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7-8-112
Section 7-8-112 Creditor's legal process. (a) The interest of a debtor in a certificated security
may be reached by a creditor only by actual seizure of the security certificate by the officer
making the attachment or levy, except as otherwise provided in subsection (d). However, a
certificated security for which the certificate has been surrendered to the issuer may be
reached by a creditor by legal process upon the issuer. (b) The interest of a debtor in an
uncertificated security may be reached by a creditor only by legal process upon the issuer
at its chief executive office in the United States, except as otherwise provided in subsection
(d). (c) The interest of a debtor in a security entitlement may be reached by a creditor only
by legal process upon the securities intermediary with whom the debtor's securities account
is maintained, except as otherwise provided in subsection (d). (d) The interest of a debtor
in a certificated security for which the certificate is in the...
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7-9A-209
Section 7-9A-209 Duties of secured party if account debtor has been notified of assignment.
(a) Applicability of section. Except as otherwise provided in subsection (c), this section
applies if: (1) there is no outstanding secured obligation; and (2) the secured party is not
committed to make advances, incur obligations, or otherwise give value. (b) Duties of secured
party after receiving demand from debtor. Within 10 days after receiving an authenticated
demand by the debtor, a secured party shall send to an account debtor that has received notification
of an assignment to the secured party as assignee under Section 7-9A-406(a) an authenticated
record that releases the account debtor from any further obligation to the secured party.
(c) Inapplicability to sales. This section does not apply to an assignment constituting the
sale of an account, chattel paper, or payment intangible. (d) Authenticated demand. In this
section, "authenticated demand" means a record authenticated by the...
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7-9A-109
Section 7-9A-109 Scope. (a) General scope of article. Except as otherwise provided in subsections
(c) and (d), this article applies to: (1) a transaction, regardless of its form, that creates
a security interest in personal property or fixtures by contract; (2) an agricultural
lien; (3) a sale of accounts, chattel paper, payment intangibles, or promissory notes; (4)
a consignment; (5) a security interest arising under Section 7-2-401, 7-2-505, 7-2-711(3),
or 7-2A-508(5), as provided in Section 7-9A-110; and (6) a security interest arising under
Section 7-4-210 or 7-5-118. (b) Security interest in secured obligation. The application of
this article to a security interest in a secured obligation is not affected by the fact that
the obligation is itself secured by a transaction or interest to which this article does not
apply. (c) Extent to which article does not apply. This article does not apply to the extent
that: (1) a statute, regulation, or treaty of the United States preempts this...
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7-9A-333
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 by a person in the ordinary course
of the person's business; (2) which is created by statute or rule of law in favor of the person;
and (3) whose effectiveness depends on the person's possession of the goods. (b) Priority
of possessory lien. A possessory lien on goods has priority over a security interest in the
goods unless the lien is created by a statute that expressly provides otherwise. (c) Priority
of landlord's lien. Priority conflicts between a landlord's lien for rent arising by operation
of law, other than an agricultural lien, and a security interest in goods brought on leased
premises shall be determined as follows: (1) If the security interest attaches after...
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19-1-5
instrument in the name of his principal, the payee is not bound to inquire whether the fiduciary
is committing a breach of his obligation as fiduciary in drawing or delivering the instrument,
and is not chargeable with notice that the fiduciary is committing a breach of his obligation
as fiduciary unless he takes the instrument with actual knowledge of such breach or with knowledge
of such facts that his action in taking the instrument amounts to bad faith. If, however,
such instrument is payable to a personal creditor of the fiduciary and delivered to
the creditor in payment of or as security for a personal debt of the fiduciary to the
actual knowledge of the creditor, or is drawn and delivered in any transaction known by the
payee to be for the personal benefit of the fiduciary, the creditor or other payee
is liable to the principal if the fiduciary in fact commits a breach of his obligation as
fiduciary in drawing or delivering the instrument. (Acts 1943, No. 557, p. 544, ยง5.)...
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35-10-27
Section 35-10-27 Entry of full payment or satisfaction in record - Generally. If a mortgage
or deed of trust which is of record has been fully paid or satisfied, the mortgagee or transferee
or assignee of the mortgage, or trustee or cestui que trust of the deed of trust, who has
received payment or satisfaction, must on request in writing of the mortgagor, or of a creditor
of the mortgagor having a lien or claim on the property mortgaged, or of a purchaser from
the mortgagor, or owner of the lands mortgaged, or a junior mortgagee, or of the debtor in
a deed of trust, enter the fact of payment or satisfaction on the margin of the record of
the mortgage or deed of trust. Such entry must be witnessed by the judge of probate, or his
clerk, who, in his official capacity, must attest said satisfaction, and for making such attestation
the judge of probate is entitled to a fee of $.25. Or satisfaction may be made by an attorney-in-fact
authorized by an instrument executed and acknowledged as...
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7-9A-317
Section 7-9A-317 Interests that take priority over or take free of security interest or agricultural
lien. (a) Conflicting security interests and rights of lien creditors. A security interest
or agricultural lien is subordinate to the rights of: (1) a person entitled to priority under
Section 7-9A-322; and (2) except as otherwise provided in subsection (e), a person that becomes
a lien creditor before the earlier of the time: (A) the security interest or agricultural
lien is perfected; or (B) one of the conditions specified in Section 7-9A-203(b)(3) is met
and a financing statement covering the collateral is filed. (b) Buyers that receive delivery.
Except as otherwise provided in subsection (e), a buyer, other than a secured party, of tangible
chattel paper, tangible documents, goods, instruments, or a certificated security takes free
of a security interest or agricultural lien if the buyer gives value and receives delivery
of the collateral without knowledge of the security interest...
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7-9A-323
Section 7-9A-323 Future advances. (a) When priority based on time of advance. Except as otherwise
provided in subsection (c), for purposes of determining the priority of a perfected security
interest under Section 7-9A-322(a)(1), perfection of the security interest dates from the
time an advance is made to the extent that the security interest secures an advance that:
(1) is made while the security interest is perfected only: (A) under Section 7-9A-309 when
it attaches; or (B) temporarily under Section 7-9A-312(e), (f), or (g); and (2) is not made
pursuant to a commitment entered into before or while the security interest is perfected by
a method other than under Section 7-9A-309 or 7-9A-312(e), (f), or (g). (b) Lien creditor.
Except as otherwise provided in subsection (c), a security interest is subordinate to the
rights of a person that becomes a lien creditor to the extent that the security interest secures
an advance made more than 45 days after the person becomes a lien creditor...
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16-33C-5
Section 16-33C-5 Powers of board. In addition to the powers granted by any other provision
of this chapter, the Savings Board and PACT board shall have, as agents of the State of Alabama,
the powers necessary or convenient to carry out the purposes and provisions of this chapter,
to develop and implement the ABLE Program, ACES Program and the PACT Program, and the powers
delegated by any other law of the state or any executive order thereof including, but not
limited to, the following express powers: (1) To adopt and amend bylaws. (2) To adopt the
rules and regulations necessary to implement the provisions of this chapter either with or
without compliance with the state Administrative Procedure Act. (3) To invest as they deem
appropriate any funds in the plan in any instrument, obligation, security, or property that
constitutes legal investments for public funds in the state, including legal investments for
the State Treasurer and the Alabama Trust Fund, and to name and use...
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7-9A-514
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 providing the name and mailing address of the assignee
as the name and address of the secured party. (b) Assignment of filed financing statement.
Except as otherwise provided in subsection (c), a secured party of record may assign of record
all or part of its power to authorize an amendment to a financing statement by filing in the
filing office an amendment of the financing statement which: (1) identifies, by its file number,
the initial financing statement to which it relates; (2) provides the name of the assignor;
and (3) provides the name and mailing address of the assignee. (c) Assignment of record of
mortgage. An assignment of record of a security interest in a...
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