7-8-511
Section 7-8-511 Priority among security interests and entitlement holders. (a) Except as otherwise
provided in subsections (b) and (c), if a securities intermediary does not have sufficient
interests in a particular financial asset to satisfy both its obligations to entitlement holders
who have security entitlements to that financial asset and its obligation to a creditor of
the securities intermediary who has a security interest in that financial asset, the claims
of entitlement holders, other than the creditor, have priority over the claim of the creditor.
(b) A claim of a creditor of a securities intermediary who has a security interest in a financial
asset held by a securities intermediary has priority over claims of the securities intermediary's
entitlement holders who have security entitlements with respect to that financial asset if
the creditor has control over the financial asset. (c) If a clearing corporation does not
have sufficient financial assets to satisfy both its...
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7-9A-205
Section 7-9A-205 Use or disposition of collateral permissible. (a) When security interest not
invalid or fraudulent. A security interest is not invalid or fraudulent against creditors
solely because: (1) the debtor has the right or ability to: (A) use, commingle, or dispose
of all or part of the collateral, including returned or repossessed goods; (B) collect, compromise,
enforce, or otherwise deal with collateral; (C) accept the return of collateral or make repossessions;
or (D) use, commingle, or dispose of proceeds; or (2) the secured party fails to require the
debtor to account for proceeds or replace collateral. (b) Requirements of possession not relaxed.
This section does not relax the requirements of possession if attachment, perfection, or enforcement
of a security interest depends upon possession of the collateral by the secured party. (Act
2001-481, p. 647, §1.)...
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7-9A-340
Section 7-9A-340 Effectiveness of right of recoupment or set-off against deposit account. (a)
Exercise of recoupment or set-off. Except as otherwise provided in subsection (c), a bank
with which a deposit account is maintained may exercise any right of recoupment or set-off
against a secured party that holds a security interest in the deposit account. (b) Recoupment
or set-off not affected by security interest. Except as otherwise provided in subsection (c),
the application of this article to a security interest in a deposit account does not affect
a right of recoupment or set-off of the secured party as to a deposit account maintained with
the secured party. (c) When set-off ineffective. The exercise by a bank of a set-off against
a deposit account is ineffective against a secured party that holds a security interest in
the deposit account which is perfected by control under Section 7-9A-104(a)(3), if the set-off
is based on a claim against the debtor. (Act 2001-481, p. 647, §1.)...
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7-9A-601
Section 7-9A-601 Rights after default; judicial enforcement; consignor or buyer of accounts,
chattel paper, payment intangibles, or promissory notes. (a) Rights of secured party after
default. After default, a secured party has the rights provided in this part and, except as
otherwise provided in Section 7-9A-602, those provided by agreement of the parties. A secured
party: (1) may reduce a claim to judgment, foreclose, or otherwise enforce the claim, security
interest, or agricultural lien by any available judicial procedure; and (2) if the collateral
is documents, may proceed either as to the documents or as to the goods they cover. (b) Rights
and duties of secured party in possession or control. A secured party in possession of collateral
or control of collateral under Section 7-7-106, 7-9A-104, 7-9A-105, 7-9A-106, or 7-9A-107
has the rights and duties provided in Section 7-9A-207. (c) Rights cumulative; simultaneous
exercise. The rights under subsections (a) and (b) are cumulative...
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7-9A-608
Section 7-9A-608 Application of proceeds of collection or enforcement; liability for deficiency
and right to surplus. (a) Application of proceeds, surplus, and deficiency if obligation secured.
If a security interest or agricultural lien secures payment or performance of an obligation,
the following rules apply: (1) A secured party shall apply or pay over for application the
cash proceeds of collection or enforcement under Section 7-9A-607 in the following order to:
(A) the reasonable expenses of collection and enforcement and, to the extent provided for
by agreement and not prohibited by law, reasonable attorney's fees and legal expenses incurred
by the secured party; (B) the satisfaction of obligations secured by the security interest
or agricultural lien under which the collection or enforcement is made; and (C) the satisfaction
of obligations secured by any subordinate security interest in or other lien on the collateral
subject to the security interest or agricultural lien under...
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6-5-248
Section 6-5-248 Who may redeem; priorities. (a) Where real estate, or any interest therein,
is sold, it may be redeemed by: (1) Any debtor, including any surety or guarantor. (2) Any
mortgagor, even if the mortgagor is not personally liable for payment of a debt. (3) Any junior
mortgagee, or its transferee. (4) Judgment creditor, or its transferee. (5) Any transferee
of the interests of the debtor or mortgagor, either before or after the sale. A transfer of
any kind made by the debtor or mortgagor will accomplish a transfer of the interests of that
party. (6) The respective spouses of all debtors, mortgagors, or transferees of any interest
of the debtor or mortgagor, who are spouses on the day of the execution, judgment, or foreclosure
sale. (7) Children, heirs, or devisees of any debtor or mortgagor. (b) All persons named or
enumerated in subdivisions (a)(1) through (a)(7) may exercise the right of redemption granted
by this article within 180 days from the date of the sale for...
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7-2A-307
Section 7-2A-307 Priority over lease contract. (1) Except as otherwise provided in Section
7-2A-306, a creditor of a lessee takes subject to the lease contract. (2) Except as otherwise
provided in subsection (3) and in Sections 7-2A-306 and 7-2A-308, a creditor of a lessor takes
subject to the lease contract unless the creditor holds a lien that attached to the goods
before the lease contract became enforceable. (3) Except as otherwise provided in Sections
7-9A-317, 7-9A-321, and 7-9A-323, a lessee takes a leasehold interest subject to a security
interest held by a creditor of the lessor. (Acts 1992, 2nd Ex. Sess., No. 92-700, p. 92, §307;
Act 2001-481, p. 647, §2.)...
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7-9A-620
Section 7-9A-620 Acceptance of collateral in full or partial satisfaction of obligation; compulsory
disposition of collateral. (a) Conditions to acceptance in satisfaction. Except as otherwise
provided in subsection (g), a secured party may accept collateral in full or partial satisfaction
of the obligation it secures only if: (1) the debtor consents to the acceptance under subsection
(c); (2) the secured party does not receive, within the time set forth in subsection (d),
a notification of objection to the proposal authenticated by: (A) a person to which the secured
party was required to send a proposal under Section 7-9A-621; or (B) any other person, other
than the debtor, holding an interest in the collateral subordinate to the security interest
that is the subject of the proposal; (3) if the collateral is consumer goods, the collateral
is not in the possession of the debtor when the debtor consents to the acceptance; and (4)
subsection (e) does not require the secured party to...
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7-9A-625
Section 7-9A-625 Remedies for secured party's failure to comply with article. (a) Judicial
orders concerning noncompliance. If it is established that a secured party is not proceeding
in accordance with this article, a court may order or restrain collection, enforcement, or
disposition of collateral on appropriate terms and conditions. (b) Damages for noncompliance.
Subject to subsections (c), (d), and (f), a person is liable for damages in the amount of
any loss caused by a failure to comply with this article. Loss caused by a failure to comply
may include loss resulting from the debtor's inability to obtain, or increased costs of, alternative
financing. (c) Persons entitled to recover damages; statutory damages in consumer-goods transaction.
Except as otherwise provided in Section 7-9A-628: (1) a person that, at the time of the failure,
was a debtor, was an obligor, or held a security interest in or other lien on the collateral
may recover damages under subsection (b) for its loss;...
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7-9A-705
Section 7-9A-705 Effectiveness of action taken before January 1, 2002. (a) Pre-effective-date
action; one-year perfection period unless reperfected. If action, other than the filing of
a financing statement, is taken before January 1, 2002, and the action would have resulted
in priority of a security interest over the rights of a person that becomes a lien creditor
had the security interest become enforceable before January 1, 2002, the action is effective
to perfect a security interest that attaches under this article within one year after January
1, 2002. An attached security interest becomes unperfected one year after January 1, 2002,
unless the security interest becomes a perfected security interest under this article before
the expiration of that period. (b) Pre-effective-date filing. The filing of a financing statement
before January 1, 2002, is effective to perfect a security interest to the extent the filing
would satisfy the applicable requirements for perfection under this...
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