has notice of the request.
(Act 2001-481, p. 647, §1; Act 2002-518, p. 1337, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-1/section-7-9a-301/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 3 - Perfection and Priority.›Division 1 - Law Governing Perfection and Priority.›Section 7-9A-301 - Law Governing Perfection and Priority of Security Interests.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 1 - Law Governing Perfection and Priority. › Section 7-9A-301 - Law Governing Perfection and Priority of Security Interests.
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Section 7-9A-301
Law governing perfection and priority of security interests.
Except as otherwise provided in Sections 7-9A-303 through 7-9A-306, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral:
(1) Except as otherwise provided in this section, while a debtor is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral.
(2) While collateral is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a possessory security interest in that collateral.
(3) Except as otherwise provided in paragraph (4), while tangible negotiable documents, goods, instruments, money, or tangible chattel paper is located in a jurisdiction, the local law of that jurisdiction governs:
(A) perfection of a security interest in the goods by filing a fixture filing;
(B) perfection of a security interest in timber to be cut; and
(C) the effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral.
(4) The local law of the jurisdiction in which the wellhead or mine is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in as-extracted collateral.
(Act 2001-481, p. 647, §1; Act 2004-315, p. 464, §2.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-1/section-7-9a-302/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 3 - Perfection and Priority.›Division 1 - Law Governing Perfection and Priority.›Section 7-9A-302 - Law Governing Perfection and Priority of Agricultural Liens.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 1 - Law Governing Perfection and Priority. › Section 7-9A-302 - Law Governing Perfection and Priority of Agricultural Liens.
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Section 7-9A-302
Law governing perfection and priority of agricultural liens.
While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of an agricultural lien on the farm products.
(Act 2001-481, p. 647, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-1/section-7-9a-303/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 3 - Perfection and Priority.›Division 1 - Law Governing Perfection and Priority.›Section 7-9A-303 - Law Governing Perfection and Priority of Security Interests in Goods Covered by a...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 1 - Law Governing Perfection and Priority. › Section 7-9A-303 - Law Governing Perfection and Priority of Security Interests in Goods Covered by a Certificate of Title.
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Section 7-9A-303
Law governing perfection and priority of security interests in goods covered by a certificate of title.
(a) Applicability of section. This section applies to goods covered by a certificate of title, even if there is no other relationship between the jurisdiction under whose certificate of title the goods are covered and the goods or the debtor.
(b) When goods covered by certificate of title. Goods become covered by a certificate of title when a valid application for the certificate of title and the applicable fee are delivered to the appropriate authority. Goods cease to be covered by a certificate of title at the earlier of the time the certificate of title ceases to be effective under the law of the issuing jurisdiction or the time the goods become covered subsequently by a certificate of title issued by another jurisdiction.
(c) Applicable law. The local law of the jurisdiction under whose certificate of title the goods are covered governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in goods covered by a certificate of title from the time the goods become covered by the certificate of title until the goods cease to be covered by the certificate of title.
(Act 2001-481, p. 647, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-1/section-7-9a-304/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 3 - Perfection and Priority.›Division 1 - Law Governing Perfection and Priority.›Section 7-9A-304 - Law Governing Perfection and Priority of Security Interests in Deposit Accounts.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 1 - Law Governing Perfection and Priority. › Section 7-9A-304 - Law Governing Perfection and Priority of Security Interests in Deposit Accounts.
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Section 7-9A-304
Law governing perfection and priority of security interests in deposit accounts.
(a) Law of bank's jurisdiction governs. The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a deposit account maintained with that bank.
(b) Bank's jurisdiction. The following rules determine a bank's jurisdiction for purposes of this part:
(1) If an agreement between the bank and the debtor governing the deposit account expressly provides that a particular jurisdiction is the bank's jurisdiction for purposes of this part, this article, or the Uniform Commercial Code, that jurisdiction is the bank's jurisdiction.
(2) If paragraph (1) does not apply and an agreement between the bank and its customer governing the deposit account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the bank's jurisdiction.
(3) If neither paragraph (1) nor paragraph (2) applies and an agreement between the bank and its customer governing the deposit account expressly provides that the deposit account is maintained at an office in a particular jurisdiction, that jurisdiction is the bank's jurisdiction.
(4) If none of the preceding paragraphs applies, the bank's jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the customer's account is located.
(5) If none of the preceding paragraphs applies, the bank's jurisdiction is the jurisdiction in which the chief executive office of the bank is located.
(Act 2001-481, p. 647, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-1/section-7-9a-305/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 3 - Perfection and Priority.›Division 1 - Law Governing Perfection and Priority.›Section 7-9A-305 - Law Governing Perfection and Priority of Security Interests in Investment Propert...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 1 - Law Governing Perfection and Priority. › Section 7-9A-305 - Law Governing Perfection and Priority of Security Interests in Investment Property.
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Section 7-9A-305
Law governing perfection and priority of security interests in investment property.
(a) Governing law: General rules. Except as otherwise provided in subsection (c), the following rules apply:
(1) While a security certificate is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in the certificated security represented thereby.
(2) The local law of the issuer's jurisdiction as specified in Section 7-8-110(d) governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in an uncertificated security.
(3) The local law of the securities intermediary's jurisdiction as specified in Section 7-8-110(e) governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a security entitlement or securities account.
(4) The local law of the commodity intermediary's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a commodity contract or commodity account.
(b) Commodity intermediary's jurisdiction. The following rules determine a commodity intermediary's jurisdiction for purposes of this part:
(1) If an agreement between the commodity intermediary and commodity customer governing the commodity account expressly provides that a particular jurisdiction is the commodity intermediary's jurisdiction for purposes of this part, this article, or the Uniform Commercial Code, that jurisdiction is the commodity intermediary's jurisdiction.
(2) If paragraph (1) does not apply and an agreement between the commodity intermediary and commodity customer governing the commodity account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the commodity intermediary's jurisdiction.
(3) If neither paragraph (1) nor paragraph (2) applies and an agreement between the commodity intermediary and commodity customer governing the commodity account expressly provides that the commodity account is maintained at an office in a particular jurisdiction, that jurisdiction is the commodity intermediary's jurisdiction.
(4) If none of the preceding paragraphs applies, the commodity intermediary's jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the commodity customer's account is located.
(5) If none of the preceding paragraphs applies, the commodity intermediary's jurisdiction is the jurisdiction in which the chief executive office of the commodity intermediary is located.
(c) When perfection governed by law of jurisdiction where debtor located. The local law of the jurisdiction in which the debtor is located governs:
(1) perfection of a security interest in investment property by filing;
(2) automatic perfection of a security interest in investment property created by a broker or securities intermediary; and
(3) automatic perfection of a security interest in a commodity contract or commodity account created by a commodity intermediary.
(Act 2001-481, p. 647, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-1/section-7-9a-306/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 3 - Perfection and Priority.›Division 1 - Law Governing Perfection and Priority.›Section 7-9A-306 - Law Governing Perfection and Priority of Security Interests in Letter-of-Credit R...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 1 - Law Governing Perfection and Priority. › Section 7-9A-306 - Law Governing Perfection and Priority of Security Interests in Letter-of-Credit Rights.
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Section 7-9A-306
Law governing perfection and priority of security interests in letter-of-credit rights.
(a) Governing law: Issuer's or nominated person's jurisdiction. Subject to subsection (c), the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a letter-of-credit right if the issuer's jurisdiction or nominated person's jurisdiction is a State.
(b) Issuer's or nominated person's jurisdiction. For purposes of this part, an issuer's jurisdiction or nominated person's jurisdiction is the jurisdiction whose law governs the liability of the issuer or nominated person with respect to the letter-of-credit right as provided in Section 7-5-116.
(c) When section not applicable. This section does not apply to a security interest that is perfected only under Section 7-9A-308(d).
(Act 2001-481, p. 647, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 3 - Perfection and Priority.›Division 1 - Law Governing Perfection and Priority.›Section 7-9A-307 - Location of Debtor.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 1 - Law Governing Perfection and Priority. › Section 7-9A-307 - Location of Debtor.
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Section 7-9A-307
Location of debtor.
(a) "Place of business." In this section, "place of business" means a place where a debtor conducts its affairs.
(b) Debtor's location: General rules. Except as otherwise provided in this section, the following rules determine a debtor's location:
(1) A debtor who is an individual is located at the individual's principal residence.
(2) A debtor that is an organization and has only one place of business is located at its place of business.
(3) A debtor that is an organization and has more than one place of business is located at its chief executive office.
(c) Limitation of applicability of subsection (b). Subsection (b) applies only if a debtor's residence, place of business, or chief executive office, as applicable, is located in a jurisdiction whose law generally requires information concerning the existence of a nonpossessory security interest to be made generally available in a filing, recording, or registration system as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral. If subsection (b) does not apply, the debtor is located in the District of Columbia.
(d) Continuation of location: Cessation of existence, etc. A person that ceases to exist, have a residence, or have a place of business continues to be located in the jurisdiction specified by subsections (b) and (c).
(e) Location of registered organization organized under State law. A registered organization that is organized under the law of a State is located in that State.
(f) Location of registered organization organized under federal law; bank branches and agencies. Except as otherwise provided in subsection (i), a registered organization that is organized under the law of the United States and a branch or agency of a bank that is not organized under the law of the United States or a State are located:
(1) in the State that the law of the United States designates, if the law designates a State of location;
(2) in the State that the registered organization, branch, or agency designates, if the law of the United States authorizes the registered organization, branch, or agency to designate its State of location, including by designating its main office, home office, or other comparable office; or
(3) in the District of Columbia, if neither paragraph (1) nor paragraph (2) applies.
(g) Continuation of location: Change in status of registered organization. A registered organization continues to be located in the jurisdiction specified by subsection (e) or (f) notwithstanding:
(1) the suspension, revocation, forfeiture, or lapse of the registered organization's status as such in its jurisdiction of organization; or
(2) the dissolution, winding up, or cancellation of the existence of the registered organization.
(h) Location of United States. The United States is located in the District of Columbia.
(i) Location of foreign bank branch or agency if licensed in only one State. A branch or agency of a bank that is not organized under the law of the United States or a State is located in the State in which the branch or agency is licensed, if all branches and agencies of the bank are licensed in only one State.
(j) Location of foreign air carrier. A foreign air carrier under the Federal Aviation Act of 1958, as amended, is located at the designated office of the agent upon which service of process may be made on behalf of the carrier.
(k) Section applies only to this part. This section applies only for purposes of this part.
(l) Information as to debtor's location. Within 10 days after receipt of the secured party's authenticated request, the debtor shall provide to the secured party the information reasonably necessary to enable the secured party to determine the debtor's location under this section.
(Act 2001-481, p. 647, §1; Act 2014-374, p. 1339, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-2/section-7-9a-308/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 3 - Perfection and Priority.›Division 2 - Perfection.›Section 7-9A-308 - When Security Interest or Agricultural Lien Is Perfected; Continuity of Perfectio...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 2 - Perfection. › Section 7-9A-308 - When Security Interest or Agricultural Lien Is Perfected; Continuity of Perfection.
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Section 7-9A-308
When security interest or agricultural lien is perfected; continuity of perfection.
(a) Perfection of security interest. Except as otherwise provided in this section and Section 7-9A-309, a security interest is perfected if it has attached and all of the applicable requirements for perfection in Sections 7-9A-310 through 7-9A-316 have been satisfied. A security interest is perfected when it attaches if the applicable requirements are satisfied before the security interest attaches.
(b) Perfection of agricultural lien. An agricultural lien is perfected if it has become effective and all of the applicable requirements for perfection in Section 7-9A-310 have been satisfied. An agricultural lien is perfected when it becomes effective if the applicable requirements are satisfied before the agricultural lien becomes effective.
(c) Continuous perfection; perfection by different methods. A security interest or agricultural lien is perfected continuously if it is originally perfected by one method under this article and is later perfected by another method under this article, without an intermediate period when it was unperfected.
(d) Supporting obligation. Perfection of a security interest in collateral also perfects a security interest in a supporting obligation for the collateral.
(e) Lien securing right to payment. Perfection of a security interest in a right to payment or performance also perfects a security interest in a security interest, mortgage, or other lien on personal or real property securing the right.
(f) Security entitlement carried in securities account. Perfection of a security interest in a securities account also perfects a security interest in the security entitlements carried in the securities account.
(g) Commodity contract carried in commodity account. Perfection of a security interest in a commodity account also perfects a security interest in the commodity contracts carried in the commodity account.
(Act 2001-481, p. 647, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-2/section-7-9a-309/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 3 - Perfection and Priority.›Division 2 - Perfection.›Section 7-9A-309 - Security Interest Perfected Upon Attachment.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 2 - Perfection. › Section 7-9A-309 - Security Interest Perfected Upon Attachment.
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Section 7-9A-309
Security interest perfected upon attachment.
The following security interests are perfected when they attach:
(1) a purchase-money security interest in consumer goods, except as otherwise provided in Section 7-9A-311(b) with respect to consumer goods that are subject to a statute or treaty described in Section 7-9A-311(a);
(2) an assignment of accounts or payment intangibles which does not by itself or in conjunction with other assignments to the same assignee transfer a significant part of the assignor's outstanding accounts or payment intangibles;
(3) a sale of a payment intangible;
(4) a sale of a promissory note;
(5) a security interest created by the assignment of a health-care-insurance receivable to the provider of the health-care goods or services;
(6) a security interest arising under Section 7-2-401, 7-2-505, 7-2-711(3), or 7-2A-508(5), until the debtor obtains possession of the collateral;
(7) a security interest of a collecting bank arising under Section 7-4-210;
(8) a security interest of an issuer or nominated person arising under Section 7-5-118;
(9) a security interest arising in the delivery of a financial asset under Section 7-9A-206(c);
(10) a security interest in investment property created by a broker or securities intermediary;
(11) a security interest in a commodity contract or a commodity account created by a commodity intermediary;
(12) an assignment for the benefit of all creditors of the transferor and subsequent transfers by the assignee thereunder; and
(13) a security interest created by an assignment of a beneficial interest in a decedent's estate.
(Act 2001-481, p. 647, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-2/section-7-9a-310/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 3 - Perfection and Priority.›Division 2 - Perfection.›Section 7-9A-310 - When Filing Required to Perfect Security Interest or Agricultural Lien; Security...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 2 - Perfection. › Section 7-9A-310 - When Filing Required to Perfect Security Interest or Agricultural Lien; Security Interests and Agricultural Liens to Which Filing Provisions Do Not Apply.
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Section 7-9A-310
When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply.
(a) General rule: Perfection by filing. Except as otherwise provided in subsection (b) and Section 7-9A-312(b), a financing statement must be filed to perfect all security interests and agricultural liens.
(b) Exceptions: Filing not necessary. The filing of a financing statement is not necessary to perfect a security interest:
(1) that is perfected under Section 7-9A-308(d), (e), (f), or (g);
(2) that is perfected under Section 7-9A-309 when it attaches;
(3) in property subject to a statute, regulation, or treaty described in Section 7-9A-311(a);
(4) in goods in possession of a bailee which is perfected under Section 7-9A-312(d)(1) or (2);
(5) in certificated securities, documents, goods, or instruments which is perfected without filing, control, or possession under Section 7-9A-312(e), (f), or (g);
(6) in collateral in the secured party's possession under Section 7-9A-313;
(7) in a certificated security which is perfected by delivery of the security certificate to the secured party under Section 7-9A-313;
(8) in deposit accounts, electronic documents, electronic chattel paper, investment property, or letter-of-credit rights which is perfected by control under Section 7-9A-314;
(9) in proceeds which is perfected under Section 7-9A-315; or
(10) that is perfected under Section 7-9A-316.
(c) Assignment of perfected security interest. If a secured party assigns a perfected security interest or agricultural lien, a filing under this article is not required to continue the perfected status of the security interest against creditors of and transferees from the original debtor.
(Act 2001-481, p. 647, §1; Act 2004-315, p. 464, §2.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-2/section-7-9a-311/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 3 - Perfection and Priority.›Division 2 - Perfection.›Section 7-9A-311 - Perfection of Security Interests in Property Subject to Certain Statutes, Regulat...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 2 - Perfection. › Section 7-9A-311 - Perfection of Security Interests in Property Subject to Certain Statutes, Regulations, and Treaties.
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Section 7-9A-311
Perfection of security interests in property subject to certain statutes, regulations, and treaties.
(a) Security interest subject to other law. Except as otherwise provided in subsection (d), the filing of a financing statement is not necessary or effective to perfect a security interest in property subject to:
(1) a statute, regulation, or treaty of the United States whose requirements for a security interest's obtaining priority over the rights of a lien creditor with respect to the property preempt Section 7-9A-310(a);
(2) Chapter 8 or Chapter 20 of Title 32 or another statute of this state which provides for a security interest to be indicated on a certificate of title as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral, or any central filing system created by another statute of this state governing perfection of a security interest in collateral that is subject to this article; or
(3) a statute of another jurisdiction which provides for a security interest to be indicated on a certificate of title as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the property.
(b) Compliance with other law. Compliance with the requirements of a statute, regulation, or treaty described in subsection (a) for obtaining priority over the rights of a lien creditor is equivalent to the filing of a financing statement under this article. Except as otherwise provided in subsection (d) and Sections 7-9A-313 and 7-9A-316(d) and (e) for goods covered by a certificate of title, a security interest in property subject to a statute, regulation, or treaty described in subsection (a) may be perfected only by compliance with those requirements, and a security interest so perfected remains perfected notwithstanding a change in the use or transfer of possession of the collateral.
(c) Duration and renewal of perfection. Except as otherwise provided in subsection (d) and Section 7-9A-316(d) and (e), duration and renewal of perfection of a security interest perfected by compliance with the requirements prescribed by a statute, regulation, or treaty described in subsection (a) are governed by the statute, regulation, or treaty. In other respects, the security interest is subject to this article.
(d) Inapplicability to certain inventory. During any period in which collateral subject to a statute specified in subsection (a)(2) is inventory held for sale or lease by a person or leased by that person as lessor and that person is in the business of selling goods of that kind, this section does not apply to a security interest in that collateral created by that person.
(Act 2001-481, p. 647, §1; Act 2014-374, p. 1339, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-2/section-7-9a-312/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 3 - Perfection and Priority.›Division 2 - Perfection.›Section 7-9A-312 - Perfection of Certain Security Interests by Filing; Temporary Perfection.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 2 - Perfection. › Section 7-9A-312 - Perfection of Certain Security Interests by Filing; Temporary Perfection.
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Section 7-9A-312
Perfection of certain security interests by filing; temporary perfection.
(a) Perfection by filing permitted. A security interest in chattel paper, negotiable documents, instruments, or investment property may be perfected by filing.
(b) Control or possession of certain collateral. Except as otherwise provided in Section 7-9A-315(c) and (d) for proceeds:
(1) a security interest in a deposit account may be perfected only by control under Section 7-9A-314;
(2) and except as otherwise provided in Section 7-9A-308(d), a security interest in a letter-of-credit right may be perfected only by control under Section 7-9A-314; and
(3) a security interest in money may be perfected only by the secured party's taking possession under Section 7-9A-313.
(c) Goods covered by negotiable document. While goods are in the possession of a bailee that has issued a negotiable document covering the goods:
(1) a security interest in the goods may be perfected by perfecting a security interest in the document; and
(2) a security interest perfected in the document has priority over any security interest that becomes perfected in the goods by another method during that time.
(d) Goods covered by nonnegotiable document. While goods are in the possession of a bailee that has issued a nonnegotiable document covering the goods, a security interest in the goods may be perfected by:
(1) issuance of a document in the name of the secured party;
(2) the bailee's receipt of notification of the secured party's interest; or
(3) filing as to the goods.
(e) Temporary perfection: New value. A security interest in certificated securities, negotiable documents, or instruments is perfected without filing or the taking of possession or control for a period of 20 days from the time it attaches to the extent that it arises for new value given under an authenticated security agreement.
(f) Temporary perfection: Goods or documents made available to debtor. A perfected security interest in a negotiable document or goods in possession of a bailee, other than one that has issued a negotiable document for the goods, remains perfected for 20 days without filing if the secured party makes available to the debtor the goods or documents representing the goods for the purpose of:
(1) ultimate sale or exchange; or
(2) loading, unloading, storing, shipping, transshipping, manufacturing, processing, or otherwise dealing with them in a manner preliminary to their sale or exchange.
(g) Temporary perfection: Delivery of security certificate or instrument to debtor. A perfected security interest in a certificated security or instrument remains perfected for 20 days without filing if the secured party delivers the security certificate or instrument to the debtor for the purpose of:
(1) ultimate sale or exchange; or
(2) presentation, collection, enforcement, renewal, or registration of transfer.
(h) Expiration of temporary perfection. After the 20-day period specified in subsection (e), (f), or (g) expires, perfection depends upon compliance with this article.
(Act 2001-481, p. 647, §1; Act 2004-315, p. 464, §2.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-2/section-7-9a-313/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 3 - Perfection and Priority.›Division 2 - Perfection.›Section 7-9A-313 - When Possession by or Delivery to Secured Party Perfects Security Interest Withou...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 2 - Perfection. › Section 7-9A-313 - When Possession by or Delivery to Secured Party Perfects Security Interest Without Filing.
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Section 7-9A-313
When possession by or delivery to secured party perfects security interest without filing.
(a) Perfection by possession or delivery. Except as otherwise provided in subsection (b), a secured party may perfect a security interest in tangible negotiable documents, goods, instruments, money, or tangible chattel paper by taking possession of the collateral. A secured party may perfect a security interest in certificated securities by taking delivery of the certificated securities under Section 7-8-301.
(b) Goods covered by certificate of title. With respect to goods covered by a certificate of title issued by this State, a secured party may perfect a security interest in the goods by taking possession of the goods only in the circumstances described in Section 7-9A-316(d).
(c) Collateral in possession of person other than debtor. With respect to collateral other than certificated securities and goods covered by a document, a secured party takes possession of collateral in the possession of a person other than the debtor, the secured party, or a lessee of the collateral from the debtor in the ordinary course of the debtor's business, when:
(1) the person in possession authenticates a record acknowledging that it holds possession of the collateral for the secured party's benefit; or
(2) the person takes possession of the collateral after having authenticated a record acknowledging that it will hold possession of collateral for the secured party's benefit.
(d) Time of perfection by possession; continuation of perfection. If perfection of a security interest depends upon possession of the collateral by a secured party, perfection occurs no earlier than the time the secured party takes possession and continues only while the secured party retains possession.
(e) Time of perfection by delivery; continuation of perfection. A security interest in a certificated security in registered form is perfected by delivery when delivery of the certificated security occurs under Section 7-8-301 and remains perfected by delivery until the debtor obtains possession of the security certificate.
(f) Acknowledgment not required. A person in possession of collateral is not required to acknowledge that it holds possession for a secured party's benefit.
(g) Effectiveness of acknowledgment; no duties or confirmation. If a person acknowledges that it holds possession for the secured party's benefit:
(1) the acknowledgment is effective under subsection (c) or Section 7-8-301(a), even if the acknowledgment violates the rights of a debtor; and
(2) unless the person otherwise agrees or law other than this article otherwise provides, the person does not owe any duty to the secured party and is not required to confirm the acknowledgment to another person.
(h) Secured party's delivery to person other than debtor. A secured party having possession of collateral does not relinquish possession by delivering the collateral to a person other than the debtor or a lessee of the collateral from the debtor in the ordinary course of the debtor's business if the person was instructed before the delivery or is instructed contemporaneously with the delivery:
(1) to hold possession of the collateral for the secured party's benefit; or
(2) to redeliver the collateral to the secured party.
(i) Effect of delivery under subsection (h); no duties or confirmation. A secured party does not relinquish possession, even if a delivery under subsection (h) violates the rights of a debtor. A person to which collateral is delivered under subsection (h) does not owe any duty to the secured party and is not required to confirm the delivery to another person unless the person otherwise agrees or law other than this article otherwise provides.
(Act 2001-481, p. 647, §1; Act 2004-315, p. 464, §2.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-2/section-7-9a-314/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 3 - Perfection and Priority.›Division 2 - Perfection.›Section 7-9A-314 - Perfection by Control.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 2 - Perfection. › Section 7-9A-314 - Perfection by Control.
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Section 7-9A-314
Perfection by control.
(a) Perfection by control. A security interest in investment property, deposit accounts, letter-of-credit rights, electronic chattel paper, or electronic documents may be perfected by control of the collateral under Section 7-7-106, 7-9A-104, 7-9A-105, 7-9A-106, or 7-9A-107.
(b) Specified collateral: Time of perfection by control; continuation of perfection. A security interest in deposit accounts, electronic chattel paper, letter-of-credit rights, or electronic documents is perfected by control under Section 7-7-106, 7-9A-104, 7-9A-105, or 7-9A-107 when the secured party obtains control and remains perfected by control only while the secured party retains control.
(c) Investment property: Time of perfection by control; continuation of perfection. A security interest in investment property is perfected by control under Section 7-9A-106 from the time the secured party obtains control and remains perfected by control until:
(1) the secured party does not have control; and
(2) one of the following occurs:
(A) if the collateral is a certificated security, the debtor has or acquires possession of the security certificate;
(B) if the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner; or
(C) if the collateral is a security entitlement, the debtor is or becomes the entitlement holder.
(Act 2001-481, p. 647, §1; Act 2004-315, p. 464, §2.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 3 - Perfection and Priority.›Division 2 - Perfection.›Section 7-9A-315 - Secured Party's Rights on Disposition of Collateral and in Proceeds.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 2 - Perfection. › Section 7-9A-315 - Secured Party's Rights on Disposition of Collateral and in Proceeds.
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Section 7-9A-315
Secured party's rights on disposition of collateral and in proceeds.
(a) Disposition of collateral: Continuation of security interest or agricultural lien; proceeds. Except as otherwise provided in this article and in Section 7-2-403(2):
(1) a security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange, or other disposition thereof unless the secured party authorized the disposition free of the security interest or agricultural lien; and
(2) a security interest attaches to any identifiable proceeds of collateral.
(b) When commingled proceeds identifiable. Proceeds that are commingled with other property are identifiable proceeds:
(1) if the proceeds are goods, to the extent provided by Section 7-9A-336; and
(2) if the proceeds are not goods, to the extent that the secured party identifies the proceeds by a method of tracing, including application of equitable principles, that is permitted under law other than this article with respect to commingled property of the type involved.
(c) Perfection of security interest in proceeds. A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected.
(d) Continuation of perfection. A perfected security interest in proceeds becomes unperfected on the 21st day after the security interest attaches to the proceeds unless:
(1) the following conditions are satisfied:
(A) a filed financing statement covers the original collateral;
(B) the proceeds are collateral in which a security interest may be perfected by filing in the office in which the financing statement has been filed; and
(C) the proceeds are not acquired with cash proceeds;
(2) the proceeds are identifiable cash proceeds; or
(3) the security interest in the proceeds is perfected other than under subsection (c) when the security interest attaches to the proceeds or within 20 days thereafter.
(e) When perfected security interest in proceeds becomes unperfected. If a filed financing statement covers the original collateral, a security interest in proceeds which remains perfected under subsection (d)(1) becomes unperfected at the later of:
(1) when the effectiveness of the filed financing statement lapses under Section 7-9A-515 or is terminated under Section 7-9A-513; or
(2) the 21st day after the security interest attaches to the proceeds.
(Act 2001-481, p. 647, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 3 - Perfection and Priority.›Division 2 - Perfection.›Section 7-9A-316 - Effect of Change in Governing Law.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 2 - Perfection. › Section 7-9A-316 - Effect of Change in Governing Law.
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Section 7-9A-316
Effect of change in governing law.
(a) General rule: Effect on perfection of change in governing law. A security interest perfected pursuant to the law of the jurisdiction designated in Section 7-9A-301(1) or 7-9A-305(c) remains perfected until the earliest of:
(1) the time perfection would have ceased under the law of that jurisdiction;
(2) the expiration of four months after a change of the debtor's location to another jurisdiction; or
(3) the expiration of one year after a transfer of collateral to a person that thereby becomes a debtor and is located in another jurisdiction.
(b) Security interest perfected or unperfected under law of new jurisdiction. If a security interest described in subsection (a) becomes perfected under the law of the other jurisdiction before the earliest time or event described in that subsection, it remains perfected thereafter. If the security interest does not become perfected under the law of the other jurisdiction before the earliest time or event, it becomes unperfected and is deemed never to have been perfected as against a purchaser of the collateral for value.
(c) Possessory security interest in collateral moved to new jurisdiction. A possessory security interest in collateral, other than goods covered by a certificate of title and as-extracted collateral consisting of goods, remains continuously perfected if:
(1) the collateral is located in one jurisdiction and subject to a security interest perfected under the law of that jurisdiction;
(2) thereafter the collateral is brought into another jurisdiction; and
(3) upon entry into the other jurisdiction, the security interest is perfected under the law of the other jurisdiction.
(d) Goods covered by certificate of title from this State. Except as otherwise provided in subsection (e), a security interest in goods covered by a certificate of title which is perfected by any method under the law of another jurisdiction when the goods become covered by a certificate of title from this State remains perfected until the security interest would have become unperfected under the law of the other jurisdiction had the goods not become so covered.
(e) When subsection (d) security interest becomes unperfected against purchasers. A security interest described in subsection (d) becomes unperfected as against a purchaser of the goods for value and is deemed never to have been perfected as against a purchaser of the goods for value if the applicable requirements for perfection under Section 7-9A-311(b) or 7-9A-313 are not satisfied before the earlier of:
(1) the time the security interest would have become unperfected under the law of the other jurisdiction had the goods not become covered by a certificate of title from this State; or
(2) the expiration of four months after the goods had become so covered.
(f) Change in jurisdiction of bank, issuer, nominated person, securities intermediary, or commodity intermediary. A security interest in deposit accounts, letter-of-credit rights, or investment property which is perfected under the law of the bank's jurisdiction, the issuer's jurisdiction, a nominated person's jurisdiction, the securities intermediary's jurisdiction, or the commodity intermediary's jurisdiction, as applicable, remains perfected until the earlier of:
(1) the time the security interest would have become unperfected under the law of that jurisdiction; or
(2) the expiration of four months after a change of the applicable jurisdiction to another jurisdiction.
(g) Subsection (f) security interest perfected or unperfected under law of new jurisdiction. If a security interest described in subsection (f) becomes perfected under the law of the other jurisdiction before the earlier of the time or the end of the period described in that subsection, it remains perfected thereafter. If the security interest does not become perfected under the law of the other jurisdiction before the earlier of that time or the end of that period, it becomes unperfected and is deemed never to have been perfected as against a purchaser of the collateral for value.
(h) Effect on filed financing statement of change in governing law. The following rules apply to collateral to which a security interest attaches within four months after the debtor changes its location to another jurisdiction:
(1) A financing statement filed before the change pursuant to the law of the jurisdiction designated in Section 7-9A-301(1) or 7-9A-305(c) is effective to perfect a security interest in the collateral if the financing statement would have been effective to perfect a security interest in the collateral if the debtor had not changed its location.
(2) If a security interest that is perfected by a financing statement that is effective under paragraph (1) becomes perfected under the law of the other jurisdiction before the earlier of the time the financing statement would have become ineffective under the law of the jurisdiction designated in Section 7-9A-301(1) or 7-9A-305(c) or the expiration of the four-month period, it remains perfected thereafter. If the security interest does not become perfected under the law of the other jurisdiction before the earlier time or event, it becomes unperfected and is deemed never to have been perfected as against a purchaser of the collateral for value.
(i) Effect of change in governing law on financing statement filed against original debtor. If a financing statement naming an original debtor is filed pursuant to the law of the jurisdiction designated in Section 7-9A-301(1) or 7-9A-305(c) and the new debtor is located in another jurisdiction, the following rules apply:
(1) The financing statement is effective to perfect a security interest in collateral acquired by the new debtor before, and within four months after, the new debtor becomes bound under Section 7-9A-203(d), if the financing statement would have been effective to perfect a security interest in the collateral if the collateral had been acquired by the original debtor.
(2) A security interest that is perfected by the financing statement and which becomes perfected under the law of the other jurisdiction before the earlier of the expiration of the four-month period or the time the financing statement would have become ineffective under the law of the jurisdiction designated in Section 7-9A-301(1) or 7-9A-305(c) remains perfected thereafter. A security interest that is perfected by the financing statement but which does not become perfected under the law of the other jurisdiction before the earlier time or event becomes unperfected and is deemed never to have been perfected as against a purchaser of the collateral for value.
(Act 2001-481, p. 647, §1; Act 2014-374, p. 1339, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-3/section-7-9a-317/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 3 - Perfection and Priority.›Division 3 - Priority.›Section 7-9A-317 - Interests That Take Priority Over or Take Free of Security Interest or Agricultur...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 3 - Priority. › Section 7-9A-317 - Interests That Take Priority Over or Take Free of Security Interest or Agricultural Lien.
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Section 7-9A-317
Interests that take priority over or take free of security interest or agricultural lien.
(a) Conflicting security interests and rights of lien creditors. A security interest or agricultural lien is subordinate to the rights of:
(1) a person entitled to priority under Section 7-9A-322; and
(2) except as otherwise provided in subsection (e), a person that becomes a lien creditor before the earlier of the time:
(A) the security interest or agricultural lien is perfected; or
(B) one of the conditions specified in Section 7-9A-203(b)(3) is met and a financing statement covering the collateral is filed.
(b) Buyers that receive delivery. Except as otherwise provided in subsection (e), a buyer, other than a secured party, of tangible chattel paper, tangible documents, goods, instruments, or a certificated security takes free of a security interest or agricultural lien if the buyer gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.
(c) Lessees that receive delivery. Except as otherwise provided in subsection (e), a lessee of goods takes free of a security interest or agricultural lien if the lessee gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.
(d) Licensees and buyers of certain collateral. A licensee of a general intangible or a buyer, other than a secured party, of collateral other than tangible chattel paper, tangible documents, goods, instruments, or a certificated security takes free of a security interest if the licensee or buyer gives value without knowledge of the security interest and before it is perfected.
(e) Purchase-money security interest. Except as otherwise provided in Sections 7-9A-320 and 7-9A-321, if a person files a financing statement with respect to a purchase-money security interest before or within 20 days after the debtor receives delivery of the collateral, the security interest takes priority over the rights of a buyer, lessee, or lien creditor which arise between the time the security interest attaches and the time of filing.
(Act 2001-481, p. 647, §1; Act 2004-315, p. 464, §2; Act 2014-374, p. 1339, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-3/section-7-9a-318/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 3 - Perfection and Priority.›Division 3 - Priority.›Section 7-9A-318 - No Interest Retained in Right to Payment That Is Sold; Rights and Title of Seller...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 3 - Priority. › Section 7-9A-318 - No Interest Retained in Right to Payment That Is Sold; Rights and Title of Seller of Account or Chattel Paper With Respect to Creditors and Purchasers.
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Section 7-9A-318
No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers.
(a) Seller retains no interest. A debtor that has sold an account, chattel paper, payment intangible, or promissory note does not retain a legal or equitable interest in the collateral sold.
(b) Deemed rights of debtor if buyer's security interest unperfected. For purposes of determining the rights of creditors of, and purchasers for value of an account or chattel paper from, a debtor that has sold an account or chattel paper, while the buyer's security interest is unperfected, the debtor is deemed to have rights and title to the account or chattel paper identical to those the debtor sold.
(Act 2001-481, p. 647, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-3/section-7-9a-319/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 3 - Perfection and Priority.›Division 3 - Priority.›Section 7-9A-319 - Rights and Title of Consignee With Respect to Creditors and Purchasers.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 3 - Priority. › Section 7-9A-319 - Rights and Title of Consignee With Respect to Creditors and Purchasers.
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Section 7-9A-319
Rights and title of consignee with respect to creditors and purchasers.
(a) Consignee has consignor's rights. Except as otherwise provided in subsection (b), for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, while the goods are in the possession of the consignee, the consignee is deemed to have rights and title to the goods identical to those the consignor had or had power to transfer.
(b) Applicability of other law. For purposes of determining the rights of a creditor of a consignee, law other than this article determines the rights and title of a consignee while goods are in the consignee's possession if, under this part, a perfected security interest held by the consignor would have priority over the rights of the creditor.
(Act 2001-481, p. 647, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-3/section-7-9a-320/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 3 - Perfection and Priority.›Division 3 - Priority.›Section 7-9A-320 - Buyer of Goods; Alabama Farmers Credit Protection Fund.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 3 - Priority. › Section 7-9A-320 - Buyer of Goods; Alabama Farmers Credit Protection Fund.
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Section 7-9A-320
Buyer of goods; Alabama Farmers Credit Protection Fund.
(a) Buyer in ordinary course of business. Except as otherwise provided in subsection (e), a buyer in ordinary course of business, other than a person buying farm products from a person engaged in farming operations, takes free of a security interest created by the buyer's seller, even if the security interest is perfected and the buyer knows of its existence.
(b) Buyer of consumer goods. Except as otherwise provided in subsection (e), a buyer of goods from a person who used or bought the goods for use primarily for personal, family, or household purposes takes free of a security interest, even if perfected, if the buyer buys:
(1) without knowledge of the security interest;
(2) for value;
(3) primarily for the buyer's personal, family, or household purposes; and
(4) before the filing of a financing statement covering the goods.
(c) Effectiveness of filing for subsection (b). To the extent that it affects the priority of a security interest over a buyer of goods under subsection (b), the period of effectiveness of a filing made in the jurisdiction in which the seller is located is governed by Section 7-9A-316(a) and (b).
(d) Buyer in ordinary course of business at wellhead or mine. A buyer in ordinary course of business buying oil, gas, or other minerals at the wellhead or mine or after extraction takes free of an interest arising out of an encumbrance.
(e) Possessory security interest not affected. Subsections (a) and (b) do not affect a security interest in goods in the possession of the secured party under Section 7-9A-313.
(f) A secured party may enforce a security interest in farm products against a buyer who, in the ordinary course of business, purchases farm products from, or a commission merchant or selling agent who, in the ordinary course of business, sells farm products for a person engaged in farming operations only where the secured party has filed with the Secretary of State an original, reproduced copy, or electronically reproduced copy of an effective financing statement containing such information and in such form as may be required for an effective financing statement by Section 1324 of the Food Security Act of 1985, P.L. 99-198, 7 U.S.C. §1631, as now enacted or hereafter amended.
(g) The fee for filing and indexing and for stamping a copy furnished by the secured party to show the date and place of filing for the form described in subsection (f) or any amendment to such form shall be twenty dollars ($20) for the first one or two pages and two dollars ($2) per page for each additional page if the statement or amendment is in the standard form prescribed by the Secretary of State, fifteen dollars ($15) if the information in the form is communicated by a medium other than the filing of a paper form that is authorized by filing-office rule, and an additional five dollars ($5) for each statement or amendment if not in the standard form. The number of names required to be indexed or the presence of a trade name, or both, does not affect the amount of the fee. The form described in subsection (f) must be amended in writing within three months, and similarly signed and filed, to reflect material changes. The effectiveness and continuation of the form is to be treated as if it were a financing statement.
(h) There is hereby created in the State Treasury a fund to be known and designated as the Alabama Farmers Credit Protection Fund. All funds, fees, charges, costs, and collections accruing to or collected by the office of the Secretary of State pursuant to the provisions of subsection (g) or subsections (g), (h), (i), or (j) of Section 7-9A-523, or any fees collected in relation to filing the form described in subsection (f) shall be deposited into the State Treasury to the credit of the Alabama Farmers Credit Protection Fund.
(i) All funds now or hereafter deposited in the State Treasury to the credit of the Alabama Farmers Credit Protection Fund shall be expended for the purpose of administering the provisions of law authorizing the collection of such funds and shall be payable from the fund on the requisition of the Secretary of State. Such funds shall be exempt from the provisions of subsection (g) of Section 7-9A-525. The fees collected from August 1, 2002, until September 30, 2003, that are deposited into the Alabama Farmers Credit Protection Fund are hereby appropriated for the fiscal year in which the fees are deposited into the Alabama Farmers Credit Protection Fund. Any of the appropriations that are unexpended at the end of the fiscal years beginning on October 1, 2001, or on October 1, 2002, are hereby reappropriated for the following fiscal year. Commencing October 1, 2003, no funds shall be withdrawn nor expended for any purpose whatsoever unless the same shall have been allotted and budgeted in accordance with Article 4 of Chapter 4 of Title 41, and only in the amounts and for the purposes provided by the Legislature in the general appropriations act.
(j) The Secretary of State is authorized to promulgate rules and regulations and set reasonable fees which have not been delineated in this section or Section 7-9A-523 in order to implement a central filing system which conforms with the requirements of the Federal Food Security Act of 1985, P.L. 99-198, 7 U.S.C. §1631, as now enacted or as hereafter amended. Except where prescribing forms to administer this central filing system, such regulations and fees shall be adopted in accordance with the Administrative Procedure Act.
(k) The Secretary of State may contract with one or more public or private parties to perform some or all of its duties under this section and subsections (g), (h), (i), or (j) of Section 7-9A-523; except that the Secretary of State may not delegate the power to make rules or regulations, conduct public hearings, prescribe forms, and establish services and fees therefor.
(Act 2001-481, p. 647, §1; Act 2002-518, p. 1337, §1; Act 2007-404, p. 832, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-3/section-7-9a-321/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 3 - Perfection and Priority.›Division 3 - Priority.›Section 7-9A-321 - Licensee of General Intangible and Lessee of Goods in Ordinary Course of Business...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 3 - Priority. › Section 7-9A-321 - Licensee of General Intangible and Lessee of Goods in Ordinary Course of Business.
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Section 7-9A-321
Licensee of general intangible and lessee of goods in ordinary course of business.
(a) "Licensee in ordinary course of business." In this section, "licensee in ordinary course of business" means a person that becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible, and in the ordinary course from a person in the business of licensing general intangibles of that kind. A person becomes a licensee in the ordinary course if the license to the person comports with the usual or customary practices in the kind of business in which the licensor is engaged or with the licensor's own usual or customary practices.
(b) Rights of licensee in ordinary course of business. A licensee in ordinary course of business takes its rights under a nonexclusive license free of a security interest in the general intangible created by the licensor, even if the security interest is perfected and the licensee knows of its existence.
(c) Rights of lessee in ordinary course of business. A lessee in ordinary course of business takes its leasehold interest free of a security interest in the goods created by the lessor, even if the security interest is perfected and the lessee knows of its existence.
(Act 2001-481, p. 647, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-3/section-7-9a-322/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 3 - Perfection and Priority.›Division 3 - Priority.›Section 7-9A-322 - Priorities Among Conflicting Security Interests in and Agricultural Liens on Same...
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 3 - Priority. › Section 7-9A-322 - Priorities Among Conflicting Security Interests in and Agricultural Liens on Same Collateral.
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Section 7-9A-322
Priorities among conflicting security interests in and agricultural liens on same collateral.
(a) General priority rules. Except as otherwise provided in this section, priority among conflicting security interests and agricultural liens in the same collateral is determined according to the following rules:
(1) Conflicting perfected security interests and agricultural liens rank according to priority in time of filing or perfection. Priority dates from the earlier of the time a filing covering the collateral is first made or the security interest or agricultural lien is first perfected, if there is no period thereafter when there is neither filing nor perfection.
(2) A perfected security interest or agricultural lien has priority over a conflicting unperfected security interest or agricultural lien.
(3) The first security interest or agricultural lien to attach or become effective has priority if conflicting security interests and agricultural liens are unperfected.
(b) Time of perfection: Proceeds and supporting obligations. For the purposes of subsection (a)(1):
(1) the time of filing or perfection as to a security interest in collateral is also the time of filing or perfection as to a security interest in proceeds; and
(2) the time of filing or perfection as to a security interest in collateral supported by a supporting obligation is also the time of filing or perfection as to a security interest in the supporting obligation.
(c) Special priority rules: Proceeds and supporting obligations. Except as otherwise provided in subsection (f), a security interest in collateral which qualifies for priority over a conflicting security interest under Section 7-9A-327, 7-9A-328, 7-9A-329, 7-9A-330, or 7-9A-331 also has priority over a conflicting security interest in:
(1) any supporting obligation for the collateral; and
(2) proceeds of the collateral if:
(A) the security interest in proceeds is perfected;
(B) the proceeds are cash proceeds or of the same type as the collateral; and
(C) in the case of proceeds that are proceeds of proceeds, all intervening proceeds are cash proceeds, proceeds of the same type as the collateral, or an account relating to the collateral.
(d) First-to-file priority rule for certain collateral. Subject to subsection (e) and except as otherwise provided in subsection (f), if a security interest in chattel paper, deposit accounts, negotiable documents, instruments, investment property, or letter-of-credit rights is perfected by a method other than filing, conflicting perfected security interests in proceeds of the collateral rank according to priority in time of filing.
(e) Applicability of subsection (d). Subsection (d) applies only if the proceeds of the collateral are not cash proceeds, chattel paper, negotiable documents, instruments, investment property, or letter-of-credit rights.
(f) Limitations on subsections (a) through (e). Subsections (a) through (e) are subject to:
(1) subsection (g) and the other provisions of this part;
(2) Section 7-4-210 with respect to a security interest of a collecting bank;
(3) Section 7-5-118 with respect to a security interest of an issuer or nominated person; and
(4) Section 7-9A-110 with respect to a security interest arising under Article 2 or 2A.
(g) Priority under agricultural lien statute. A perfected agricultural lien on collateral has priority over a conflicting security interest in or agricultural lien on the same collateral if the statute creating the agricultural lien so provides.
(Act 2001-481, p. 647, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-3/section-7-9a-323/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 3 - Perfection and Priority.›Division 3 - Priority.›Section 7-9A-323 - Future Advances.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 3 - Priority. › Section 7-9A-323 - Future Advances.
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Section 7-9A-323
Future advances.
(a) When priority based on time of advance. Except as otherwise provided in subsection (c), for purposes of determining the priority of a perfected security interest under Section 7-9A-322(a)(1), perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that:
(1) is made while the security interest is perfected only:
(A) under Section 7-9A-309 when it attaches; or
(B) temporarily under Section 7-9A-312(e), (f), or (g); and
(2) is not made pursuant to a commitment entered into before or while the security interest is perfected by a method other than under Section 7-9A-309 or 7-9A-312(e), (f), or (g).
(b) Lien creditor. Except as otherwise provided in subsection (c), a security interest is subordinate to the rights of a person that becomes a lien creditor to the extent that the security interest secures an advance made more than 45 days after the person becomes a lien creditor unless the advance is made:
(1) without knowledge of the lien; or
(2) pursuant to a commitment entered into without knowledge of the lien.
(c) Buyer of receivables. Subsections (a) and (b) do not apply to a security interest held by a secured party that is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor.
(d) Buyer of goods. Except as otherwise provided in subsection (e), a buyer of goods other than a buyer in ordinary course of business takes free of a security interest to the extent that it secures advances made after the earlier of:
(1) the time the secured party acquires knowledge of the buyer's purchase; or
(2) 45 days after the purchase.
(e) Advances made pursuant to commitment: Priority of buyer of goods. Subsection (d) does not apply if the advance is made pursuant to a commitment entered into without knowledge of the buyer's purchase and before the expiration of the 45-day period.
(f) Lessee of goods. Except as otherwise provided in subsection (g), a lessee of goods, other than a lessee in ordinary course of business, takes the leasehold interest free of a security interest to the extent that it secures advances made after the earlier of:
(1) the time the secured party acquires knowledge of the lease; or
(2) 45 days after the lease contract becomes enforceable.
(g) Advances made pursuant to commitment: Priority of lessee of goods. Subsection (f) does not apply if the advance is made pursuant to a commitment entered into without knowledge of the lease and before the expiration of the 45-day period.
(Act 2001-481, p. 647, §1.)
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https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-3/section-7-9a-324/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 3 - Perfection and Priority.›Division 3 - Priority.›Section 7-9A-324 - Priority of Purchase-Money Security Interests.
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2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 3 - Priority. › Section 7-9A-324 - Priority of Purchase-Money Security Interests.
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Section 7-9A-324
Priority of purchase-money security interests.
(a) General rule: Purchase-money priority. Except as otherwise provided in subsection (g), a perfected purchase-money security interest in goods other than inventory or livestock has priority over a conflicting security interest in the same goods, and, except as otherwise provided in Section 7-9A-327, a perfected security interest in its identifiable proceeds also has priority, if the purchase-money security interest is perfected when the debtor receives possession of the collateral or within 20 days thereafter.
(b) Inventory purchase-money priority. Subject to subsection (c) and except as otherwise provided in subsection (g), a perfected purchase-money security interest in inventory has priority over a conflicting security interest in the same inventory, has priority over a conflicting security interest in chattel paper or an instrument constituting proceeds of the inventory and in proceeds of the chattel paper, if so provided in Section 7-9A-330, and, except as otherwise provided in Section 7-9A-327, also has priority in identifiable cash proceeds of the inventory to the extent the identifiable cash proceeds are received on or before the delivery of the inventory to a buyer, if:
(1) the purchase-money security interest is perfected when the debtor receives possession of the inventory;
(2) the purchase-money secured party sends an authenticated notification to the holder of the conflicting security interest;
(3) the holder of the conflicting security interest receives the notification within five years before the debtor receives possession of the inventory; and
(4) the notification states that the person sending the notification has or expects to acquire a purchase-money security interest in inventory of the debtor and describes the inventory.
(c) Holders of conflicting inventory security interests to be notified. Subsections (b)(2) through (4) apply only if the holder of the conflicting security interest had filed a financing statement covering the same types of inventory:
(1) if the purchase-money security interest is perfected by filing, before the date of the filing; or
(2) if the purchase-money security interest is temporarily perfected without filing or possession under Section 7-9A-312(f), before the beginning of the 20-day period thereunder.
(d) Livestock purchase-money priority. Subject to subsection (e) and except as otherwise provided in subsection (g), a perfected purchase-money security interest in livestock that are farm products has priority over a conflicting security interest in the same livestock, and, except as otherwise provided in Section 7-9A-327, a perfected security interest in their identifiable proceeds and identifiable products in their unmanufactured states also has priority, if:
(1) the purchase-money security interest is perfected when the debtor receives possession of the livestock;
(2) the purchase-money secured party sends an authenticated notification to the holder of the conflicting security interest;
(3) the holder of the conflicting security interest receives the notification within six months before the debtor receives possession of the livestock; and
(4) the notification states that the person sending the notification has or expects to acquire a purchase-money security interest in livestock of the debtor and describes the livestock.
(e) Holders of conflicting livestock security interests to be notified. Subsections (d)(2) through (4) apply only if the holder of the conflicting security interest had filed a financing statement covering the same types of livestock:
(1) if the purchase-money security interest is perfected by filing, before the date of the filing; or
(2) if the purchase-money security interest is temporarily perfected without filing or possession under Section 7-9A-312(f), before the beginning of the 20-day period thereunder.
(f) Software purchase-money priority. Except as otherwise provided in subsection (g), a perfected purchase-money security interest in software has priority over a conflicting security interest in the same collateral, and, except as otherwise provided in Section 7-9A-327, a perfected security interest in its identifiable proceeds also has priority, to the extent that the purchase-money security interest in the goods in which the software was acquired for use has priority in the goods and proceeds of the goods under this section.
(g) Conflicting purchase-money security interests. If more than one security interest qualifies for priority in the same collateral under subsection (a), (b), (d), or (f):
(1) a security interest securing an obligation incurred as all or part of the price of the collateral has priority over a security interest securing an obligation incurred for value given to enable the debtor to acquire rights in or the use of collateral; and
(2) in all other cases, Section 7-9A-322(a) applies to the qualifying security interests.
(Act 2001-481, p. 647, §1.)
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