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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...
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10A-8A-6.02
Section 10A-8A-6.02 Partner's power to dissociate; wrongful dissociation. (a) A person has
the power to dissociate as a partner at any time, rightfully or wrongfully, by express will
pursuant to Section 10A-8A-6.01(1). (b) A person's dissociation is wrongful only if: (1) it
is in breach of an express provision of the partnership agreement; or (2) in the case of a
partnership for a definite term or particular undertaking, before the expiration of the term
or the completion of the undertaking if any of the following apply: (A) the person dissociates
as a partner by express will, unless the dissociation follows not later than 90 days after
another person's dissociation by death or otherwise under Section 10A-8A-6.01(6) through (10)
or wrongful dissociation under this subsection; (B) the person is expelled as a partner by
judicial order under Section 10A-8A-6.01(5); (C) the person is dissociated under Section 10A-8A-6.01(7);
or (D) in the case of a person that is not a trust other than a...
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16-17A-14
Section 16-17A-14 Default in payments. (a) If there should be any default in the payment of
the principal of, or interest on, any indebtedness issued under this chapter or of any agreements
contained in any security document, and the period for cure of the default has passed, then
the holder of the indebtedness and the trustee under any security document, or any one or
more of them, subject to the terms of the financing documents authorizing the indebtedness
or any security document applicable thereto: (1) May, by mandamus, injunction, or other proceedings,
compel performance of any covenant or agreement of the authority contained in any applicable
resolution or security document by its board or its officers. (2) May be entitled to a judgment
against the authority for the principal of and interest on the indebtedness so in default,
together with all reasonable costs of collection. (3) May, in the event the indebtedness is
secured by a mortgage on, or security interest in, any physical...
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7-3-303
Section 7-3-303 Value and consideration. (a) An instrument is issued or transferred for value
if: (1) The instrument is issued or transferred for a promise of performance, to the extent
the promise has been performed; (2) The transferee acquires a security interest or other lien
in the instrument other than a lien obtained by judicial proceeding; (3) The instrument is
issued or transferred as payment of, or as security for, an antecedent claim against any person,
whether or not the claim is due; (4) The instrument is issued or transferred in exchange for
a negotiable instrument; or (5) The instrument is issued or transferred in exchange for the
incurring of an irrevocable obligation to a third party by the person taking the instrument.
(b) "Consideration" means any consideration sufficient to support a simple contract.
The drawer or maker of an instrument has a defense if the instrument is issued without consideration.
If an instrument is issued for a promise of performance, the issuer...
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33-5-3
Section 33-5-3 Definitions. As used in this article, the following terms shall have the meanings
respectively ascribed to them in this section, unless the context clearly requires a different
meaning: (1) VESSEL. Every description of watercraft, other than a seaplane, capable of being
used as a means of transportation on the water, but such term shall not include vessels 12
feet in length or less when used solely on farm ponds of less than 50 acres in size. (2) WATERS
OF THIS STATE. Any waters within the territorial limits of this state and the marginal sea
adjacent to this state and the high seas when navigated as a part of a journey or ride to
and from the shore of this state; provided, however, that "waters of this state"
shall not be interpreted to mean any private pond which is not used for boat rentals or the
charging of fees for fishing therein. (3) OWNER. A person, other than a lienholder, having
the property in or title to a vessel. The term includes a person entitled to the...
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35-10-92
Section 35-10-92 Submission of a satisfaction of a security instrument for recording. (a) A
secured creditor shall submit for recording a satisfaction of a security instrument within
30 days after the creditor receives full payment and performance of the secured obligation,
and the secured creditor has no obligation to make advances, incur obligations, or otherwise
give value under any agreement. Equity line security instruments are fully paid and performed
only if, in addition to full payment and performance, the equity line previously has been
closed pursuant to the request of the entitled person or the entitled person's authorized
agent or otherwise closed as provided by law and all secured obligations have been paid in
full. (b) Notwithstanding anything to the contrary in this article, any notification demanding
satisfaction of the security instrument must be sent to the secured creditor's address by
a method that also provides proof of receipt by the secured creditor. (c) A...
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7-8-105
Section 7-8-105 Notice of adverse claim. (a) A person has notice of an adverse claim if: (1)
the person knows of the adverse claim; (2) the person is aware of facts sufficient to indicate
that there is a significant probability that the adverse claim exists and deliberately avoids
information that would establish the existence of the adverse claim; or (3) the person has
a duty, imposed by statute or regulation, to investigate whether an adverse claim exists,
and the investigation so required would establish the existence of the adverse claim. (b)
Having knowledge that a financial asset or interest therein is or has been transferred by
a representative imposes no duty of inquiry into the rightfulness of a transaction and is
not notice of an adverse claim. However, a person who knows that a representative has transferred
a financial asset or interest therein in a transaction that is, or whose proceeds are being
used, for the individual benefit of the representative or otherwise in breach...
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8-33-7
Section 8-33-7 Form and contents of warranty. (a) Every vehicle protection product warranty
in its entirety shall be written, printed, or typed in eight point type size or larger and
shall not be sold or offered for sale in this state unless the warranty: (1) States that the
obligations of the warrantor to the warranty holder are guaranteed under a warranty reimbursement
insurance policy if the warrantor elects to meet its financial responsibility obligations
under subsection (b) of Section 8-33-5 or states that the obligations of the warrantor under
the warranty are backed by the full faith and credit of the warrantor if the warrantor elects
to meet its financial responsibility obligations under subsection (c) of Section 8-33-5. (2)
States that in the event a warranty holder must make a claim against a party other than the
warranty reimbursement insurance policy issuer, the warranty holder is entitled to make a
direct claim against the insurer upon the failure of the warrantor to pay...
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19-1-6
Section 19-1-6 Check drawn by and payable to fiduciary. If a check or other bill of exchange
is drawn by a fiduciary as such or in the name of his principal by a fiduciary empowered to
draw such instrument in the name of his principal, payable to the fiduciary personally, or
payable to a third person and by him transferred to the fiduciary, and is thereafter transferred
by the fiduciary, whether in payment of a personal debt of the fiduciary or otherwise, the
transferee is not bound to inquire whether the fiduciary is committing a breach of his obligation
as fiduciary in transferring 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. (Acts 1943, No. 557, p. 544, ยง6.)...
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7-3-417
Section 7-3-417 Presentment warranties. (a) If an unaccepted draft is presented to the drawee
for payment or acceptance and the drawee pays or accepts the draft, (i) the person obtaining
payment or acceptance, at the time of presentment, and (ii) a previous transferor of the draft,
at the time of transfer, warrant to the drawee making payment or accepting the draft in good
faith that: (1) The warrantor is, or was, at the time the warrantor transferred the draft,
a person entitled to enforce the draft or authorized to obtain payment or acceptance of the
draft on behalf of a person entitled to enforce the draft; (2) The draft has not been altered;
and (3) The warrantor has no knowledge that the signature of the drawer of the draft is unauthorized.
(b) A drawee making payment may recover from any warrantor damages for breach of warranty
equal to the amount paid by the drawee less the amount the drawee received or is entitled
to receive from the drawer because of the payment. In addition,...
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