7-8-110
Section 7-8-110 Applicability; choice of law. (a) The local law of the issuer's jurisdiction,
as specified in subsection (d), governs: (1) the validity of a security; (2) the rights and
duties of the issuer with respect to registration of transfer; (3) the effectiveness of registration
of transfer by the issuer; (4) whether the issuer owes any duties to an adverse claimant to
a security; and (5) whether an adverse claim can be asserted against a person to whom transfer
of a certificated or uncertificated security is registered or a person who obtains control
of an uncertificated security. (b) The local law of the securities intermediary's jurisdiction,
as specified in subsection (e), governs: (1) acquisition of a security entitlement from the
securities intermediary; (2) the rights and duties of the securities intermediary and entitlement
holder arising out of a security entitlement; (3) whether the securities intermediary owes
any duties to an adverse claimant to a security...
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7-8-204
Section 7-8-204 Effect of issuer's restriction on transfer. A restriction on transfer of a
security imposed by the issuer, even if otherwise lawful, is ineffective against a person
without knowledge of the restriction unless: (1) the security is certificated and the restriction
is noted conspicuously on the security certificate; or (2) the security is uncertificated
and the registered owner has been notified of the restriction. (Acts 1965, No. 549, p. 811;
repealed by Acts 1996, No. 96-742, p. 1241, §1; added by Acts 1996, No. 96-742, p. 1241,
§1.)...
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7-8-207
Section 7-8-207 Rights and duties of issuer with respect to registered owners. (a) Before due
presentment for registration of transfer of a certificated security in registered form or
of an instruction requesting registration of transfer of an uncertificated security, the issuer
or indenture trustee may treat the registered owner as the person exclusively entitled to
vote, receive notifications, and otherwise exercise all the rights and powers of an owner.
(b) This article does not affect the liability of the registered owner of a security for a
call, assessment, or the like. (Acts 1965, No. 549, p. 811; repealed by Acts 1996, No. 96-742,
p. 1241, §1; added by Acts 1996, No. 96-742, p. 1241, §1.)...
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7-9A-318
Section 7-9A-318 No interest retained in right to payment that is sold; rights and title of
seller of account or chattel paper with respect to creditors and purchasers. (a) Seller retains
no interest. A debtor that has sold an account, chattel paper, payment intangible, or promissory
note does not retain a legal or equitable interest in the collateral sold. (b) Deemed rights
of debtor if buyer's security interest unperfected. For purposes of determining the rights
of creditors of, and purchasers for value of an account or chattel paper from, a debtor that
has sold an account or chattel paper, while the buyer's security interest is unperfected,
the debtor is deemed to have rights and title to the account or chattel paper identical to
those the debtor sold. (Act 2001-481, p. 647, §1.)...
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7-9A-508
Section 7-9A-508 Effectiveness of financing statement if new debtor becomes bound by security
agreement. (a) Financing statement naming original debtor. Except as otherwise provided in
this section, a filed financing statement naming an original debtor is effective to perfect
a security interest in collateral in which a new debtor has or acquires rights to the extent
that the financing statement would have been effective had the original debtor acquired rights
in the collateral. (b) Financing statement becoming seriously misleading. If the difference
between the name of the original debtor and that of the new debtor causes a filed financing
statement that is effective under subsection (a) to be seriously misleading under Section
7-9A-506: (1) the financing statement is effective to perfect a security interest in collateral
acquired by the new debtor before, and within four months after, the new debtor becomes bound
under Section 7-9A-203(d); and (2) the financing statement is not...
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7-9A-301
Section 7-9A-301 Law governing perfection and priority of security interests. Except as otherwise
provided in Sections 7-9A-303 through 7-9A-306, the following rules determine the law governing
perfection, the effect of perfection or nonperfection, and the priority of a security interest
in collateral: (1) Except as otherwise provided in this section, while a debtor is located
in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection
or nonperfection, and the priority of a security interest in collateral. (2) While collateral
is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect
of perfection or nonperfection, and the priority of a possessory security interest in that
collateral. (3) Except as otherwise provided in paragraph (4), while tangible negotiable documents,
goods, instruments, money, or tangible chattel paper is located in a jurisdiction, the local
law of that jurisdiction governs: (A)...
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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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7-9A-703
Section 7-9A-703 Security interest perfected before January 1, 2002. (a) Continuing priority
over lien creditor: Perfection requirements satisfied. A security interest that is enforceable
immediately before January 1, 2002, and would have priority over the rights of a person that
becomes a lien creditor at that time is a perfected security interest under this article if,
on January 1, 2002, the applicable requirements for enforceability and perfection under this
article are satisfied without further action. (b) Continuing priority over lien creditor:
Perfection requirements not satisfied. Except as otherwise provided in Section 7-9A-705, if,
immediately before January 1, 2002, a security interest is enforceable and would have priority
over the rights of a person that becomes a lien creditor at that time, but the applicable
requirements for enforceability or perfection under this article are not satisfied on January
1, 2002, the security interest: (1) is a perfected security interest...
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7-9A-309
Section 7-9A-309 Security interest perfected upon attachment. The following security interests
are perfected when they attach: (1) a purchase-money security interest in consumer goods,
except as otherwise provided in Section 7-9A-311(b) with respect to consumer goods that are
subject to a statute or treaty described in Section 7-9A-311(a); (2) an assignment of accounts
or payment intangibles which does not by itself or in conjunction with other assignments to
the same assignee transfer a significant part of the assignor's outstanding accounts or payment
intangibles; (3) a sale of a payment intangible; (4) a sale of a promissory note; (5) a security
interest created by the assignment of a health-care-insurance receivable to the provider of
the health-care goods or services; (6) a security interest arising under Section 7-2-401,
7-2-505, 7-2-711(3), or 7-2A-508(5), until the debtor obtains possession of the collateral;
(7) a security interest of a collecting bank arising under Section...
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7-9A-507
Section 7-9A-507 Effect of certain events on effectiveness of financing statement. (a) Disposition.
A filed financing statement remains effective with respect to collateral that is sold, exchanged,
leased, licensed, or otherwise disposed of and in which a security interest or agricultural
lien continues, even if the secured party knows of or consents to the disposition. (b) Information
becoming seriously misleading. Except as otherwise provided in subsection (c) and Section
7-9A-508, a financing statement is not rendered ineffective if, after the financing statement
is filed, the information provided in the financing statement becomes seriously misleading
under Section 7-9A-506. (c) Change in debtor's name. If the name that a filed financing statement
provides for a debtor becomes insufficient as the name of the debtor under Section 7-9A-503(a)
so that the financing statement becomes seriously misleading under Section 7-9A-506: (1) the
financing statement is effective to perfect a...
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