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https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-3/section-7-9a-325/ | AL | 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-325 - Priority of Security Interests in Transferred Collateral. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 3 - Priority. › Section 7-9A-325 - Priority of Security Interests in Transferred Collateral. | Section 7-9A-325
Priority of security interests in transferred collateral.
(a) Subordination of security interest in transferred collateral. Except as otherwise provided in subsection (b), a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if:
... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-3/section-7-9a-326/ | AL | 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-326 - Priority of Security Interests Created by New Debtor. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 3 - Priority. › Section 7-9A-326 - Priority of Security Interests Created by New Debtor. | Section 7-9A-326
Priority of security interests created by new debtor.
(a) Subordination of security interest created by new debtor. Subject to subsection (b), a security interest that is created by a new debtor in collateral in which the new debtor has or acquires rights and is perfected solely by a filed financing st... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-3/section-7-9a-327/ | AL | 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-327 - Priority of Security Interests in Deposit Account. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 3 - Priority. › Section 7-9A-327 - Priority of Security Interests in Deposit Account. | Section 7-9A-327
Priority of security interests in deposit account.
The following rules govern priority among conflicting security interests in the same deposit account:
(1) A security interest held by a secured party having control of the deposit account under Section 7-9A-104 has priority over a conflicting security ... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-3/section-7-9a-328/ | AL | 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-328 - Priority of Security Interests in Investment Property. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 3 - Priority. › Section 7-9A-328 - Priority of Security Interests in Investment Property. | Section 7-9A-328
Priority of security interests in investment property.
The following rules govern priority among conflicting security interests in the same investment property:
(1) A security interest held by a secured party having control of investment property under Section 7-9A-106 has priority over a security inte... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-3/section-7-9a-329/ | AL | 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-329 - Priority of Security Interests in Letter-of-Credit Right. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 3 - Priority. › Section 7-9A-329 - Priority of Security Interests in Letter-of-Credit Right. | Section 7-9A-329
Priority of security interests in letter-of-credit right.
The following rules govern priority among conflicting security interests in the same letter-of-credit right:
(1) A security interest held by a secured party having control of the letter-of-credit right under Section 7-9A-107 has priority to the ... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-3/section-7-9a-330/ | AL | 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-330 - Priority of Purchaser of Chattel Paper or Instrument. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 3 - Priority. › Section 7-9A-330 - Priority of Purchaser of Chattel Paper or Instrument. | Section 7-9A-330
Priority of purchaser of chattel paper or instrument.
(a) Purchaser's priority: Security interest claimed merely as proceeds. A purchaser of chattel paper has priority over a security interest in the chattel paper which is claimed merely as proceeds of inventory subject to a security interest if:
(1) i... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-3/section-7-9a-331/ | AL | 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-331 - Priority of Rights of Purchasers of Instruments, Documents, and Securities Under... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 3 - Priority. › Section 7-9A-331 - Priority of Rights of Purchasers of Instruments, Documents, and Securities Under Other Articles; Priority of Interests in Financial Assets and Security... | Section 7-9A-331
Priority of rights of purchasers of instruments, documents, and securities under other articles; priority of interests in financial assets and security entitlements under Article 8.
(a) Rights under Articles 3, 7, and 8 not limited. This article does not limit the rights of a holder in due course of a ... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-3/section-7-9a-332/ | AL | 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-332 - Transfer of Money; Transfer of Funds From Deposit Account. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 3 - Priority. › Section 7-9A-332 - Transfer of Money; Transfer of Funds From Deposit Account. | Section 7-9A-332
Transfer of money; transfer of funds from deposit account.
(a) Transferee of money. A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the rights of the secured party.
(b) Transferee of funds from deposit account. A tra... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-3/section-7-9a-333/ | AL | 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-333 - Priority of Certain Liens Arising by Operation of Law. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 3 - Priority. › Section 7-9A-333 - Priority of Certain Liens Arising by Operation of Law. | Section 7-9A-333
Priority of certain liens arising by operation of law.
(a) "Possessory lien." In this section, "possessory lien" means an interest, other than a security interest or an agricultural lien:
(1) which secures payment or performance of an obligation for services or materials furnished with respect to goods... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-3/section-7-9a-334/ | AL | 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-334 - Priority of Security Interests in Fixtures and Crops. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 3 - Priority. › Section 7-9A-334 - Priority of Security Interests in Fixtures and Crops. | Section 7-9A-334
Priority of security interests in fixtures and crops.
(a) Security interest in fixtures under this article. A security interest under this article may be created in goods that are fixtures or may continue in goods that become fixtures. A security interest does not exist under this article in ordinary b... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-3/section-7-9a-335/ | AL | 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-335 - Accessions. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 3 - Priority. › Section 7-9A-335 - Accessions. | Section 7-9A-335
Accessions.
(a) Creation of security interest in accession. A security interest may be created in an accession and continues in collateral that becomes an accession.
(b) Perfection of security interest. If a security interest is perfected when the collateral becomes an accession, the security interest ... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-3/section-7-9a-336/ | AL | 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-336 - Commingled Goods. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 3 - Priority. › Section 7-9A-336 - Commingled Goods. | Section 7-9A-336
Commingled goods.
(a) "Commingled goods." In this section, "commingled goods" means goods that are physically united with other goods in such a manner that their identity is lost in a product or mass.
(b) No security interest in commingled goods as such. A security interest does not exist in commingled... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-3/section-7-9a-337/ | AL | 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-337 - Priority of Security Interests in Goods Covered by Certificate of Title. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 3 - Priority. › Section 7-9A-337 - Priority of Security Interests in Goods Covered by Certificate of Title. | Section 7-9A-337
Priority of security interests in goods covered by certificate of title.
If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this State issues a certificate of title that does not show that the goods are subject to the security interest or contain a ... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-3/section-7-9a-338/ | AL | 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-338 - Priority of Security Interest or Agricultural Lien Perfected by Filed Financing S... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 3 - Priority. › Section 7-9A-338 - Priority of Security Interest or Agricultural Lien Perfected by Filed Financing Statement Providing Certain Incorrect Information. | Section 7-9A-338
Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information.
If a security interest or agricultural lien is perfected by a filed financing statement providing information described in Section 7-9A-516(b)(5) which is incorrect at the ... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-3/section-7-9a-339/ | AL | 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-339 - Priority Subject to Subordination. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 3 - Priority. › Section 7-9A-339 - Priority Subject to Subordination. | Section 7-9A-339
Priority subject to subordination.
This article does not preclude subordination by agreement by a person entitled to priority.
(Act 2001-481, p. 647, §1.) |
https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-4/section-7-9a-340/ | AL | 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 4 - Rights of Bank.›Section 7-9A-340 - Effectiveness of Right of Recoupment or Set-Off Against Deposit Account. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 4 - Rights of Bank. › Section 7-9A-340 - Effectiveness of Right of Recoupment or Set-Off Against Deposit Account. | Section 7-9A-340
Effectiveness of right of recoupment or set-off against deposit account.
(a) Exercise of recoupment or set-off. Except as otherwise provided in subsection (c), a bank with which a deposit account is maintained may exercise any right of recoupment or set-off against a secured party that holds a security... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-4/section-7-9a-341/ | AL | 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 4 - Rights of Bank.›Section 7-9A-341 - Bank's Rights and Duties With Respect to Deposit Account. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 4 - Rights of Bank. › Section 7-9A-341 - Bank's Rights and Duties With Respect to Deposit Account. | Section 7-9A-341
Bank's rights and duties with respect to deposit account.
Except as otherwise provided in Section 7-9A-340(c), and unless the bank otherwise agrees in an authenticated record, a bank's rights and duties with respect to a deposit account maintained with the bank are not terminated, suspended, or modifie... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-3/division-4/section-7-9a-342/ | AL | 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 4 - Rights of Bank.›Section 7-9A-342 - Bank's Right to Refuse to Enter Into or Disclose Existence of Control Agreement. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 3 - Perfection and Priority. › Division 4 - Rights of Bank. › Section 7-9A-342 - Bank's Right to Refuse to Enter Into or Disclose Existence of Control Agreement. | Section 7-9A-342
Bank's right to refuse to enter into or disclose existence of control agreement.
This article does not require a bank to enter into an agreement of the kind described in Section 7-9A-104(a)(2), even if its customer so requests or directs. A bank that has entered into such an agreement is not required t... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-4/section-7-9a-401/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 4 - Rights of Third Parties.›Section 7-9A-401 - Alienability of Debtor's Rights. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 4 - Rights of Third Parties. › Section 7-9A-401 - Alienability of Debtor's Rights. | Section 7-9A-401
Alienability of debtor's rights.
(a) Other law governs alienability; exceptions. Except as otherwise provided in subsection (b) and Sections 7-9A-406, 7-9A-407, 7-9A-408, and 7-9A-409, whether a debtor's rights in collateral may be voluntarily or involuntarily transferred is governed by law other than ... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-4/section-7-9a-402/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 4 - Rights of Third Parties.›Section 7-9A-402 - Secured Party Not Obligated on Contract of Debtor or in Tort. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 4 - Rights of Third Parties. › Section 7-9A-402 - Secured Party Not Obligated on Contract of Debtor or in Tort. | Section 7-9A-402
Secured party not obligated on contract of debtor or in tort.
The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor's acts or omissions.
(Act... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-4/section-7-9a-403/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 4 - Rights of Third Parties.›Section 7-9A-403 - Agreement Not to Assert Defenses Against Assignee. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 4 - Rights of Third Parties. › Section 7-9A-403 - Agreement Not to Assert Defenses Against Assignee. | Section 7-9A-403
Agreement not to assert defenses against assignee.
(a) "Value." In this section, "value" has the meaning provided in Section 7-3-303(a).
(b) Agreement not to assert claim or defense. Except as otherwise provided in this section, an agreement between an account debtor and an assignor not to assert again... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-4/section-7-9a-404/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 4 - Rights of Third Parties.›Section 7-9A-404 - Rights Acquired by Assignee; Claims and Defenses Against Assignee. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 4 - Rights of Third Parties. › Section 7-9A-404 - Rights Acquired by Assignee; Claims and Defenses Against Assignee. | Section 7-9A-404
Rights acquired by assignee; claims and defenses against assignee.
(a) Assignee's rights subject to terms, claims, and defenses; exceptions. Unless an account debtor has made an enforceable agreement not to assert defenses or claims, and subject to subsections (b) through (e), the rights of an assignee... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-4/section-7-9a-405/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 4 - Rights of Third Parties.›Section 7-9A-405 - Modification of Assigned Contract. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 4 - Rights of Third Parties. › Section 7-9A-405 - Modification of Assigned Contract. | Section 7-9A-405
Modification of assigned contract.
(a) Effect of modification on assignee. A modification of or substitution for an assigned contract is effective against an assignee if made in good faith and in accordance with reasonable commercial standards. The assignee acquires corresponding rights under the modif... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-4/section-7-9a-406/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 4 - Rights of Third Parties.›Section 7-9A-406 - Discharge of Account Debtor; Notification of Assignment; Identification and Proof... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 4 - Rights of Third Parties. › Section 7-9A-406 - Discharge of Account Debtor; Notification of Assignment; Identification and Proof of Assignment; Restrictions on Assignment of Accounts, Chattel Paper, Payment Intangibles, and... | Section 7-9A-406
Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles, and promissory notes ineffective.
(a) Discharge of account debtor; effect of notification. Subject to subsections (b) through (i),... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-4/section-7-9a-407/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 4 - Rights of Third Parties.›Section 7-9A-407 - Restrictions on Creation or Enforcement of Security Interest in Leasehold Interes... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 4 - Rights of Third Parties. › Section 7-9A-407 - Restrictions on Creation or Enforcement of Security Interest in Leasehold Interest or in Lessor's Residual Interest. | Section 7-9A-407
Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest.
(a) Term restricting assignment generally ineffective. Except as otherwise provided in subsection (b), a term in a lease agreement is ineffective to the extent that it:
(1) prohibits, re... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-4/section-7-9a-408/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 4 - Rights of Third Parties.›Section 7-9A-408 - Restrictions on Assignment of Promissory Notes, Health-Care-Insurance Receivables... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 4 - Rights of Third Parties. › Section 7-9A-408 - Restrictions on Assignment of Promissory Notes, Health-Care-Insurance Receivables, and Certain General Intangibles Ineffective. | Section 7-9A-408
Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles ineffective.
(a) Term restricting assignment generally ineffective. Except as otherwise provided in subsection (b), a term in a promissory note or in an agreement between an account debtor... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-4/section-7-9a-409/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 4 - Rights of Third Parties.›Section 7-9A-409 - Restrictions on Assignment of Letter-of-Credit Rights Ineffective. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 4 - Rights of Third Parties. › Section 7-9A-409 - Restrictions on Assignment of Letter-of-Credit Rights Ineffective. | Section 7-9A-409
Restrictions on assignment of letter-of-credit rights ineffective.
(a) Term or law restricting assignment generally ineffective. A term in a letter of credit or a rule of law, statute, regulation, custom, or practice applicable to the letter of credit which prohibits, restricts, or requires the consent... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-1/section-7-9a-501/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 1 - Filing; Contents and Effectiveness of Financing Statement.›Section 7-9A-501 - Filing Office. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 1 - Filing; Contents and Effectiveness of Financing Statement. › Section 7-9A-501 - Filing Office. | Section 7-9A-501
Filing office.
(a) Filing offices. Except as otherwise provided in subsection (b), if the local law of this State governs perfection of a security interest or agricultural lien, the office in which to file a financing statement to perfect the security interest or agricultural lien is:
(1) the office de... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-1/section-7-9a-502/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 1 - Filing; Contents and Effectiveness of Financing Statement.›Section 7-9A-502 - Contents of Financing Statement; Record of Mortgage as Financing Statement; T... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 1 - Filing; Contents and Effectiveness of Financing Statement. › Section 7-9A-502 - Contents of Financing Statement; Record of Mortgage as Financing Statement; Time of Filing Financing Statement. | Section 7-9A-502
Contents of financing statement; record of mortgage as financing statement; time of filing financing statement.
(a) Sufficiency of financing statement. Subject to subsection (b), a financing statement is sufficient only if it:
(1) provides the name of the debtor;
(2) provides the name of the secured pa... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-1/section-7-9a-503/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 1 - Filing; Contents and Effectiveness of Financing Statement.›Section 7-9A-503 - Name of Debtor and Secured Party. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 1 - Filing; Contents and Effectiveness of Financing Statement. › Section 7-9A-503 - Name of Debtor and Secured Party. | Section 7-9A-503
Name of debtor and secured party.
(a) Sufficiency of debtor's name. A financing statement sufficiently provides the name of the debtor:
(1) except as otherwise provided in paragraph (3), if the debtor is a registered organization or the collateral is held in a trust that is a registered organization, o... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-1/section-7-9a-504/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 1 - Filing; Contents and Effectiveness of Financing Statement.›Section 7-9A-504 - Indication of Collateral. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 1 - Filing; Contents and Effectiveness of Financing Statement. › Section 7-9A-504 - Indication of Collateral. | Section 7-9A-504
Indication of collateral.
A financing statement sufficiently indicates the collateral that it covers if the financing statement provides:
(1) a description of the collateral pursuant to Section 7-9A-108; or
(2) an indication that the financing statement covers all assets or all personal property.
(Act ... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-1/section-7-9a-505/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 1 - Filing; Contents and Effectiveness of Financing Statement.›Section 7-9A-505 - Filing and Compliance With Other Statutes and Treaties for Consignments, Leas... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 1 - Filing; Contents and Effectiveness of Financing Statement. › Section 7-9A-505 - Filing and Compliance With Other Statutes and Treaties for Consignments, Leases, Other Bailments, and Other Transaction... | Section 7-9A-505
Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions.
(a) Use of terms other than "debtor" and "secured party." A consignor, lessor, or other bailor of goods, a licensor, or a buyer of a payment intangible or promissory note may file a... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-1/section-7-9a-506/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 1 - Filing; Contents and Effectiveness of Financing Statement.›Section 7-9A-506 - Effect of Errors or Omissions. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 1 - Filing; Contents and Effectiveness of Financing Statement. › Section 7-9A-506 - Effect of Errors or Omissions. | Section 7-9A-506
Effect of errors or omissions.
(a) Minor errors and omissions. A financing statement substantially satisfying the requirements of this part is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading.
(b) Financing statement s... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-1/section-7-9a-507/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 1 - Filing; Contents and Effectiveness of Financing Statement.›Section 7-9A-507 - Effect of Certain Events on Effectiveness of Financing Statement. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 1 - Filing; Contents and Effectiveness of Financing Statement. › Section 7-9A-507 - Effect of Certain Events on Effectiveness of Financing Statement. | Section 7-9A-507
Effect of certain events on effectiveness of financing statement.
(a) Disposition. A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed of and in which a security interest or agricultural lien continues, even if the se... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-1/section-7-9a-508/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 1 - Filing; Contents and Effectiveness of Financing Statement.›Section 7-9A-508 - Effectiveness of Financing Statement if New Debtor Becomes Bound by Security ... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 1 - Filing; Contents and Effectiveness of Financing Statement. › Section 7-9A-508 - Effectiveness of Financing Statement if New Debtor Becomes Bound by Security Agreement. | Section 7-9A-508
Effectiveness of financing statement if new debtor becomes bound by security agreement.
(a) Financing statement naming original debtor. Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which ... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-1/section-7-9a-509/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 1 - Filing; Contents and Effectiveness of Financing Statement.›Section 7-9A-509 - Persons Entitled to File a Record. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 1 - Filing; Contents and Effectiveness of Financing Statement. › Section 7-9A-509 - Persons Entitled to File a Record. | Section 7-9A-509
Persons entitled to file a record.
(a) Person entitled to file record. A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a financing statement only if:
(1) the debtor authorizes the filing in an authenti... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-1/section-7-9a-510/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 1 - Filing; Contents and Effectiveness of Financing Statement.›Section 7-9A-510 - Effectiveness of Filed Record. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 1 - Filing; Contents and Effectiveness of Financing Statement. › Section 7-9A-510 - Effectiveness of Filed Record. | Section 7-9A-510
Effectiveness of filed record.
(a) Filed record effective if authorized. A filed record is effective only to the extent that it was filed by a person that may file it under Section 7-9A-509.
(b) Authorization by one secured party of record. A record authorized by one secured party of record does not af... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-1/section-7-9a-511/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 1 - Filing; Contents and Effectiveness of Financing Statement.›Section 7-9A-511 - Secured Party of Record. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 1 - Filing; Contents and Effectiveness of Financing Statement. › Section 7-9A-511 - Secured Party of Record. | Section 7-9A-511
Secured party of record.
(a) Secured party of record. A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial financi... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-1/section-7-9a-512/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 1 - Filing; Contents and Effectiveness of Financing Statement.›Section 7-9A-512 - Amendment of Financing Statement. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 1 - Filing; Contents and Effectiveness of Financing Statement. › Section 7-9A-512 - Amendment of Financing Statement. | Section 7-9A-512
Amendment of financing statement.
(a) Amendment of information in financing statement. Subject to Section 7-9A-509, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to subsection (e), otherwise amend the information provided in, a financing state... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-1/section-7-9a-513/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 1 - Filing; Contents and Effectiveness of Financing Statement.›Section 7-9A-513 - Termination Statement. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 1 - Filing; Contents and Effectiveness of Financing Statement. › Section 7-9A-513 - Termination Statement. | Section 7-9A-513
Termination statement.
(a) Consumer goods. A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods and:
(1) there is no obligation secured by the collateral covered by ... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-1/section-7-9a-514/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 1 - Filing; Contents and Effectiveness of Financing Statement.›Section 7-9A-514 - Assignment of Powers of Secured Party of Record. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 1 - Filing; Contents and Effectiveness of Financing Statement. › Section 7-9A-514 - Assignment of Powers of Secured Party of Record. | Section 7-9A-514
Assignment of powers of secured party of record.
(a) Assignment reflected on initial financing statement. Except as otherwise provided in subsection (c), an initial financing statement may reflect an assignment of all of the secured party's power to authorize an amendment to the financing statement by ... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-1/section-7-9a-515/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 1 - Filing; Contents and Effectiveness of Financing Statement.›Section 7-9A-515 - Duration and Effectiveness of Financing Statement; Effect of Lapsed Financing... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 1 - Filing; Contents and Effectiveness of Financing Statement. › Section 7-9A-515 - Duration and Effectiveness of Financing Statement; Effect of Lapsed Financing Statement. | Section 7-9A-515
Duration and effectiveness of financing statement; effect of lapsed financing statement.
(a) Five-year effectiveness. Except as otherwise provided in subsections (b), (e), (f), (g), and (h), a filed financing statement is effective for a period of five years after the date of filing.
(b) Manufactured-h... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-1/section-7-9a-516/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 1 - Filing; Contents and Effectiveness of Financing Statement.›Section 7-9A-516 - What Constitutes Filing; Effectiveness of Filing. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 1 - Filing; Contents and Effectiveness of Financing Statement. › Section 7-9A-516 - What Constitutes Filing; Effectiveness of Filing. | Section 7-9A-516
What constitutes filing; effectiveness of filing.
(a) What constitutes filing. Except as otherwise provided in subsection (b), communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing.
(b) Refusal to accept record; fil... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-1/section-7-9a-517/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 1 - Filing; Contents and Effectiveness of Financing Statement.›Section 7-9A-517 - Effect of Indexing Errors. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 1 - Filing; Contents and Effectiveness of Financing Statement. › Section 7-9A-517 - Effect of Indexing Errors. | Section 7-9A-517
Effect of indexing errors.
The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record.
(Act 2001-481, p. 647, §1.) |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-1/section-7-9a-518/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 1 - Filing; Contents and Effectiveness of Financing Statement.›Section 7-9A-518 - Claim Concerning Inaccurate or Wrongfully Filed Record. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 1 - Filing; Contents and Effectiveness of Financing Statement. › Section 7-9A-518 - Claim Concerning Inaccurate or Wrongfully Filed Record. | Section 7-9A-518
Claim concerning inaccurate or wrongfully filed record.
(a) Statement with respect to record indexed under person's name. A person may file in the filing office an information statement with respect to a record indexed there under the person's name if the person believes that the record is inaccurate o... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-2/section-7-9a-519/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 2 - Duties and Operation of Filing Office.›Section 7-9A-519 - Numbering, Maintaining, and Indexing Records; Communicating Information Provided... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 2 - Duties and Operation of Filing Office. › Section 7-9A-519 - Numbering, Maintaining, and Indexing Records; Communicating Information Provided in Records. | Section 7-9A-519
Numbering, maintaining, and indexing records; communicating information provided in records.
(a) Filing office duties. For each record filed in a filing office, the filing office shall:
(1) assign a unique number to the filed record;
(2) create a record that bears the number assigned to the filed recor... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-2/section-7-9a-520/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 2 - Duties and Operation of Filing Office.›Section 7-9A-520 - Acceptance and Refusal to Accept Record. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 2 - Duties and Operation of Filing Office. › Section 7-9A-520 - Acceptance and Refusal to Accept Record. | Section 7-9A-520
Acceptance and refusal to accept record.
(a) Mandatory refusal to accept record. A filing office shall refuse to accept a record for filing for a reason set forth in Section 7-9A-516(b) and may refuse to accept a record for filing only for a reason set forth in Section 7-9A-516(b).
(b) Communication co... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-2/section-7-9a-521/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 2 - Duties and Operation of Filing Office.›Section 7-9A-521 - Uniform Form of Written Financing Statement and Amendment. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 2 - Duties and Operation of Filing Office. › Section 7-9A-521 - Uniform Form of Written Financing Statement and Amendment. | Section 7-9A-521
Uniform form of written financing statement and amendment.
(a) Initial financing statement form. A filing office that accepts written records may not refuse to accept a written initial financing statement in the following form and format except for a reason set forth in Section 7-9A-516(b):
UCC FINANCI... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-2/section-7-9a-522/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 2 - Duties and Operation of Filing Office.›Section 7-9A-522 - Maintenance and Destruction of Records. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 2 - Duties and Operation of Filing Office. › Section 7-9A-522 - Maintenance and Destruction of Records. | Section 7-9A-522
Maintenance and destruction of records.
(a) Post-lapse maintenance and retrieval of information. The filing office shall maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of the financing statement has lapsed under Section 7-9A-51... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-2/section-7-9a-523/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 2 - Duties and Operation of Filing Office.›Section 7-9A-523 - Information From Filing Office; Sale or License of Records. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 2 - Duties and Operation of Filing Office. › Section 7-9A-523 - Information From Filing Office; Sale or License of Records. | Section 7-9A-523
Information from filing office; sale or license of records.
(a) Acknowledgment of filing written record. If a person that files a written record requests an acknowledgment of the filing, the filing office shall send to the person an image of the record showing the number assigned to the record pursuant... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-2/section-7-9a-524/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 2 - Duties and Operation of Filing Office.›Section 7-9A-524 - Delay by Filing Office. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 2 - Duties and Operation of Filing Office. › Section 7-9A-524 - Delay by Filing Office. | Section 7-9A-524
Delay by filing office.
Delay by the filing office beyond a time limit prescribed by this part is excused if:
(1) the delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, or other circumstances beyond control of the filing office; and... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-2/section-7-9a-525/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 2 - Duties and Operation of Filing Office.›Section 7-9A-525 - Fees. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 2 - Duties and Operation of Filing Office. › Section 7-9A-525 - Fees. | Section 7-9A-525
Fees.
(a) Initial financing statement or other record: General rule. Except as otherwise provided in subsection (e), and except that no filing fee is required for the filing of a termination statement pursuant to Section 7-9A-513, the fee for filing and indexing a record under this part is:
(1) $20.00 ... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-5/division-2/section-7-9a-526/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 5 - Filing.›Division 2 - Duties and Operation of Filing Office.›Section 7-9A-526 - Filing-Office Rules. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 5 - Filing. › Division 2 - Duties and Operation of Filing Office. › Section 7-9A-526 - Filing-Office Rules. | Section 7-9A-526
Filing-office rules.
(a) Adoption of filing-office rules. The Secretary of State shall adopt and publish rules to implement this article. The filing-office rules must be:
(1) consistent with this article; and
(2) adopted and published in accordance with the Alabama Administrative Procedure Act.
(b) Har... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-1/section-7-9a-601/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 1 - Default and Enforcement of Security Interest.›Section 7-9A-601 - Rights After Default; Judicial Enforcement; Consignor or Buyer of Accounts, Chatt... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 1 - Default and Enforcement of Security Interest. › Section 7-9A-601 - Rights After Default; Judicial Enforcement; Consignor or Buyer of Accounts, Chattel Paper, Payment Intangibles, or Promissory Notes... | Section 7-9A-601
Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.
(a) Rights of secured party after default. After default, a secured party has the rights provided in this part and, except as otherwise provided in Section 7-9A-602, thos... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-1/section-7-9a-602/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 1 - Default and Enforcement of Security Interest.›Section 7-9A-602 - Waiver and Variance of Rights and Duties. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 1 - Default and Enforcement of Security Interest. › Section 7-9A-602 - Waiver and Variance of Rights and Duties. | Section 7-9A-602
Waiver and variance of rights and duties.
Except as otherwise provided in Section 7-9A-624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections:
(1) Section 7-9A-20... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-1/section-7-9a-603/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 1 - Default and Enforcement of Security Interest.›Section 7-9A-603 - Agreement on Standards Concerning Rights and Duties. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 1 - Default and Enforcement of Security Interest. › Section 7-9A-603 - Agreement on Standards Concerning Rights and Duties. | Section 7-9A-603
Agreement on standards concerning rights and duties.
(a) Agreed standards. The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in Section 7-9A-602 if the standards are not manifestly un... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-1/section-7-9a-604/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 1 - Default and Enforcement of Security Interest.›Section 7-9A-604 - Procedure if Security Agreement Covers Real Property or Fixtures. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 1 - Default and Enforcement of Security Interest. › Section 7-9A-604 - Procedure if Security Agreement Covers Real Property or Fixtures. | Section 7-9A-604
Procedure if security agreement covers real property or fixtures.
(a) Enforcement: Personal and real property. If a security agreement covers both personal and real property, a secured party may proceed:
(1) under this part as to the personal property without prejudicing any rights with respect to the ... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-1/section-7-9a-605/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 1 - Default and Enforcement of Security Interest.›Section 7-9A-605 - Unknown Debtor or Secondary Obligor. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 1 - Default and Enforcement of Security Interest. › Section 7-9A-605 - Unknown Debtor or Secondary Obligor. | Section 7-9A-605
Unknown debtor or secondary obligor.
A secured party does not owe a duty based on its status as secured party:
(1) to a person that is a debtor or obligor, unless the secured party knows:
(A) that the person is a debtor or obligor;
(B) the identity of the person; and
(C) how to communicate with the per... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-1/section-7-9a-606/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 1 - Default and Enforcement of Security Interest.›Section 7-9A-606 - Time of Default for Agricultural Lien. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 1 - Default and Enforcement of Security Interest. › Section 7-9A-606 - Time of Default for Agricultural Lien. | Section 7-9A-606
Time of default for agricultural lien.
For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.
(Act 2001-481, p. 647, §1.) |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-1/section-7-9a-607/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 1 - Default and Enforcement of Security Interest.›Section 7-9A-607 - Collection and Enforcement by Secured Party. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 1 - Default and Enforcement of Security Interest. › Section 7-9A-607 - Collection and Enforcement by Secured Party. | Section 7-9A-607
Collection and enforcement by secured party.
(a) Collection and enforcement generally. If so agreed, and in any event after default, a secured party:
(1) may notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the sec... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-1/section-7-9a-608/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 1 - Default and Enforcement of Security Interest.›Section 7-9A-608 - Application of Proceeds of Collection or Enforcement; Liability for Deficiency an... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 1 - Default and Enforcement of Security Interest. › Section 7-9A-608 - Application of Proceeds of Collection or Enforcement; Liability for Deficiency and Right to Surplus. | Section 7-9A-608
Application of proceeds of collection or enforcement; liability for deficiency and right to surplus.
(a) Application of proceeds, surplus, and deficiency if obligation secured. If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply:
(1) A ... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-1/section-7-9a-609/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 1 - Default and Enforcement of Security Interest.›Section 7-9A-609 - Secured Party's Right to Take Possession After Default. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 1 - Default and Enforcement of Security Interest. › Section 7-9A-609 - Secured Party's Right to Take Possession After Default. | Section 7-9A-609
Secured party's right to take possession after default.
(a) Possession; rendering equipment unusable; disposition on debtor's premises. After default, a secured party:
(1) may take possession of the collateral; and
(2) without removal, may render equipment unusable and dispose of collateral on a debtor... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-1/section-7-9a-610/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 1 - Default and Enforcement of Security Interest.›Section 7-9A-610 - Disposition of Collateral After Default. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 1 - Default and Enforcement of Security Interest. › Section 7-9A-610 - Disposition of Collateral After Default. | Section 7-9A-610
Disposition of collateral after default.
(a) Disposition after default. After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing.
(b) Commercially reasonable ... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-1/section-7-9a-611/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 1 - Default and Enforcement of Security Interest.›Section 7-9A-611 - Notification Before Disposition of Collateral. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 1 - Default and Enforcement of Security Interest. › Section 7-9A-611 - Notification Before Disposition of Collateral. | Section 7-9A-611
Notification before disposition of collateral.
(a) "Notification date." In this section, "notification date" means the earlier of the date on which:
(1) a secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or
(2) the debtor and any secondary obligo... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-1/section-7-9a-612/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 1 - Default and Enforcement of Security Interest.›Section 7-9A-612 - Timeliness of Notification Before Disposition of Collateral. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 1 - Default and Enforcement of Security Interest. › Section 7-9A-612 - Timeliness of Notification Before Disposition of Collateral. | Section 7-9A-612
Timeliness of notification before disposition of collateral.
(a) Reasonable time is question of fact. Except as otherwise provided in subsection (b), whether a notification is sent within a reasonable time is a question of fact.
(b) 10-day period sufficient in non-consumer transaction. In a transaction... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-1/section-7-9a-613/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 1 - Default and Enforcement of Security Interest.›Section 7-9A-613 - Contents and Form of Notification Before Disposition of Collateral: General. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 1 - Default and Enforcement of Security Interest. › Section 7-9A-613 - Contents and Form of Notification Before Disposition of Collateral: General. | Section 7-9A-613
Contents and form of notification before disposition of collateral: General.
Except in a consumer-goods transaction, the following rules apply:
(1) The contents of a notification of disposition are sufficient if the notification:
(A) describes the debtor and the secured party;
(B) describes the collate... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-1/section-7-9a-614/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 1 - Default and Enforcement of Security Interest.›Section 7-9A-614 - Contents and Form of Notification Before Disposition of Collateral: Consumer-Good... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 1 - Default and Enforcement of Security Interest. › Section 7-9A-614 - Contents and Form of Notification Before Disposition of Collateral: Consumer-Goods Transaction. | Section 7-9A-614
Contents and form of notification before disposition of collateral: Consumer-goods transaction.
In a consumer-goods transaction, the following rules apply:
(1) A notification of disposition must provide the following information:
(A) the information specified in Section 7-9A-613(1);
(B) a description o... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-1/section-7-9a-615/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 1 - Default and Enforcement of Security Interest.›Section 7-9A-615 - Application of Proceeds of Disposition; Liability for Deficiency and Right to Sur... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 1 - Default and Enforcement of Security Interest. › Section 7-9A-615 - Application of Proceeds of Disposition; Liability for Deficiency and Right to Surplus. | Section 7-9A-615
Application of proceeds of disposition; liability for deficiency and right to surplus.
(a) Application of proceeds. A secured party shall apply or pay over for application the cash proceeds of disposition under Section 7-9A-610 in the following order to:
(1) the reasonable expenses of retaking, holding... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-1/section-7-9a-616/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 1 - Default and Enforcement of Security Interest.›Section 7-9A-616 - Explanation of Calculation of Surplus or Deficiency. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 1 - Default and Enforcement of Security Interest. › Section 7-9A-616 - Explanation of Calculation of Surplus or Deficiency. | Section 7-9A-616
Explanation of calculation of surplus or deficiency.
(a) Definitions. In this section:
(1) "Explanation" means a writing that:
(A) states the amount of the surplus or deficiency;
(B) provides an explanation in accordance with subsection (c) of how the secured party calculated the surplus or deficiency;... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-1/section-7-9a-617/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 1 - Default and Enforcement of Security Interest.›Section 7-9A-617 - Rights of Transferee of Collateral. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 1 - Default and Enforcement of Security Interest. › Section 7-9A-617 - Rights of Transferee of Collateral. | Section 7-9A-617
Rights of transferee of collateral.
(a) Effects of disposition. A secured party's disposition of collateral after default:
(1) transfers to a transferee for value all of the debtor's rights in the collateral;
(2) discharges the security interest under which the disposition is made; and
(3) discharges a... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-1/section-7-9a-618/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 1 - Default and Enforcement of Security Interest.›Section 7-9A-618 - Rights and Duties of Certain Secondary Obligors. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 1 - Default and Enforcement of Security Interest. › Section 7-9A-618 - Rights and Duties of Certain Secondary Obligors. | Section 7-9A-618
Rights and duties of certain secondary obligors.
(a) Rights and duties of secondary obligor. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:
(1) receives an assignment of a secured obligation from the secured party;
(... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-1/section-7-9a-619/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 1 - Default and Enforcement of Security Interest.›Section 7-9A-619 - Transfer of Record or Legal Title. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 1 - Default and Enforcement of Security Interest. › Section 7-9A-619 - Transfer of Record or Legal Title. | Section 7-9A-619
Transfer of record or legal title.
(a) "Transfer statement." In this section, "transfer statement" means a record authenticated by a secured party stating:
(1) that the debtor has defaulted in connection with an obligation secured by specified collateral;
(2) that the secured party has exercised its po... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-1/section-7-9a-620/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 1 - Default and Enforcement of Security Interest.›Section 7-9A-620 - Acceptance of Collateral in Full or Partial Satisfaction of Obligation; Compulsor... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 1 - Default and Enforcement of Security Interest. › Section 7-9A-620 - Acceptance of Collateral in Full or Partial Satisfaction of Obligation; Compulsory Disposition of Collateral. | Section 7-9A-620
Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral.
(a) Conditions to acceptance in satisfaction. Except as otherwise provided in subsection (g), a secured party may accept collateral in full or partial satisfaction of the obligation it secures ... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-1/section-7-9a-621/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 1 - Default and Enforcement of Security Interest.›Section 7-9A-621 - Notification of Proposal to Accept Collateral. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 1 - Default and Enforcement of Security Interest. › Section 7-9A-621 - Notification of Proposal to Accept Collateral. | Section 7-9A-621
Notification of proposal to accept collateral.
(a) Persons to which proposal to be sent. A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:
(1) any person from which the secured party has received, before the debtor... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-1/section-7-9a-622/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 1 - Default and Enforcement of Security Interest.›Section 7-9A-622 - Effect of Acceptance of Collateral. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 1 - Default and Enforcement of Security Interest. › Section 7-9A-622 - Effect of Acceptance of Collateral. | Section 7-9A-622
Effect of acceptance of collateral.
(a) Effect of acceptance. A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:
(1) discharges the obligation to the extent consented to by the debtor;
(2) transfers to the secured party all of a debtor's rights in t... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-1/section-7-9a-623/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 1 - Default and Enforcement of Security Interest.›Section 7-9A-623 - Right to Redeem Collateral. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 1 - Default and Enforcement of Security Interest. › Section 7-9A-623 - Right to Redeem Collateral. | Section 7-9A-623
Right to redeem collateral.
(a) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
(b) Requirements for redemption. To redeem collateral, a person shall tender:
(1) fulfillment of all obligations secured by the collateral; and
(2) t... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-1/section-7-9a-624/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 1 - Default and Enforcement of Security Interest.›Section 7-9A-624 - Waiver. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 1 - Default and Enforcement of Security Interest. › Section 7-9A-624 - Waiver. | Section 7-9A-624
Waiver.
(a) Waiver of disposition notification. A debtor or secondary obligor may waive the right to notification of disposition of collateral under Section 7-9A-611 only by an agreement to that effect entered into and authenticated after default.
(b) Waiver of mandatory disposition. A debtor may waive... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-2/section-7-9a-625/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 2 - Noncompliance With Article.›Section 7-9A-625 - Remedies for Secured Party's Failure to Comply With Article. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 2 - Noncompliance With Article. › Section 7-9A-625 - Remedies for Secured Party's Failure to Comply With Article. | Section 7-9A-625
Remedies for secured party's failure to comply with article.
(a) Judicial orders concerning noncompliance. If it is established that a secured party is not proceeding in accordance with this article, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate term... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-2/section-7-9a-626/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 2 - Noncompliance With Article.›Section 7-9A-626 - Action in Which Deficiency or Surplus Is in Issue. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 2 - Noncompliance With Article. › Section 7-9A-626 - Action in Which Deficiency or Surplus Is in Issue. | Section 7-9A-626
Action in which deficiency or surplus is in issue.
(a) Applicable rules if amount of deficiency or surplus in issue. In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply:
(1) A secured party nee... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-2/section-7-9a-627/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 2 - Noncompliance With Article.›Section 7-9A-627 - Determination of Whether Conduct Was Commercially Reasonable. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 2 - Noncompliance With Article. › Section 7-9A-627 - Determination of Whether Conduct Was Commercially Reasonable. | Section 7-9A-627
Determination of whether conduct was commercially reasonable.
(a) Greater amount obtainable under other circumstances; no preclusion of commercial reasonableness. The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-6/division-2/section-7-9a-628/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 6 - Default.›Division 2 - Noncompliance With Article.›Section 7-9A-628 - Nonliability and Limitation on Liability of Secured Party; Liability of Secondary... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 6 - Default. › Division 2 - Noncompliance With Article. › Section 7-9A-628 - Nonliability and Limitation on Liability of Secured Party; Liability of Secondary Obligor. | Section 7-9A-628
Nonliability and limitation on liability of secured party; liability of secondary obligor.
(a) Limitation of liability of secured party for noncompliance with article. Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with ... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-7/section-7-9a-701/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 7 - Transition.›Section 7-9A-701 - Effective Date. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 7 - Transition. › Section 7-9A-701 - Effective Date. | Section 7-9A-701
Effective date.
This article is effective January 1, 2002, except Section 7-9A-525 is effective July 1, 2001.
(Act 2001-481, p. 647, §1.) |
https://law.justia.com/codes/alabama/title-7/article-9a/part-7/section-7-9a-702/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 7 - Transition.›Section 7-9A-702 - Savings Clause. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 7 - Transition. › Section 7-9A-702 - Savings Clause. | Section 7-9A-702
Savings clause.
(a) Pre-effective-date transactions or liens. Except as otherwise provided in this part, this article applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this article takes effect.
(b) Continuing validity. Except as other... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-7/section-7-9a-703/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 7 - Transition.›Section 7-9A-703 - Security Interest Perfected Before January 1, 2002. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 7 - Transition. › Section 7-9A-703 - Security Interest Perfected Before January 1, 2002. | Section 7-9A-703
Security interest perfected before January 1, 2002.
(a) Continuing priority over lien creditor: Perfection requirements satisfied. A security interest that is enforceable immediately before January 1, 2002, and would have priority over the rights of a person that becomes a lien creditor at that time is... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-7/section-7-9a-704/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 7 - Transition.›Section 7-9A-704 - Security Interest Unperfected Before January 1, 2002. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 7 - Transition. › Section 7-9A-704 - Security Interest Unperfected Before January 1, 2002. | Section 7-9A-704
Security interest unperfected before January 1, 2002.
A security interest that is enforceable immediately before January 1, 2002, but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
(1) remains an enforceable security interest for one year after January 1... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-7/section-7-9a-705/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 7 - Transition.›Section 7-9A-705 - Effectiveness of Action Taken Before January 1, 2002. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 7 - Transition. › Section 7-9A-705 - Effectiveness of Action Taken Before January 1, 2002. | Section 7-9A-705
Effectiveness of action taken before January 1, 2002.
(a) Pre-effective-date action; one-year perfection period unless reperfected. If action, other than the filing of a financing statement, is taken before January 1, 2002, and the action would have resulted in priority of a security interest over the ... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-7/section-7-9a-706/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 7 - Transition.›Section 7-9A-706 - When Initial Financing Statement Suffices to Continue Effectiveness of Financing... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 7 - Transition. › Section 7-9A-706 - When Initial Financing Statement Suffices to Continue Effectiveness of Financing Statement. | Section 7-9A-706
When initial financing statement suffices to continue effectiveness of financing statement.
(a) Initial financing statement in lieu of continuation statement. The filing of an initial financing statement in the office specified in Section 7-9A-501 continues the effectiveness of a financing statement fi... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-7/section-7-9a-707/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 7 - Transition.›Section 7-9A-707 - Amendment of Pre-Effective-Date Financing Statement. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 7 - Transition. › Section 7-9A-707 - Amendment of Pre-Effective-Date Financing Statement. | Section 7-9A-707
Amendment of pre-effective-date financing statement.
(a) "Pre-effective-date financing statement". In this section, "pre-effective-date financing statement" means a financing statement filed before January 1, 2002.
(b) Applicable law. After January 1, 2002, a person may add or delete collateral covered... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-7/section-7-9a-708/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 7 - Transition.›Section 7-9A-708 - Persons Entitled to File Initial Financing Statement or Continuation Statement. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 7 - Transition. › Section 7-9A-708 - Persons Entitled to File Initial Financing Statement or Continuation Statement. | Section 7-9A-708
Persons entitled to file initial financing statement or continuation statement.
A person may file an initial financing statement or a continuation statement under this part if:
(1) the secured party of record authorizes the filing; and
(2) the filing is necessary under this part:
(A) to continue the ef... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-7/section-7-9a-709/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 7 - Transition.›Section 7-9A-709 - Priority. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 7 - Transition. › Section 7-9A-709 - Priority. | Section 7-9A-709
Priority.
(a) Law governing priority. This article determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before January 1, 2002, former Article 9 determines priority.
(b) Priority if security interest becomes enforceable under Se... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-8/section-7-9a-801/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 8 - Transition for 2014 Amendments.›Section 7-9A-801 - Effective Date. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 8 - Transition for 2014 Amendments. › Section 7-9A-801 - Effective Date. | Section 7-9A-801
Effective date.
Act 2014-374 takes effect on July 1, 2014.
(Act 2014-374, p. 1339, §2.) |
https://law.justia.com/codes/alabama/title-7/article-9a/part-8/section-7-9a-802/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 8 - Transition for 2014 Amendments.›Section 7-9A-802 - Savings Clause. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 8 - Transition for 2014 Amendments. › Section 7-9A-802 - Savings Clause. | Section 7-9A-802
Savings clause.
(a) Pre-effective date transactions or liens. Except as otherwise provided in this part, Act 2014-374 applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2014.
(b) Pre-effective date proceedings. Act 2014-374 does... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-8/section-7-9a-803/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 8 - Transition for 2014 Amendments.›Section 7-9A-803 - Security Interest Perfected Before July 1, 2014. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 8 - Transition for 2014 Amendments. › Section 7-9A-803 - Security Interest Perfected Before July 1, 2014. | Section 7-9A-803
Security interest perfected before July 1, 2014.
(a) Continuing perfection: perfection requirements satisfied. A security interest that is a perfected security interest immediately before July 1, 2014, is a perfected security interest under Article 9A as amended by Act 2014-374 if, when Act 2014-374 ta... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-8/section-7-9a-804/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 8 - Transition for 2014 Amendments.›Section 7-9A-804 - Security Interest Unperfected Before Effective Date. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 8 - Transition for 2014 Amendments. › Section 7-9A-804 - Security Interest Unperfected Before Effective Date. | Section 7-9A-804
Security interest unperfected before effective date.
A security interest that is an unperfected security interest immediately before July 1, 2014, becomes a perfected security interest:
(1) without further action, on July 1, 2014, if the applicable requirements for perfection under Article 9A as amende... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-8/section-7-9a-805/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 8 - Transition for 2014 Amendments.›Section 7-9A-805 - Effectiveness of Action Taken Before Effective Date. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 8 - Transition for 2014 Amendments. › Section 7-9A-805 - Effectiveness of Action Taken Before Effective Date. | Section 7-9A-805
Effectiveness of action taken before effective date.
(a) Pre-effective date filing effective. The filing of a financing statement before July 1, 2014, is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under Article 9A as amende... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-8/section-7-9a-806/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 8 - Transition for 2014 Amendments.›Section 7-9A-806 - When Initial Financing Statement Suffices to Continue Effectiveness of Financing... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 8 - Transition for 2014 Amendments. › Section 7-9A-806 - When Initial Financing Statement Suffices to Continue Effectiveness of Financing Statement. | Section 7-9A-806
When initial financing statement suffices to continue effectiveness of financing statement.
(a) Initial financing statement in lieu of continuation statement. The filing of an initial financing statement in the office specified in Section 7-9A-501 continues the effectiveness of a financing statement fi... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-8/section-7-9a-807/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 8 - Transition for 2014 Amendments.›Section 7-9A-807 - Amendment of Pre-Effective Date Financing Statement. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 8 - Transition for 2014 Amendments. › Section 7-9A-807 - Amendment of Pre-Effective Date Financing Statement. | Section 7-9A-807
Amendment of pre-effective date financing statement.
(a) Pre-effective date financing statement. In this section, pre-effective date financing statement means a financing statement filed before July 1, 2014.
(b) Applicable law. After July 1, 2014, a person may add or delete collateral covered by, conti... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-8/section-7-9a-808/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 8 - Transition for 2014 Amendments.›Section 7-9A-808 - Person Entitled to File Initial Financing Statement or Continuation Statement. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 8 - Transition for 2014 Amendments. › Section 7-9A-808 - Person Entitled to File Initial Financing Statement or Continuation Statement. | Section 7-9A-808
Person entitled to file initial financing statement or continuation statement.
A person may file an initial financing statement or a continuation statement under this part if:
(1) the secured party of record authorizes the filing; and
(2) the filing is necessary under this part:
(A) to continue the eff... |
https://law.justia.com/codes/alabama/title-7/article-9a/part-8/section-7-9a-809/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9A - Secured Transactions.›Part 8 - Transition for 2014 Amendments.›Section 7-9A-809 - Priority. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9A - Secured Transactions. › Part 8 - Transition for 2014 Amendments. › Section 7-9A-809 - Priority. | Section 7-9A-809
Priority.
Act 2014-374 determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2014, Article 9A as it existed before amendment determines priority.
(Act 2014-374, p. 1339, §2.) |
https://law.justia.com/codes/alabama/title-7/article-10/section-7-10-101/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 10 - Effective Date and Repealer.›Section 7-10-101 - Effective Date. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 10 - Effective Date and Repealer. › Section 7-10-101 - Effective Date. | Section 7-10-101
Effective date.
This title shall become effective at midnight on December 31, 1966. It applies to transactions entered into and events occurring after that date.
(Acts 1965, No. 549, p. 811.) |
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