7-9A-620
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 only if: (1) the debtor consents to the acceptance under subsection
(c); (2) the secured party does not receive, within the time set forth in subsection (d),
a notification of objection to the proposal authenticated by: (A) a person to which the secured
party was required to send a proposal under Section 7-9A-621; or (B) any other person, other
than the debtor, holding an interest in the collateral subordinate to the security interest
that is the subject of the proposal; (3) if the collateral is consumer goods, the collateral
is not in the possession of the debtor when the debtor consents to the acceptance; and (4)
subsection (e) does not require the secured party to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-620.htm - 4K - Match Info - Similar pages

7-3-302
Section 7-3-302 Holder in due course. (a) Subject to subsection (c) and Section 7-3-106(d),
"holder in due course" means the holder of an instrument if: (1) The instrument
when issued or negotiated to the holder does not bear such apparent evidence of forgery or
alteration or is not otherwise so irregular or incomplete as to call into question its authenticity;
and (2) The holder took the instrument (i) for value, (ii) in good faith, (iii) without notice
that the instrument is overdue or has been dishonored or that there is an uncured default
with respect to payment of another instrument issued as part of the same series, (iv) without
notice that the instrument contains an unauthorized signature or has been altered, (v) without
notice of any claim to the instrument described in Section 7-3-306, and (vi) without notice
that any party has a defense or claim in recoupment described in Section 7-3-305(a). (b) Notice
of discharge of a party, other than discharge in an insolvency proceeding,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-3-302.htm - 3K - Match Info - Similar pages

8-9B-9
Section 8-9B-9 Defenses, liability, and protection of transferee. (a) A transfer is not voidable
under Section 8-9B-5(a)(1) against a person that took in good faith and for a reasonably equivalent
value given the debtor or against any subsequent transferee that took in good faith. (b) To
the extent a transfer is avoidable in an action by a creditor under Section 8-9B-8(a)(1),
the following rules apply: (1) Except as otherwise provided in this section, the creditor
may recover judgment for the value of the asset transferred, as adjusted under subsection
(c), or the amount necessary to satisfy the creditor's claim, whichever is less. The judgment
may be entered against: (i) the first transferee of the asset or the person for whose benefit
the transfer was made; or (ii) any subsequent transferee, other than: (A) a good-faith transferee
that took for value; or (B) a subsequent transferee of a person described in clause (A). (2)
Recovery pursuant to Section 8-9B-8(a)(1) or (b) of or from...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-9B-9.htm - 4K - Match Info - Similar pages

35-10-97
Section 35-10-97 Effect of recording affidavit. (a) Upon recording, an affidavit complying
with the requirements of this article constitutes a termination of the security interest described
in the affidavit. (b) The recording of an affidavit of satisfaction of a security instrument
does not extinguish, offset, or otherwise affect any responsibility or liability of a person
for payment or performance of the debt or other obligation secured by the security instrument.
(Act 2012-278, p. 554, §8.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-10-97.htm - 815 bytes - Match Info - Similar pages

7-9A-615
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, preparing for disposition, processing, and disposing,
and, to the extent provided for by agreement and not prohibited by law, reasonable attorney's
fees and legal expenses incurred by the secured party; (2) the satisfaction of obligations
secured by the security interest or agricultural lien under which the disposition is made;
(3) the satisfaction of obligations secured by any subordinate security interest in or other
subordinate lien on the collateral if: (A) the secured party receives from the holder of the
subordinate security interest or other lien an authenticated demand for proceeds before distribution
of the proceeds is completed; and (B) in a case in which a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-615.htm - 4K - Match Info - Similar pages

7-9A-607
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 secured party; (2) may take any proceeds to which
the secured party is entitled under Section 7-9A-315; (3) may enforce the obligations of an
account debtor or other person obligated on collateral and exercise the rights of the debtor
with respect to the obligation of the account debtor or other person obligated on collateral
to make payment or otherwise render performance to the debtor, and with respect to any property
that secures the obligations of the account debtor or other person obligated on the collateral;
(4) if it holds a security interest in a deposit account perfected by control under Section
7-9A-104(a)(1), may apply the balance of the deposit account to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-607.htm - 3K - Match Info - Similar pages

7-9A-621
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 consented to the acceptance, an authenticated notification
of a claim of an interest in the collateral; (2) any other secured party or lienholder that,
10 days before the debtor consented to the acceptance, held a security interest in or other
lien on the collateral perfected by the filing of a financing statement that: (A) identified
the collateral; (B) was indexed under the debtor's name as of that date; and (C) was filed
in the office or offices in which to file a financing statement against the debtor covering
the collateral as of that date; and (3) any other secured party that, 10 days before the debtor
consented to the acceptance, held a security interest in the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-621.htm - 1K - Match Info - Similar pages

7-9A-335
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 remains perfected in the collateral. (c) Priority of security
interest. Except as otherwise provided in subsection (d), the other provisions of this part
determine the priority of a security interest in an accession. (d) Compliance with certificate-of-title
statute. A security interest in an accession is subordinate to a security interest in the
whole which is perfected by compliance with the requirements of a certificate-of-title statute
under Section 7-9A-311(b). (e) Removal of accession after default. After default, subject
to Part 6, a secured party may remove an accession from other goods if the security interest
in the accession has priority over the claims of every...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-335.htm - 2K - Match Info - Similar pages

11-54B-9
Section 11-54B-9 Collection of special assessment; procedures; claim of lien; interest, penalties,
and fees. (a) A self-help business improvement district ordinance shall provide that the special
assessment levied on the owners of the real property located within the geographical area
of the district shall be collected by the district management corporation. The collection
procedures utilized by the district management corporation shall include the mailing of a
notice of the special assessment to the person shown as owner of the property on the records
of the tax assessor in the following manner: (1) After October 1 of each year, the district
management corporation may levy the special assessment for services to be provided during
the following calendar year. (2) The assessment shall be due on December 1 and delinquent
on January 1 following the October levy. (3) Upon delinquency, interest and penalties may
be assessed in the amounts provided in subsection (d). (b) Notwithstanding...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-54B-9.htm - 6K - Match Info - Similar pages

7-2A-103
Section 7-2A-103 Definitions and index of definitions. (1) In this article unless the context
otherwise requires: (a) "Buyer in ordinary course of business" means a person who
in good faith and without knowledge that the sale to him or her is in violation of the ownership
rights or security interest or leasehold interest of a third party in the goods, buys in ordinary
course from a person in the business of selling goods of that kind but does not include a
pawnbroker. "Buying" may be for cash or by exchange of other property or on secured
or unsecured credit and includes receiving goods or documents of title under a pre-existing
contract for sale but does not include a transfer in bulk or as security for or in total or
partial satisfaction of a money debt. (b) "Cancellation" occurs when either party
puts an end to the lease contract for default by the other party. (c) "Commercial unit"
means such a unit of goods as by commercial usage is a single whole for purposes of lease
and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-2A-103.htm - 10K - Match Info - Similar pages