7-2-613
Section 7-2-613 Casualty to identified goods. Where the contract requires for its performance
goods identified when the contract is made, and the goods suffer casualty without fault of
either party before the risk of loss passes to the buyer, or in a proper case under a "no
arrival, no sale" term (Section 7-2-324) then: (a) If the loss is total the contract
is avoided; and (b) If the loss is partial or the goods have so deteriorated as no longer
to conform to the contract the buyer may nevertheless demand inspection and at his option
either treat the contract as avoided or accept the goods with due allowance from the contract
price for the deterioration or the deficiency in quantity but without further right against
the seller. (Acts 1965, No. 549, p. 811.)...
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7-7-302
Section 7-7-302 Through bills of lading and similar documents of title. (a) The issuer of a
through bill of lading, or other document of title embodying an undertaking to be performed
in part by a person acting as its agent or by a performing carrier, is liable to any person
entitled to recover on the bill or other document for any breach by the other person or the
performing carrier of its obligation under the bill or other document. However, to the extent
that the bill or other document covers an undertaking to be performed overseas or in territory
not contiguous to the continental United States or an undertaking including matters other
than transportation, this liability for breach by the other person or the performing carrier
may be varied by agreement of the parties. (b) If goods covered by a through bill of lading
or other document of title embodying an undertaking to be performed in part by a person other
than the issuer are received by that person, the person is subject, with...
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7-7-304
Section 7-7-304 Tangible bills of lading in a set. (a) Except as customary in international
transportation, a tangible bill of lading may not be issued in a set of parts. The issuer
is liable for damages caused by violation of this subsection. (b) If a tangible bill of lading
is lawfully issued in a set of parts, each of which contains an identification code and is
expressed to be valid only if the goods have not been delivered against any other part, the
whole of the parts constitutes one bill. (c) If a tangible negotiable bill of lading is lawfully
issued in a set of parts and different parts are negotiated to different persons, the title
of the holder to which the first due negotiation is made prevails as to both the document
of title and the goods even if any later holder may have received the goods from the carrier
in good faith and discharged the carrier's obligation by surrendering its part. (d) A person
that negotiates or transfers a single part of a tangible bill of lading...
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7-9-302
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 ACT 2001-481, EFFECTIVE JAN. 1, 2002. (1) A financing statement must be
filed to perfect all security interests except the following: (a) A security interest in collateral
in possession of the secured party under Section 7-9-305; (b) A security interest temporarily
perfected in instruments, certificated securities, or documents without delivery under Section
7-9-304 or in proceeds for a 20-day period under Section 7-9-306; (c) A security interest
created by an assignment of a beneficial interest in a trust or a decedent's estate; (d) A
purchase money security interest in consumer goods; but filing is required for a motor vehicle
required to be registered; and fixture filing is required for priority over conflicting interests
in fixtures to the extent provided in Section 7-9-313; (e) An...
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7-9A-337
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 statement that they may be subject to security interests
not shown on the certificate: (1) a buyer of the goods, other than a person in the business
of selling goods of that kind, takes free of the security interest if the buyer gives value
and receives delivery of the goods after issuance of the certificate and without knowledge
of the security interest; and (2) the security interest is subordinate to a conflicting security
interest in the goods that attaches, and is perfected under Section 7-9A-311(b), after issuance
of the certificate and without the conflicting secured party's knowledge of the security interest.
(Act 2001-481, p. 647, §1.)...
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7-9A-313
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 in
subsection (b), a secured party may perfect a security interest in tangible negotiable documents,
goods, instruments, money, or tangible chattel paper by taking possession of the collateral.
A secured party may perfect a security interest in certificated securities by taking delivery
of the certificated securities under Section 7-8-301. (b) Goods covered by certificate of
title. With respect to goods covered by a certificate of title issued by this State, a secured
party may perfect a security interest in the goods by taking possession of the goods only
in the circumstances described in Section 7-9A-316(d). (c) Collateral in possession of person
other than debtor. With respect to collateral other than certificated securities and goods
covered by a document, a secured party takes possession of collateral in...
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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...
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7-2-703
Section 7-2-703 Seller's remedies in general. Where the buyer wrongfully rejects or revokes
acceptance of goods or fails to make a payment due on or before delivery or repudiates with
respect to a part or the whole, then with respect to any goods directly affected and, if the
breach is of the whole contract (Section 7-2-612), then also with respect to the whole undelivered
balance, the aggrieved seller may: (a) Withhold delivery of such goods; (b) Stop delivery
by any bailee as hereafter provided (Section 7-2-705); (c) Proceed under Section 7-2-704 respecting
goods still unidentified to the contract; (d) Resell and recover damages as hereafter provided
(Section 7-2-706); (e) Recover damages for nonacceptance (Section 7-2-708) or in a proper
case the price (Section 7-2-709); (f) Cancel. (Acts 1965, No. 549, p. 811.)...
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7-7-203
Section 7-7-203 Liability for nonreceipt or misdescription. A party to or purchaser for value
in good faith of a document of title, other than a bill of lading, that relies upon the description
of the goods in the document may recover from the issuer damages caused by the nonreceipt
or misdescription of the goods, except to the extent that: (1) The document conspicuously
indicates that the issuer does not know whether all or part of the goods in fact were received
or conform to the description, such as a case in which the description is in terms of marks
or labels or kind, quantity, or condition, or the receipt or description is qualified by "contents,
condition, and quality unknown," "said to contain," or words of similar import,
if the indication is true; or (2) The party or purchaser otherwise has notice of the nonreceipt
or misdescription. (Prior version of this section added by Acts 1965, No. 549, p. 811; repealed
by Act 2004-315, p. 464, §1; current section added by Act...
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7-9A-203
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 becomes
enforceable against the debtor with respect to the collateral, unless an agreement expressly
postpones the time of attachment. (b) Enforceability. Except as otherwise provided in subsections
(c) through (i), a security interest is enforceable against the debtor and third parties with
respect to the collateral only if: (1) value has been given; (2) the debtor has rights in
the collateral or the power to transfer rights in the collateral to a secured party; and (3)
one of the following conditions is met: (A) the debtor has authenticated a security agreement
that provides a description of the collateral and, if the security interest covers timber
to be cut, a description of the land concerned; (B) the collateral is not a certificated security
and is in the possession of the secured party under...
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