7-9A-308
Section 7-9A-308 When security interest or agricultural lien is perfected; continuity of perfection.
(a) Perfection of security interest. Except as otherwise provided in this section and Section
7-9A-309, a security interest is perfected if it has attached and all of the applicable requirements
for perfection in Sections 7-9A-310 through 7-9A-316 have been satisfied. A security interest
is perfected when it attaches if the applicable requirements are satisfied before the security
interest attaches. (b) Perfection of agricultural lien. An agricultural lien is perfected
if it has become effective and all of the applicable requirements for perfection in Section
7-9A-310 have been satisfied. An agricultural lien is perfected when it becomes effective
if the applicable requirements are satisfied before the agricultural lien becomes effective.
(c) Continuous perfection; perfection by different methods. A security interest or agricultural
lien is perfected continuously if it is originally...
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35-10-91
Section 35-10-91 Payoff statement; notice. (a) A person liable for payment or performance of
the obligation secured by the real property described in a security instrument who makes proper
notice pursuant to this section shall be entitled to receive a payoff statement. (b) Proper
notice must contain all of the following: (1) The entitled person's name. (2) If given by
a person other than an entitled person, the name of the person giving the notification and
a statement, if required by the secured party evidence, that the person is an authorized agent
of the entitled person. (3) The address to which the creditor must send the statement. (4)
The account number assigned by the secured creditor or other sufficient information to enable
the creditor to identify the secured obligation and the real property encumbered by the security
interest. (5) If the secured obligation is an equity line, a statement that the entitled person
requests the secured creditor to close the equity line upon...
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35-12-77
Section 35-12-77 Payment or delivery of abandoned property. (a) Except for property held in
a safe deposit box or other safekeeping depository, upon filing the report required in Section
35-12-76, the holder of property presumed abandoned shall pay, deliver, or cause to be paid
or delivered to the Treasurer the property described in the report as unclaimed, but if the
property is an automatically renewable deposit, and a penalty or forfeiture in the payment
of interest would result, the time for compliance is extended until a penalty or forfeiture
would no longer result. (b) Tangible property held in a safe deposit box or other safekeeping
depository shall be delivered to the Treasurer within 120 days after filing the report required
in Section 35-12-76. (c) If the property reported to the Treasurer is a security or security
entitlement under Article 8 of Title 7, the Uniform Commercial Code, the Treasurer is an appropriate
person to make an indorsement, instruction, or entitlement...
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7-1-310
Section 7-1-310 Subordinated obligations. An obligation may be issued as subordinated to performance
of another obligation of the person obligated, or a creditor may subordinate its right to
performance of an obligation by agreement with either the person obligated or another creditor
of the person obligated. Subordination does not create a security interest as against either
the common debtor or a subordinated creditor. (Act 2004-524, p. 1070, §1.)...
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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-109
Section 7-9A-109 Scope. (a) General scope of article. Except as otherwise provided in subsections
(c) and (d), this article applies to: (1) a transaction, regardless of its form, that creates
a security interest in personal property or fixtures by contract; (2) an agricultural lien;
(3) a sale of accounts, chattel paper, payment intangibles, or promissory notes; (4) a consignment;
(5) a security interest arising under Section 7-2-401, 7-2-505, 7-2-711(3), or 7-2A-508(5),
as provided in Section 7-9A-110; and (6) a security interest arising under Section 7-4-210
or 7-5-118. (b) Security interest in secured obligation. The application of this article to
a security interest in a secured obligation is not affected by the fact that the obligation
is itself secured by a transaction or interest to which this article does not apply. (c) Extent
to which article does not apply. This article does not apply to the extent that: (1) a statute,
regulation, or treaty of the United States preempts this...
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7-9A-307
Section 7-9A-307 Location of debtor. (a) "Place of business." In this section, "place
of business" means a place where a debtor conducts its affairs. (b) Debtor's location:
General rules. Except as otherwise provided in this section, the following rules determine
a debtor's location: (1) A debtor who is an individual is located at the individual's principal
residence. (2) A debtor that is an organization and has only one place of business is located
at its place of business. (3) A debtor that is an organization and has more than one place
of business is located at its chief executive office. (c) Limitation of applicability of subsection
(b). Subsection (b) applies only if a debtor's residence, place of business, or chief executive
office, as applicable, is located in a jurisdiction whose law generally requires information
concerning the existence of a nonpossessory security interest to be made generally available
in a filing, recording, or registration system as a condition or result...
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7-9A-203
Section 7-9A-203 Attachment and enforceability of security interest; proceeds; supporting obligations;
formal requisites. (a) Attachment. A security interest attaches to collateral when it becomes
enforceable against the debtor with respect to the collateral, unless an agreement expressly
postpones the time of attachment. (b) Enforceability. Except as otherwise provided in subsections
(c) through (i), a security interest is enforceable against the debtor and third parties with
respect to the collateral only if: (1) value has been given; (2) the debtor has rights in
the collateral or the power to transfer rights in the collateral to a secured party; and (3)
one of the following conditions is met: (A) the debtor has authenticated a security agreement
that provides a description of the collateral and, if the security interest covers timber
to be cut, a description of the land concerned; (B) the collateral is not a certificated security
and is in the possession of the secured party under...
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7-9A-208
Section 7-9A-208 Additional duties of secured party having control of collateral. (a) Applicability
of section. This section applies to cases in which there is no outstanding secured obligation
and the secured party is not committed to make advances, incur obligations, or otherwise give
value. (b) Duties of secured party after receiving demand from debtor. Within 10 days after
receiving an authenticated demand by the debtor: (1) a secured party having control of a deposit
account under Section 7-9A-104(a)(2) shall send to the bank with which the deposit account
is maintained an authenticated statement that releases the bank from any further obligation
to comply with instructions originated by the secured party; (2) a secured party having control
of a deposit account under Section 7-9A-104(a)(3) shall: (A) pay the debtor the balance on
deposit in the deposit account; or (B) transfer the balance on deposit into a deposit account
in the debtor's name; (3) a secured party, other than a...
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7-9A-319
Section 7-9A-319 Rights and title of consignee with respect to creditors and purchasers. (a)
Consignee has consignor's rights. Except as otherwise provided in subsection (b), for purposes
of determining the rights of creditors of, and purchasers for value of goods from, a consignee,
while the goods are in the possession of the consignee, the consignee is deemed to have rights
and title to the goods identical to those the consignor had or had power to transfer. (b)
Applicability of other law. For purposes of determining the rights of a creditor of a consignee,
law other than this article determines the rights and title of a consignee while goods are
in the consignee's possession if, under this part, a perfected security interest held by the
consignor would have priority over the rights of the creditor. (Act 2001-481, p. 647, §1.)...

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