Code of Alabama
Title 7 - Commercial Code.

Section 7-8-405 - Replacement of Lost, Destroyed, or Wrongfully Taken Security Certificate. - (a) If an owner of a certificated security, whether in...

Section 7-8-406 - Obligation to Notify Issuer of Lost, Destroyed, or Wrongfully Taken Security Certificate. - If a security certificate has been lost, apparently destroyed, or...

Section 7-8-407 - Authenticating Trustee, Transfer Agent, and Registrar. - A person acting as authenticating trustee, transfer agent, registrar, or...

Part 5 - Security Entitlements.

Section 7-8-501 - Securities Account; Acquisition of Security Entitlement From Securities Intermediary. - (a) "Securities account" means an account to which a financial...

Section 7-8-502 - Assertion of Adverse Claim Against Entitlement Holder. - An action based on an adverse claim to a financial...

Section 7-8-503 - Property Interest of Entitlement Holder in Financial Asset Held by Securities Intermediary. - (a) To the extent necessary for a securities intermediary to...

Section 7-8-504 - Duty of Securities Intermediary to Maintain Financial Asset. - (a) A securities intermediary shall promptly obtain and thereafter maintain...

Section 7-8-505 - Duty of Securities Intermediary With Respect to Payments and Distributions. - (a) A securities intermediary shall take action to obtain a...

Section 7-8-506 - Duty of Securities Intermediary to Exercise Rights as Directed by Entitlement Holder. - A securities intermediary shall exercise rights with respect to a...

Section 7-8-507 - Duty of Securities Intermediary to Comply With Entitlement Order. - (a) A securities intermediary shall comply with an entitlement order...

Section 7-8-508 - Duty of Securities Intermediary to Change Entitlement Holder's Position to Other Form of Security Holding. - A securities intermediary shall act at the direction of an...

Section 7-8-509 - Specification of Duties of Securities Intermediary by Other Statute or Regulation; Manner of Performance of Duties of Securities Intermediary and Exercise of Rights of Entitlement Holder. - (a) If the substance of a duty imposed upon a...

Section 7-8-510 - Rights of Purchaser of Security Entitlement From Entitlement Holder. - (a) In a case not covered by the priority rules...

Section 7-8-511 - Priority Among Security Interests and Entitlement Holders. - (a) Except as otherwise provided in subsections (b) and (c),...

Part 6 - Effective Date.

Section 7-8-601 - Effective Date. - This act takes effect January 1, 1996.

Section 7-8-602 - Repeals. - This act repeals Sections 8-6-70 through 8-6-80, cited as the...

Section 7-8-603 - Savings Clause. - (a) This act does not affect an action or proceeding...

Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.

Part 1 - Short Title, Applicability and Definitions.

Section 7-9-101 - Short Title. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-102 - Policy and Subject Matter of Article. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-103 - Perfection of Security Interests in Multiple State Transactions. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-104 - Transactions Excluded From Article. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-105 - Definitions and Index of Definitions. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-106 - Definitions: "Account"; "General intangibles." - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-107 - Definitions: "Purchase Money Security interest." - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-108 - When After-Acquired Collateral Not Security for Antecedent Debt. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-109 - Classification of Goods; "Consumer Goods"; "Equipment"; "Farm Products"; "Inventory". - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-110 - Sufficiency of Description. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-111 - Applicability of Bulk Transfer Laws. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-112 - Where Collateral Is Not Owned by Debtor. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-113 - Security Interests Arising Under the Article on Sales or Under the Article on Leases. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-114 - Consignment. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-115 - Investment Property. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-116 - Security Interest Arising in Purchase or Delivery of Financial Asset. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Part 2 - Validity of Security Agreement and Rights of Parties Thereto.

Section 7-9-201 - General Validity of Security Agreement. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-202 - Title to Collateral Immaterial. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-203 - Attachment and Enforceability of Security Interest; Proceeds; Formal Requisites. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-204 - After-Acquired Property; Future Advances. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-205 - Use or Disposition of Collateral Without Accounting Permissible. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-206 - Agreement Not to Assert Defenses Against Assignee; Modification of Sales Warranties Where Security Agreement Exists. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-207 - Rights and Duties When Collateral Is in Secured Party's Possession. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-208 - Request for Statement of Account or List of Collateral. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Part 3 - Rights of Third Parties; Perfected and Unperfected Security Interests; Rules of Priority.

Section 7-9-301 - Persons Who Take Priority Over Unperfected Security Interests; "Lien creditor." - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-302 - When Filing Is Required to Perfect Security Interest; Security Interests to Which Filing Provisions of This Article Do Not Apply. - THIS SECTION WAS REPEALED IN THE 2001 REGULAR SESSION, BY...

Section 7-9-303 - When Security Interest Is Perfected; Continuity of Perfection. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-304 - Perfection of Security Interest in Instruments, Documents, Proceeds of a Written Letter of Credit, and Goods Covered by Documents; Perfection by Permissive Filing; Temporary Perfection Without Filing or Transfer of Possession. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-305 - When Possession by Secured Party Perfects Security Interest Without Filing. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-306 - "Proceeds"; Secured Party's Rights on Disposition of Collateral. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-307 - Protection of Buyer of Goods. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-308 - Purchase of Chattel Paper and Instruments. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-309 - Protection of Purchasers of Instruments and Documents. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-310 - Priority of Certain Liens Arising by Operation of Law; Landlord's Lien. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-311 - Alienability of Debtor's Rights: Judicial Process. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-312 - Priorities Among Conflicting Security Interests in the Same Collateral. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-313 - Priority of Security Interests in Fixtures. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-314 - Accessions. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-315 - Priority When Goods Are Commingled or Processed. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-316 - Priority Subject to Subordination. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-317 - Secured Party Not Obligated on Contract of Debtor. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-318 - Defenses Against Assignee; Modification of Contract After Notification of Assignment; Term Prohibiting Assignment Ineffective; Identification and Proof of Assignment. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Part 4 - Filing.

Section 7-9-401 - Place of Filing; Erroneous Filing; Removal of Collateral. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-402 - Formal Requisites of Financing Statement; Amendments; Mortgage as Financing Statement. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-403 - What Constitutes Filing; Duration of Filing; Effect of Lapsed Filing; Duties of Filing Officer. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-404 - Termination Statement. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-405 - Assignment of Security Interest; Duties of Filing Officer; Fees. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-406 - Release of Collateral; Duties of Filing Officer; Fees. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-407 - Information From Filing Officer. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-408 - Financing Statements Covering Consigned or Leased Goods. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-409 - Prescribed Fees in Lieu of All Others. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-410 - Rules and Regulations and Fees to Implement Central Filing System; User and Public Training as to Uniform Commercial Code and Farm Products Central Index System Program. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Part 5 - Default.

Section 7-9-501 - Default; Procedure When Security Agreement Covers Both Real and Personal Property. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-502 - Collection Rights of Secured Party. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-503 - Secured Party's Right to Take Possession After Default. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-504 - Secured Party's Right to Dispose of Collateral After Default; Effect of Disposition. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-505 - Compulsory Disposition of Collateral; Acceptance of the Collateral as Discharge of Obligation. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-506 - Debtor's Right to Redeem Collateral. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Section 7-9-507 - Secured Party's Liability for Failure to Comply With This Part. - Repealed by Act 2001-481, p. 647, § 4, effective January...

Article 9A - Secured Transactions.

Part 1 - Secured Transactions.

Division 1 - Short Title, Definitions, and General Concepts.

Section 7-9A-102 - Definitions and Index of Definitions. - (a) Article 9A definitions. In this article: (1) "Accession" means...

Section 7-9A-101 - Short Title. - This article may be cited as Uniform Commercial Code-Secured Transactions.

Section 7-9A-103 - Purchase-Money Security Interest; Application of Payments; Burden of Establishing. - (a) Definitions. In this section: (1) "purchase-money collateral" means goods...

Section 7-9A-104 - Control of Deposit Account. - (a) Requirements for control. A secured party has control of...

Section 7-9A-105 - Control of Electronic Chattel Paper. - (a) General rule: control of electronic chattel paper. A secured...

Section 7-9A-106 - Control of Investment Property. - (a) Control under Section 7-8-106. A person has control of...

Section 7-9A-107 - Control of Letter-of-Credit Right. - A secured party has control of a letter-of-credit right to...

Section 7-9A-108 - Sufficiency of Description. - (a) Sufficiency of description. Except as otherwise provided in subsections...

Division 2 - Applicability of Article.

Section 7-9A-110 - Security Interests Arising Under Article 2 or 2a. - A security interest arising under Section 7-2-401, 7-2-505, 7-2-711(3), or...

Section 7-9A-109 - Scope. - (a) General scope of article. Except as otherwise provided in...

Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement.

Division 1 - Effectiveness and Attachment.

Section 7-9A-201 - General Effectiveness of Security Agreement. - (a) General effectiveness. Except as otherwise provided in the Uniform...

Section 7-9A-202 - Title to Collateral Immaterial. - Except as otherwise provided with respect to consignments or sales...

Section 7-9A-203 - Attachment and Enforceability of Security Interest; Proceeds; Supporting Obligations; Formal Requisites. - (a) Attachment. A security interest attaches to collateral when it...

Section 7-9A-204 - After-Acquired Property; Future Advances. - (a) After-acquired collateral. Except as otherwise provided in subsection (b),...

Section 7-9A-205 - Use or Disposition of Collateral Permissible. - (a) When security interest not invalid or fraudulent. A security...

Section 7-9A-206 - Security Interest Arising in Purchase or Delivery of Financial Asset. - (a) Security interest when person buys through securities intermediary. A...

Division 2 - Rights and Duties.

Section 7-9A-207 - Rights and Duties of Secured Party Having Possession or Control of Collateral. - (a) Duty of care when secured party in possession. Except...

Section 7-9A-208 - Additional Duties of Secured Party Having Control of Collateral. - (a) Applicability of section. This section applies to cases in...

Section 7-9A-209 - Duties of Secured Party if Account Debtor Has Been Notified of Assignment. - (a) Applicability of section. Except as otherwise provided in subsection...

Section 7-9A-210 - Request for Accounting; Request Regarding List of Collateral or Statement of Account. - (a) Definitions. In this section: (1) "Request" means a record...

Part 3 - Perfection and Priority.

Division 1 - Law Governing Perfection and Priority.

Section 7-9A-301 - Law Governing Perfection and Priority of Security Interests. - Except as otherwise provided in Sections 7-9A-303 through 7-9A-306, the...

Section 7-9A-302 - Law Governing Perfection and Priority of Agricultural Liens. - While farm products are located in a jurisdiction, the local...

Section 7-9A-303 - Law Governing Perfection and Priority of Security Interests in Goods Covered by a Certificate of Title. - (a) Applicability of section. This section applies to goods covered...

Section 7-9A-304 - Law Governing Perfection and Priority of Security Interests in Deposit Accounts. - (a) Law of bank's jurisdiction governs. The local law of...

Section 7-9A-305 - Law Governing Perfection and Priority of Security Interests in Investment Property. - (a) Governing law: General rules. Except as otherwise provided in...

Section 7-9A-306 - Law Governing Perfection and Priority of Security Interests in Letter-of-Credit Rights. - (a) Governing law: Issuer's or nominated person's jurisdiction. Subject to...

Section 7-9A-307 - Location of Debtor. - (a) "Place of business." In this section, "place of business"...

Division 2 - Perfection.

Section 7-9A-308 - When Security Interest or Agricultural Lien Is Perfected; Continuity of Perfection. - (a) Perfection of security interest. Except as otherwise provided in...

Section 7-9A-309 - Security Interest Perfected Upon Attachment. - The following security interests are perfected when they attach: (1)...

Section 7-9A-310 - When Filing Required to Perfect Security Interest or Agricultural Lien; Security Interests and Agricultural Liens to Which Filing Provisions Do Not Apply. - (a) General rule: Perfection by filing. Except as otherwise provided...

Section 7-9A-311 - Perfection of Security Interests in Property Subject to Certain Statutes, Regulations, and Treaties. - (a) Security interest subject to other law. Except as otherwise...

Section 7-9A-312 - Perfection of Certain Security Interests by Filing; Temporary Perfection. - (a) Perfection by filing permitted. A security interest in chattel...

Section 7-9A-313 - When Possession by or Delivery to Secured Party Perfects Security Interest Without Filing. - (a) Perfection by possession or delivery. Except as otherwise provided...

Section 7-9A-314 - Perfection by Control. - (a) Perfection by control. A security interest in investment property,...

Section 7-9A-315 - Secured Party's Rights on Disposition of Collateral and in Proceeds. - (a) Disposition of collateral: Continuation of security interest or agricultural...

Section 7-9A-316 - Effect of Change in Governing Law. - (a) General rule: Effect on perfection of change in governing...

Division 3 - Priority.

Section 7-9A-317 - Interests That Take Priority Over or Take Free of Security Interest or Agricultural Lien. - (a) Conflicting security interests and rights of lien creditors. A...

Section 7-9A-318 - No Interest Retained in Right to Payment That Is Sold; Rights and Title of Seller of Account or Chattel Paper With Respect to Creditors and Purchasers. - (a) Seller retains no interest. A debtor that has sold...

Section 7-9A-319 - Rights and Title of Consignee With Respect to Creditors and Purchasers. - (a) Consignee has consignor's rights. Except as otherwise provided in...

Section 7-9A-320 - Buyer of Goods; Alabama Farmers Credit Protection Fund. - (a) Buyer in ordinary course of business. Except as otherwise...

Section 7-9A-321 - Licensee of General Intangible and Lessee of Goods in Ordinary Course of Business. - (a) "Licensee in ordinary course of business." In this section,...

Section 7-9A-322 - Priorities Among Conflicting Security Interests in and Agricultural Liens on Same Collateral. - (a) General priority rules. Except as otherwise provided in this...

Section 7-9A-323 - Future Advances. - (a) When priority based on time of advance. Except as...

Section 7-9A-324 - Priority of Purchase-Money Security Interests. - (a) General rule: Purchase-money priority. Except as otherwise provided in...

Section 7-9A-325 - Priority of Security Interests in Transferred Collateral. - (a) Subordination of security interest in transferred collateral. Except as...

Section 7-9A-326 - Priority of Security Interests Created by New Debtor. - (a) Subordination of security interest created by new debtor. Subject...

Section 7-9A-327 - Priority of Security Interests in Deposit Account. - The following rules govern priority among conflicting security interests in...

Section 7-9A-328 - Priority of Security Interests in Investment Property. - The following rules govern priority among conflicting security interests in...

Section 7-9A-329 - Priority of Security Interests in Letter-of-Credit Right. - The following rules govern priority among conflicting security interests in...

Section 7-9A-330 - Priority of Purchaser of Chattel Paper or Instrument. - (a) Purchaser's priority: Security interest claimed merely as proceeds. A...

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....

Section 7-9A-332 - Transfer of Money; Transfer of Funds From Deposit Account. - (a) Transferee of money. A transferee of money takes the...

Section 7-9A-333 - Priority of Certain Liens Arising by Operation of Law. - (a) "Possessory lien." In this section, "possessory lien" means an...

Section 7-9A-334 - Priority of Security Interests in Fixtures and Crops. - (a) Security interest in fixtures under this article. A security...

Section 7-9A-335 - Accessions. - (a) Creation of security interest in accession. A security interest...

Section 7-9A-336 - Commingled Goods. - (a) "Commingled goods." In this section, "commingled goods" means goods...

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...

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...

Section 7-9A-339 - Priority Subject to Subordination. - This article does not preclude subordination by agreement by a...

Division 4 - Rights of Bank.

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...

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...

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...

Part 4 - Rights of Third Parties.

Section 7-9A-401 - Alienability of Debtor's Rights. - (a) Other law governs alienability; exceptions. Except as otherwise provided...

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...

Section 7-9A-403 - Agreement Not to Assert Defenses Against Assignee. - (a) "Value." In this section, "value" has the meaning provided...

Section 7-9A-404 - Rights Acquired by Assignee; Claims and Defenses Against Assignee. - (a) Assignee's rights subject to terms, claims, and defenses; exceptions....

Section 7-9A-405 - Modification of Assigned Contract. - (a) Effect of modification on assignee. A modification of or...

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...

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...

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...

Section 7-9A-409 - Restrictions on Assignment of Letter-of-Credit Rights Ineffective. - (a) Term or law restricting assignment generally ineffective. A term...

Part 5 - Filing.

Division 1 - Filing; Contents and Effectiveness of Financing Statement.

Section 7-9A-501 - Filing Office. - (a) Filing offices. Except as otherwise provided in subsection (b),...

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...

Section 7-9A-503 - Name of Debtor and Secured Party. - (a) Sufficiency of debtor's name. A financing statement sufficiently provides...

Section 7-9A-504 - Indication of Collateral. - A financing statement sufficiently indicates the collateral that it covers...

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."...

Section 7-9A-506 - Effect of Errors or Omissions. - (a) Minor errors and omissions. A financing statement substantially satisfying...

Section 7-9A-507 - Effect of Certain Events on Effectiveness of Financing Statement. - (a) Disposition. A filed financing statement remains effective with respect...

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...

Section 7-9A-509 - Persons Entitled to File a Record. - (a) Person entitled to file record. A person may file...

Section 7-9A-510 - Effectiveness of Filed Record. - (a) Filed record effective if authorized. A filed record is...

Section 7-9A-511 - Secured Party of Record. - (a) Secured party of record. A secured party of record...

Section 7-9A-512 - Amendment of Financing Statement. - (a) Amendment of information in financing statement. Subject to Section...

Section 7-9A-513 - Termination Statement. - (a) Consumer goods. A secured party shall cause the secured...

Section 7-9A-514 - Assignment of Powers of Secured Party of Record. - (a) Assignment reflected on initial financing statement. Except as otherwise...

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),...

Section 7-9A-516 - What Constitutes Filing; Effectiveness of Filing. - (a) What constitutes filing. Except as otherwise provided in subsection...

Section 7-9A-517 - Effect of Indexing Errors. - The failure of the filing office to index a record...

Section 7-9A-518 - Claim Concerning Inaccurate or Wrongfully Filed Record. - (a) Statement with respect to record indexed under person's name....

Division 2 - Duties and Operation of Filing Office.

Section 7-9A-519 - Numbering, Maintaining, and Indexing Records; Communicating Information Provided in Records. - (a) Filing office duties. For each record filed in a...

Section 7-9A-520 - Acceptance and Refusal to Accept Record. - (a) Mandatory refusal to accept record. A filing office shall...

Section 7-9A-521 - Uniform Form of Written Financing Statement and Amendment. - (a) Initial financing statement form. A filing office that accepts...

Section 7-9A-522 - Maintenance and Destruction of Records. - (a) Post-lapse maintenance and retrieval of information. The filing office...

Section 7-9A-523 - Information From Filing Office; Sale or License of Records. - (a) Acknowledgment of filing written record. If a person that...

Section 7-9A-524 - Delay by Filing Office. - Delay by the filing office beyond a time limit prescribed...

Section 7-9A-525 - Fees. - (a) Initial financing statement or other record: General rule. Except...

Section 7-9A-526 - Filing-Office Rules. - (a) Adoption of filing-office rules. The Secretary of State shall...

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. - (a) Rights of secured party after default. After default, a...

Section 7-9A-602 - Waiver and Variance of Rights and Duties. - Except as otherwise provided in Section 7-9A-624, to the extent...

Section 7-9A-603 - Agreement on Standards Concerning Rights and Duties. - (a) Agreed standards. The parties may determine by agreement the...

Section 7-9A-604 - Procedure if Security Agreement Covers Real Property or Fixtures. - (a) Enforcement: Personal and real property. If a security agreement...

Section 7-9A-605 - Unknown Debtor or Secondary Obligor. - A secured party does not owe a duty based on...

Section 7-9A-606 - Time of Default for Agricultural Lien. - For purposes of this part, a default occurs in connection...

Section 7-9A-607 - Collection and Enforcement by Secured Party. - (a) Collection and enforcement generally. If so agreed, and in...

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....

Section 7-9A-609 - Secured Party's Right to Take Possession After Default. - (a) Possession; rendering equipment unusable; disposition on debtor's premises. After...

Section 7-9A-610 - Disposition of Collateral After Default. - (a) Disposition after default. After default, a secured party may...

Section 7-9A-611 - Notification Before Disposition of Collateral. - (a) "Notification date." In this section, "notification date" means the...

Section 7-9A-612 - Timeliness of Notification Before Disposition of Collateral. - (a) Reasonable time is question of fact. Except as otherwise...

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)...

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...

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...

Section 7-9A-616 - Explanation of Calculation of Surplus or Deficiency. - (a) Definitions. In this section: (1) "Explanation" means a writing...

Section 7-9A-617 - Rights of Transferee of Collateral. - (a) Effects of disposition. A secured party's disposition of collateral...

Section 7-9A-618 - Rights and Duties of Certain Secondary Obligors. - (a) Rights and duties of secondary obligor. A secondary obligor...

Section 7-9A-619 - Transfer of Record or Legal Title. - (a) "Transfer statement." In this section, "transfer statement" means a...

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...

Section 7-9A-621 - Notification of Proposal to Accept Collateral. - (a) Persons to which proposal to be sent. A secured...

Section 7-9A-622 - Effect of Acceptance of Collateral. - (a) Effect of acceptance. A secured party's acceptance of collateral...

Section 7-9A-623 - Right to Redeem Collateral. - (a) Persons that may redeem. A debtor, any secondary obligor,...

Section 7-9A-624 - Waiver. - (a) Waiver of disposition notification. A debtor or secondary obligor...

Division 2 - Noncompliance 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...

Section 7-9A-626 - Action in Which Deficiency or Surplus Is in Issue. - (a) Applicable rules if amount of deficiency or surplus in...

Section 7-9A-627 - Determination of Whether Conduct Was Commercially Reasonable. - (a) Greater amount obtainable under other circumstances; no preclusion of...

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...

Part 7 - Transition.

Section 7-9A-701 - Effective Date. - This article is effective January 1, 2002, except Section 7-9A-525...

Section 7-9A-702 - Savings Clause. - (a) Pre-effective-date transactions or liens. Except as otherwise provided in...

Section 7-9A-703 - Security Interest Perfected Before January 1, 2002. - (a) Continuing priority over lien creditor: Perfection requirements satisfied. A...

Section 7-9A-704 - Security Interest Unperfected Before January 1, 2002. - A security interest that is enforceable immediately before January 1,...

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,...

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...

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"...

Section 7-9A-708 - Persons Entitled to File Initial Financing Statement or Continuation Statement. - A person may file an initial financing statement or a...

Section 7-9A-709 - Priority. - (a) Law governing priority. This article determines the priority of...

Part 8 - Transition for 2014 Amendments.

Section 7-9A-801 - Effective Date. - Act 2014-374 takes effect on July 1, 2014.

Section 7-9A-802 - Savings Clause. - (a) Pre-effective date transactions or liens. Except as otherwise provided...

Section 7-9A-803 - Security Interest Perfected Before July 1, 2014. - (a) Continuing perfection: perfection requirements satisfied. A security interest that...

Section 7-9A-804 - Security Interest Unperfected Before Effective Date. - A security interest that is an unperfected security interest immediately...

Section 7-9A-805 - Effectiveness of Action Taken Before Effective Date. - (a) Pre-effective date filing effective. The filing of a financing...

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...

Section 7-9A-807 - Amendment of Pre-Effective Date Financing Statement. - (a) Pre-effective date financing statement. In this section, pre-effective date...

Section 7-9A-808 - Person Entitled to File Initial Financing Statement or Continuation Statement. - A person may file an initial financing statement or a...

Section 7-9A-809 - Priority. - Act 2014-374 determines the priority of conflicting claims to collateral....

Article 10 - Effective Date and Repealer.

Section 7-10-101 - Effective Date. - This title shall become effective at midnight on December 31,...

Section 7-10-102 - Specific Repealer; Provision for Transition. - (1) The following acts and all other acts and parts...

Section 7-10-103 - General Repealer. - Except as provided in Section 7-10-104, all acts and parts...

Section 7-10-104 - Laws Not Repealed. - Repealed Act 2004-315, p. 464, 1, Effective January 1, 2005.

Article 11 - Effective Date and Transition Provisions.

Section 7-11-101 - Effective Date; Definitions. - (1) This act shall become effective at 12:01 A.M. on...

Section 7-11-102 - Preservation of Old Transition Provision. - The provisions of Section 7-10-102 shall continue to apply to...

Section 7-11-103 - Transition to New u.c.c. - General Rule. - Transactions validly entered into after the effective date of the...

Section 7-11-104 - Transition Provision on Change of Requirement of Filing. - A security interest for the perfection of which filing or...

Section 7-11-105 - Transition Provision on Change of Place of Filing. - (1) A financing statement or continuation statement filed prior to...

Section 7-11-106 - Required Refilings. - (1) If a security interest is perfected or has priority...

Section 7-11-107 - Transition Provisions as to Priorities. - Except as otherwise provided in this Article 11, the old...

Section 7-11-108 - Presumption That Rule of Law Continues Unchanged. - Unless a change in law has clearly been made, the...

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Code of Alabama Title 7 - Commercial Code.

Code of Alabama
Title 7 - Commercial Code.