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7-2A-523
Section 7-2A-523 Lessor's remedies. (1) If a lessee wrongfully rejects or revokes acceptance
of goods or fails to make a payment when due or repudiates with respect to a part or the whole,
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 lessee is in default under the lease contract and the lessor may:
(a) cancel the lease contract (Section 7-2A-505(1)); (b) proceed respecting goods not identified
to the lease contract (Section 7-2A-524); (c) withhold delivery of the goods and take possession
of goods previously delivered (Section 7-2A-525); (d) stop delivery of the goods by any bailee
(Section 7-2A-526); (e) dispose of the goods and recover damages (Section 7-2A-527), or retain
the goods and recover damages (Section 7-2A-528), or in a proper case recover rent (Section
7-2A-529); (f) exercise any other rights or pursue any other...
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7-2A-309
Section 7-2A-309 Lessor's and lessee's rights when goods become fixtures. (1) In this section:
(a) goods are "fixtures" when they become so related to particular real estate that
an interest in them arises under real estate law; (b) a "fixture filing" is the
filing, in the office where a record of a mortgage on the real estate would be filed or recorded,
of a financing statement covering goods that are or are to become fixtures and conforming
to the requirements of Section 7-9A-502(a) and (b); (c) a lease is a "purchase money
lease" unless the lessee has possession or use of the goods or the right to possession
or use of the goods before the lease agreement is enforceable; (d) a mortgage is a "construction
mortgage" to the extent it secures an obligation incurred for the construction of an
improvement on land including the acquisition cost of the land, if the recorded writing so
indicates; and (e) "encumbrance" includes real estate mortgages and other liens
on real estate and all other...
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7-9A-407
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 in subsection (b), a term in a lease agreement is ineffective
to the extent that it: (1) prohibits, restricts, or requires the consent of a party to the
lease to the assignment or transfer of, or the creation, attachment, perfection, or enforcement
of a security interest in, an interest of a party under the lease contract or in the lessor's
residual interest in the goods; or (2) provides that the assignment or transfer or the creation,
attachment, perfection, or enforcement of the security interest may give rise to a default,
breach, right of recoupment, claim, defense, termination, right of termination, or remedy
under the lease. (b) Effectiveness of certain terms. Except as otherwise provided in Section
7-2A-303(7), a term described in subsection (a)(2) is effective to...
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7-2A-511
Section 7-2A-511 Merchant lessee's duties as to rightfully rejected goods. (1) Subject to any
security interest of a lessee (Section 7-2A-508(5)), if a lessor or a supplier has no agent
or place of business at the market of rejection, a merchant lessee, after rejection of goods
in his or her possession or control, shall follow any reasonable instructions received from
the lessor or the supplier with respect to the goods. In the absence of those instructions,
a merchant lessee shall make reasonable efforts to sell, lease, or otherwise dispose of the
goods for the lessor's account if they threaten to decline in value speedily. Instructions
are not reasonable if on demand indemnity for expenses is not forthcoming. (2) If a merchant
lessee (subsection (1)) or any other lessee (Section 7-2A-512) disposes of goods, he or she
is entitled to reimbursement either from the lessor or the supplier or out of the proceeds
for reasonable expenses of caring for and disposing of the goods and, if the...
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35-4-51.1
Section 35-4-51.1 Recordation of memorandum of lease; contents; effect. (a) A memorandum of
a lease may be recorded in lieu of the lease itself if the memorandum is executed and acknowledged
by the lessor and the lessee and contains: (1) The names of the lessor and lessee; (2) The
term of the lease; (3) Any option of the lessee to renew or extend the term of the lease;
and (4) The specific legal description of the leased premises, or a survey or plot plan authorized
under subsection (c) showing the location of the leased premises. (b) A memorandum recorded
under this section may also contain any other agreement made between the lessor and the lessee
in the lease. (c) A survey or plot plan may be used in lieu of a specific legal description
to describe: (1) Any part of a building on the leased premises, if the specific legal description
of the real property on which the building is located is set forth in the memorandum, survey,
or plot plan; (2) Any part of the leased premises that is...
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7-2A-303
Section 7-2A-303 Alienability of interests, transfer of rights, etc. (1) As used in this section,
"creation of a security interest" includes the sale of a lease contract that is
subject to Article 9A, Secured Transactions, by reason of Section 7-9A-109(a)(3). (2) Except
as provided in subsection (3) and Section 7-9A-407, a provision in a lease agreement which
(i) prohibits the voluntary or involuntary transfer, including a transfer by sale, sublease,
creation, or enforcement of a security interest, or attachment, levy, or other judicial process,
of an interest of a party under the lease contract or of the lessor's residual interest in
the goods, or (ii) makes such a transfer an event of default, gives rise to the rights and
remedies provided in subsection (4), but a transfer that is prohibited or is an event of default
under the lease agreement is otherwise effective. (3) A provision in a lease agreement which
(i) prohibits a transfer of a right to damages for default with respect to...
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7-2A-503
Section 7-2A-503 Modification or impairment of rights and remedies. (1) Except as otherwise
provided in this article, the lease agreement may include rights and remedies for default
in addition to or in substitution for those provided in this article and may limit or alter
the measure of damages recoverable under this article. (2) Resort to a remedy provided under
this article or in the lease agreement is optional unless the remedy is expressly agreed to
be exclusive. If circumstances cause an exclusive or limited remedy to fail of its essential
purpose, or provision for an exclusive remedy is unconscionable, remedy may be had as provided
in this article. (3) Consequential damages may be liquidated under Section 7-2A-504, or may
otherwise be limited, altered, or excluded unless the limitation, alteration, or exclusion
is unconscionable. Limitation, alteration, or exclusion of consequential damages for injury
to the person in the case of consumer goods is prima facie unconscionable but...
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23-2-167
Section 23-2-167 Definitions. THIS SECTION WAS AMENDED BY ACT 2019-501 IN THE 2019 REGULAR
SESSION, EFFECTIVE JANUARY 1, 2024. TO SEE THE AMENDED VERSION, SEE THE VERSION LABELED PENDING.
As used in this article, the following words shall have the following meanings: (1) AUTHORITY.
The Alabama Toll Road, Bridge and Tunnel Authority, as defined in Section 23-2-142. (2) DEPARTMENT.
The Department of Transportation. (3) ELECTRONIC TOLL COLLECTION. A method of collecting tolls
or charges which is capable of charging an account holder the appropriate toll or charge including,
but not limited to, either of the following: a. The transmission of information from an electronic
device on a motor vehicle to the toll system, which information is used to charge the account
the appropriate toll or charge. b. The transmission of license plate information from a photo-monitoring
system to the toll system, which information is used to charge the account the appropriate
toll or charge. (4) ELECTRONIC...
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7-1-203
Section 7-1-203 Lease distinguished from security interest. (a) Whether a transaction in the
form of a lease creates a lease or security interest is determined by the facts of each case.
(b) A transaction in the form of a lease creates a security interest if the consideration
that the lessee is to pay the lessor for the right to possession and use of the goods is an
obligation for the term of the lease and is not subject to termination by the lessee, and:
(1) The original term of the lease is equal to or greater than the remaining economic life
of the goods; (2) The lessee is bound to renew the lease for the remaining economic life of
the goods or is bound to become the owner of the goods; (3) The lessee has an option to renew
the lease for the remaining economic life of the goods for no additional consideration or
for nominal additional consideration upon compliance with the lease agreement; or (4) The
lessee has an option to become the owner of the goods for no additional...
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8-37-2
Section 8-37-2 (Effective January 1, 2018) Definitions. For the purposes of this chapter, the
following words have the following meanings: (1) ADMINISTRATOR. A person, other than an insurer
or creditor, that performs administrative or operational functions pursuant to guaranteed
asset protection waiver programs. (2) BORROWER. A debtor, retail buyer or lessee, under a
finance agreement. (3) CREDITOR means any of the following: a. The lender in a loan or credit
transaction. b. The lessor in a lease transaction. c. Any retail seller of motor vehicles
in a retail installment transaction. d. The seller in commercial retail installment transactions.
e. The assignees of any of the foregoing to whom the credit or lease obligation is payable.
(4) FINANCE AGREEMENT. A loan, lease, or retail installment sales contract for the purchase
or lease of a motor vehicle. (5) FREE LOOK PERIOD. The period of time from the effective date
of the GAP waiver until the date the borrower may cancel the GAP...
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