7-9A-320
Section 7-9A-320 Buyer of goods; Alabama Farmers Credit Protection Fund. (a) Buyer in
ordinary course of business. Except as otherwise provided in subsection (e), a buyer in ordinary
course of business, other than a person buying farm products from a person engaged in farming
operations, takes free of a security interest created by the buyer's seller, even if the security
interest is perfected and the buyer knows of its existence. (b) Buyer of consumer goods. Except
as otherwise provided in subsection (e), a buyer of goods from a person who used or bought
the goods for use primarily for personal, family, or household purposes takes free of a security
interest, even if perfected, if the buyer buys: (1) without knowledge of the security interest;
(2) for value; (3) primarily for the buyer's personal, family, or household purposes; and
(4) before the filing of a financing statement covering the goods. (c) Effectiveness of filing
for subsection (b). To the extent that it affects the...
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7-2A-525
Section 7-2A-525 Lessor's right to possession of goods. (1) If a lessor discovers the
lessee to be insolvent, the lessor may refuse to deliver the goods. (2) After a default by
the lessee under the lease contract of the type described in Section 7-2A-523(1) or
7-2A-523(3)(a) or, if agreed, after other default by the lessee, the lessor has the right
to take possession of the goods. If the lease contract so provides, the lessor may require
the lessee to assemble the goods and make them available to the lessor at a place to be designated
by the lessor which is reasonably convenient to both parties. Without removal, the lessor
may render unusable any goods employed in trade or business, and may dispose of goods on the
lessee's premises (Section 7-2A-527). (3) The lessor may proceed under subsection (2)
without judicial process if it can be done without breach of the peace or the lessor may proceed
by action. (Acts 1992, 2nd Ex. Sess., No. 92-700, p. 92, §525.)...
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7-2-705
Section 7-2-705 Seller's stoppage of delivery in transit or otherwise. (1) The seller
may stop delivery of goods in the possession of a carrier or other bailee when he discovers
the buyer to be insolvent (Section 7-2-702) and may stop delivery of carload, truckload,
planeload or larger shipments of express or freight when the buyer repudiates or fails to
make a payment due before delivery or if for any other reason the seller has a right to withhold
or reclaim the goods. (2) As against such buyer the seller may stop delivery until: (a) Receipt
of the goods by the buyer; or (b) Acknowledgment to the buyer by any bailee of the goods except
a carrier that the bailee holds the goods for the buyer; or (c) Such acknowledgment to the
buyer by a carrier by reshipment or as warehouseman; or (d) Negotiation to the buyer of any
negotiable document of title covering the goods. (3)(a) To stop delivery the seller must so
notify as to enable the bailee by reasonable diligence to prevent delivery of...
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7-7-403
Section 7-7-403 Obligation of bailee to deliver; excuse. (a) A bailee shall deliver
the goods to a person entitled under a document of title if the person complies with subsections
(b) and (c), unless and to the extent that the bailee establishes any of the following: (1)
Delivery of the goods to a person whose receipt was rightful as against the claimant; (2)
Damage to or delay, loss, or destruction of the goods for which the bailee is not liable;
(3) Previous sale or other disposition of the goods in lawful enforcement of a lien or on
a warehouse's lawful termination of storage; (4) The exercise by a seller of its right to
stop delivery pursuant to Section 7-2-705 or by a lessor of its right to stop delivery
pursuant to Section 7-2A-526; (5) A diversion, reconsignment, or other disposition
pursuant to Section 7-7-303; (6) Release, satisfaction, or any other personal defense
against the claimant; or (7) Any other lawful excuse. (b) A person claiming goods covered
by a document of...
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27-36-3
Section 27-36-3 Unearned premium reserve - Property, general casualty and surety insurance.
(a) As to insurance against loss or damage to property, except as provided in Section
27-36-4, and as to all general casualty insurance and surety insurance, every insurer shall
maintain an unearned premium reserve on all policies in force. (b) The commissioner may require
that such reserves shall be equal to the unearned portions of the gross premiums in force
after deducting applicable reinsurance in solvent insurers as computed on each respective
risk from the policy's date of issue. If the commissioner does not so require, the portions
of the gross premium in force, less applicable reinsurance in solvent insurers, to be held
as an unearned premium reserve, shall be computed according to the following table: Term for
Which Policy Was Written Reserved for Unearned Premium 1 year or less 1/2 2 years 1st year
3/4 2nd year 1/4 3 years 1st year 5/6 2nd year 1/2 3rd year 1/6 4 years 1st year 7/8...
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5-19A-9
Section 5-19A-9 Pledgor presenting pawn ticket entitled to redeem or repurchase goods;
lost or damaged pledged goods in possession of pawnbroker; lost, destroyed, or stolen pawn
ticket. (a) Any person properly identified as pledgor or as authorized representative of the
pledgor and presenting a pawn ticket to the pawnbroker shall be entitled to redeem or repurchase
the pledged goods described in the ticket. In the event pledged goods are lost or damaged
while in the possession of the pawnbroker, it shall be the responsibility of the pawnbroker
to replace the lost or damaged goods with like kinds of merchandise and proof of replacement
shall be a defense to any prosecution. For the purposes of this subsection, "lost"
includes pledged goods that have been destroyed or have disappeared due to willful neglect
that results in the pledged goods being unavailable for return to the pledgor. (b) If the
pawn ticket is lost, destroyed, or stolen, the pledgor shall so notify the pawnbroker in...

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7-9A-324
Section 7-9A-324 Priority of purchase-money security interests. (a) General rule: Purchase-money
priority. Except as otherwise provided in subsection (g), a perfected purchase-money security
interest in goods other than inventory or livestock has priority over a conflicting security
interest in the same goods, and, except as otherwise provided in Section 7-9A-327,
a perfected security interest in its identifiable proceeds also has priority, if the purchase-money
security interest is perfected when the debtor receives possession of the collateral or within
20 days thereafter. (b) Inventory purchase-money priority. Subject to subsection (c) and except
as otherwise provided in subsection (g), a perfected purchase-money security interest in inventory
has priority over a conflicting security interest in the same inventory, has priority over
a conflicting security interest in chattel paper or an instrument constituting proceeds of
the inventory and in proceeds of the chattel paper, if so...
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7-2-402
Section 7-2-402 Rights of seller's creditors against sold goods. (1) Except as provided
in subsections (2) and (3), rights of unsecured creditors of the seller with respect to goods
which have been identified to a contract for sale are subject to the buyer's rights to recover
the goods under this article (Sections 7-2-502 and 7-2-716). (2) A creditor of the seller
may treat a sale or an identification of goods to a contract for sale as void if as against
him a retention of possession by the seller is fraudulent under any rule of law of the state
where the goods are situated, except that retention of possession in good faith and current
course of trade by a merchant-seller for a commercially reasonable time after a sale or identification
is not fraudulent. (3) Nothing in this article shall be deemed to impair the rights of creditors
of the seller: (a) Under the provisions of the article on secured transactions (Article 9);
or (b) Where identification to the contract or delivery is made...
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7-2A-508
Section 7-2A-508 Lessee's remedies. (1) If a lessor fails to deliver the goods in conformity
to the lease contract (Section 7-2A-509) or repudiates the lease contract (Section
7-2A-402), or a lessee rightfully rejects the goods (Section 7-2A-509) or justifiably
revokes acceptance of the goods (Section 7-2A-517), then with respect to any goods
involved, and with respect to all of the goods if under an installment lease contract the
value of the whole lease contract is substantially impaired (Section 7-2A-510), the
lessor is in default under the lease contract and the lessee may: (a) cancel the lease contract
(Section 7-2A-505(1)); (b) recover so much of the rent and security as has been paid
and is just under the circumstances; (c) cover and recover damages as to all goods affected
whether or not they have been identified to the lease contract (Sections 7-2A-518 and 7-2A-520),
or recover damages for nondelivery (Sections 7-2A-519 and 7-2A-520); (d) exercise any other
rights or pursue...
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7-2-103
Section 7-2-103 Definitions and index of definitions. (1) In this article unless the
context otherwise requires: (a) "Buyer" means a person who buys or contracts to
buy goods. (b) "Good faith" in the case of a merchant means honesty in fact and
the observance of reasonable commercial standards of fair dealing in the trade. (c) "Receipt"
of goods means taking physical possession of them. (d) "Seller" means a person who
sells or contracts to sell goods. (2) Other definitions applying to this article or to specified
parts thereof and the sections in which they appear are: "Acceptance." Section
7-2-606. "Banker's credit." Section 7-2-325. "Between merchants."
Section 7-2-104. "Cancellation." Section 7-2-106 (4). "Commercial
unit." Section 7-2-105. "Confirmed credit." Section 7-2-325.
"Conforming to contract." Section 7-2-106. "Contract for sale."
Section 7-2-106. "Cover." Section 7-2-712. "Entrusting."
Section 7-2-403. "Financing agency." Section 7-2-104. "Future
goods." Section 7-2-105....
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