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Alabama Code (Last Updated: November 28, 2014) |
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Title7 COMMERCIAL CODE. |
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Article9A. SECURED TRANSACTIONS. |
| Part 1. SECURED TRANSACTIONS. |
| Division 1. Short Title, Definitions, and General Concepts. |
| § 7-9A-102. Definitions and index of definitions. |
| § 7-9A-101. Short title. |
| § 7-9A-103. Purchase-money security interest; application of payments; burden of establishing. |
| § 7-9A-104. Control of deposit account. |
| § 7-9A-105. Control of electronic chattel paper. |
| § 7-9A-106. Control of investment property. |
| § 7-9A-107. Control of letter-of-credit right. |
| § 7-9A-108. Sufficiency of description. |
| Division 2. Applicability of Article. |
| § 7-9A-110. Security interests arising under Article 2 or 2A. |
| § 7-9A-109. Scope. |
| Part 2. EFFECTIVENESS OF SECURITY AGREEMENT, ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT. |
| Division 1. Effectiveness and Attachment. |
| § 7-9A-201. General effectiveness of security agreement. |
| § 7-9A-202. Title to collateral immaterial. |
| § 7-9A-203. Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites. |
| § 7-9A-204. After-acquired property; future advances. |
| § 7-9A-205. Use or disposition of collateral permissible. |
| § 7-9A-206. Security interest arising in purchase or delivery of financial asset. |
| Division 2. Rights and Duties. |
| § 7-9A-207. Rights and duties of secured party having possession or control of collateral. |
| § 7-9A-208. Additional duties of secured party having control of collateral. |
| § 7-9A-209. Duties of secured party if account debtor has been notified of assignment. |
| § 7-9A-210. Request for accounting; request regarding list of collateral or statement of account. |
| Part 3. PERFECTION AND PRIORITY. |
| Division 1. Law Governing Perfection and Priority. |
| § 7-9A-301. Law governing perfection and priority of security interests. |
| § 7-9A-302. Law governing perfection and priority of agricultural liens. |
| § 7-9A-303. Law governing perfection and priority of security interests in goods covered by a certificate of title. |
| § 7-9A-304. Law governing perfection and priority of security interests in deposit accounts. |
| § 7-9A-305. Law governing perfection and priority of security interests in investment property. |
| § 7-9A-306. Law governing perfection and priority of security interests in letter-of-credit rights. |
| § 7-9A-307. Location of debtor. |
| Division 2. Perfection. |
| § 7-9A-308. When security interest or agricultural lien is perfected; continuity of perfection. |
| § 7-9A-309. Security interest perfected upon attachment. |
| § 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. |
| § 7-9A-311. Perfection of security interests in property subject to certain statutes, regulations, and treaties. |
| § 7-9A-312. Perfection of certain security interests by filing; temporary perfection. |
| § 7-9A-313. When possession by or delivery to secured party perfects security interest without filing. |
| § 7-9A-314. Perfection by control. |
| § 7-9A-315. Secured party's rights on disposition of collateral and in proceeds. |
| § 7-9A-316. Effect of change in governing law. |
| Division 3. Priority. |
| § 7-9A-317. Interests that take priority over or take free of security interest or agricultural lien. |
| § 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. |
| § 7-9A-319. Rights and title of consignee with respect to creditors and purchasers. |
| § 7-9A-320. Buyer of goods; Alabama Farmers Credit Protection Fund. |
| § 7-9A-321. Licensee of general intangible and lessee of goods in ordinary course of business. |
| § 7-9A-322. Priorities among conflicting security interests in and agricultural liens on same collateral. |
| § 7-9A-323. Future advances. |
| § 7-9A-324. Priority of purchase-money security interests. |
| § 7-9A-325. Priority of security interests in transferred collateral. |
| § 7-9A-326. Priority of security interests created by new debtor. |
| § 7-9A-327. Priority of security interests in deposit account. |
| § 7-9A-328. Priority of security interests in investment property. |
| § 7-9A-329. Priority of security interests in letter-of-credit right. |
| § 7-9A-330. Priority of purchaser of chattel paper or instrument. |
| § 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. |
| § 7-9A-332. Transfer of money; transfer of funds from deposit account. |
| § 7-9A-333. Priority of certain liens arising by operation of law. |
| § 7-9A-334. Priority of security interests in fixtures and crops. |
| § 7-9A-335. Accessions. |
| § 7-9A-336. Commingled goods. |
| § 7-9A-337. Priority of security interests in goods covered by certificate of title. |
| § 7-9A-338. Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information. |
| § 7-9A-339. Priority subject to subordination. |
| Division 4. Rights of bank. |
| § 7-9A-340. Effectiveness of right of recoupment or set-off against deposit account. |
| § 7-9A-341. Bank's rights and duties with respect to deposit account. |
| § 7-9A-342. Bank's right to refuse to enter into or disclose existence of control agreement. |
| Part 4. RIGHTS OF THIRD PARTIES. |
| § 7-9A-401. Alienability of debtor's rights. |
| § 7-9A-402. Secured party not obligated on contract of debtor or in tort. |
| § 7-9A-403. Agreement not to assert defenses against assignee. |
| § 7-9A-404. Rights acquired by assignee; claims and defenses against assignee. |
| § 7-9A-405. Modification of assigned contract. |
| § 7-9A-407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest. |
| § 7-9A-408. Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles ineffective. |
| § 7-9A-409. Restrictions on assignment of letter-of-credit rights ineffective. |
| Part 5. FILING. |
| Division 1. Filing; Contents and Effectiveness of Financing Statement. |
| § 7-9A-501. Filing office. |
| § 7-9A-502. Contents of financing statement; record of mortgage as financing statement; time of filing financing statement. |
| § 7-9A-503. Name of debtor and secured party. |
| § 7-9A-504. Indication of collateral. |
| § 7-9A-505. Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions. |
| § 7-9A-506. Effect of errors or omissions. |
| § 7-9A-507. Effect of certain events on effectiveness of financing statement. |
| § 7-9A-508. Effectiveness of financing statement if new debtor becomes bound by security agreement. |
| § 7-9A-509. Persons entitled to file a record. |
| § 7-9A-510. Effectiveness of filed record. |
| § 7-9A-511. Secured party of record. |
| § 7-9A-512. Amendment of financing statement. |
| § 7-9A-513. Termination statement. |
| § 7-9A-514. Assignment of powers of secured party of record. |
| § 7-9A-515. Duration and effectiveness of financing statement; effect of lapsed financing statement. |
| § 7-9A-516. What constitutes filing; effectiveness of filing. |
| § 7-9A-517. Effect of indexing errors. |
| § 7-9A-518. Claim concerning inaccurate or wrongfully filed record. |
| Division 2. Duties and Operation of Filing Office. |
| § 7-9A-519. Numbering, maintaining, and indexing records; communicating information provided in records. |
| § 7-9A-520. Acceptance and refusal to accept record. |
| § 7-9A-521. Uniform form of written financing statement and amendment. |
| § 7-9A-522. Maintenance and destruction of records. |
| § 7-9A-523. Information from filing office; sale or license of records. |
| § 7-9A-524. Delay by filing office. |
| § 7-9A-525. Fees. |
| § 7-9A-526. Filing-office rules. |
| Part 6. DEFAULT. |
| Division 1. Default and Enforcement of Security Interest. |
| § 7-9A-601. Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes. |
| § 7-9A-602. Waiver and variance of rights and duties. |
| § 7-9A-603. Agreement on standards concerning rights and duties. |
| § 7-9A-604. Procedure if security agreement covers real property or fixtures. |
| § 7-9A-605. Unknown debtor or secondary obligor. |
| § 7-9A-606. Time of default for agricultural lien. |
| § 7-9A-607. Collection and enforcement by secured party. |
| § 7-9A-608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus. |
| § 7-9A-609. Secured party's right to take possession after default. |
| § 7-9A-610. Disposition of collateral after default. |
| § 7-9A-611. Notification before disposition of collateral. |
| § 7-9A-612. Timeliness of notification before disposition of collateral. |
| § 7-9A-613. Contents and form of notification before disposition of collateral: General. |
| § 7-9A-614. Contents and form of notification before disposition of collateral: Consumer-goods transaction. |
| § 7-9A-615. Application of proceeds of disposition; liability for deficiency and right to surplus. |
| § 7-9A-616. Explanation of calculation of surplus or deficiency. |
| § 7-9A-617. Rights of transferee of collateral. |
| § 7-9A-618. Rights and duties of certain secondary obligors. |
| § 7-9A-619. Transfer of record or legal title. |
| § 7-9A-620. Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral. |
| § 7-9A-621. Notification of proposal to accept collateral. |
| § 7-9A-622. Effect of acceptance of collateral. |
| § 7-9A-623. Right to redeem collateral. |
| § 7-9A-624. Waiver. |
| Division 2. Noncompliance with article. |
| § 7-9A-625. Remedies for secured party's failure to comply with article. |
| § 7-9A-626. Action in which deficiency or surplus is in issue. |
| § 7-9A-627. Determination of whether conduct was commercially reasonable. |
| § 7-9A-628. Nonliability and limitation on liability of secured party; liability of secondary obligor. |
| Part 7. TRANSITION. |
| § 7-9A-701. Effective date. |
| § 7-9A-702. Savings clause. |
| § 7-9A-703. Security interest perfected before January 1, 2002. |
| § 7-9A-704. Security interest unperfected before January 1, 2002. |
| § 7-9A-705. Effectiveness of action taken before January 1, 2002. |
| § 7-9A-706. When initial financing statement suffices to continue effectiveness of financing statement. |
| § 7-9A-707. Amendment of pre-effective-date financing statement. |
| § 7-9A-708. Persons entitled to file initial financing statement or continuation statement. |
| § 7-9A-709. Priority. |
| Part 8. TRANSITION FOR 2014 AMENDMENTS. |
| § 7-9A-801. Effective date. |
| § 7-9A-802. Savings clause. |
| § 7-9A-803. Security interest perfected before July 1, 2014. |
| § 7-9A-804. Security interest unperfected before effective date. |
| § 7-9A-805. Effectiveness of action taken before effective date. |
| § 7-9A-806. When initial financing statement suffices to continue effectiveness of financing statement. |
| § 7-9A-807. Amendment of pre-effective date financing statement. |
| § 7-9A-808. Person entitled to file initial financing statement or continuation statement. |
| § 7-9A-809. Priority. |