7-9A-618
Section 7-9A-618 Rights and duties of certain secondary obligors. (a) Rights and duties of
secondary obligor. A secondary obligor acquires the rights and becomes obligated to perform
the duties of the secured party after the secondary obligor: (1) receives an assignment of
a secured obligation from the secured party; (2) receives a transfer of collateral from the
secured party and agrees to accept the rights and assume the duties of the secured party;
or (3) is subrogated to the rights of a secured party with respect to collateral. (b) Effect
of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described
in subsection (a): (1) is not a disposition of collateral under Section 7-9A-610; and (2)
relieves the secured party of further duties under this article. (Act 2001-481, p. 647, §1.)...

alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-618.htm - 1K - Match Info - Similar pages

10-8-43
Section 10-8-43 (Repealed effective January 1, 2001) Rights and duties of partners. Repealed
by Acts 1996, No. 96-528, p. 685, §1, effective January 1, 2001. (Acts 1971, No. 1513, p.
2609, §18.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10-8-43.htm - 505 bytes - Match Info - Similar pages

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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-620.htm - 4K - Match Info - Similar pages

7-9-406
Section 7-9-406 Release of collateral; duties of filing officer; fees. Repealed by Act 2001-481,
p. 647, § 4, effective January 1, 2002. (Acts 1965, No. 549, p. 811; Acts 1973, No. 865,
p. 1365, §1; Acts 1981, No. 81-312, p. 399; Acts 1984, No. 84-446, §2.)...

alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9-406.htm - 589 bytes - Match Info - Similar pages

8-6-72
Section 8-6-72 (Repealed effective January 1, 1997) Registration and transfer governed by state
of incorporation; applicability of article. (a) The rights and duties of a corporation and
its transfer agents in registering a security in the name of a fiduciary or in making a transfer
of a security pursuant to an assignment by a fiduciary are governed by the law of the jurisdiction
under whose laws the corporation is organized. (b) This article applies to the rights and
duties of a person other than the corporation and its transfer agents with regard to acts
and omissions in this state in connection with the acquisition, disposition, assignment, or
transfer of a security by, or to, a fiduciary and of a person who guarantees in this state
the signature of a fiduciary in connection with such a transaction. (Acts 1961, No. 1016,
p. 1593, §8.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-72.htm - 1K - Match Info - Similar pages

10A-8-4.01
Section 10A-8-4.01 Partner's rights and duties. REPEALED IN THE 2018 REGULAR SESSION BY ACT
2018-125 EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (Acts 1996,
No. 96-528, p. 685, §1; §10-8A-401; amended and renumbered by Act 2009-513, p. 967, §254.)...

alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-8-4.01.htm - 593 bytes - Match Info - Similar pages

7-9A-610
Section 7-9A-610 Disposition of collateral after default. (a) Disposition after default. After
default, a secured party may sell, lease, license, or otherwise dispose of any or all of the
collateral in its present condition or following any commercially reasonable preparation or
processing. (b) Commercially reasonable disposition. Every aspect of a disposition of collateral,
including the method, manner, time, place, and other terms, must be commercially reasonable.
If commercially reasonable, a secured party may dispose of collateral by public or private
proceedings, by one or more contracts, as a unit or in parcels, and at any time and place
and on any terms. (c) Purchase by secured party. A secured party may purchase collateral:
(1) at a public disposition; or (2) at a private disposition only if the collateral is of
a kind that is customarily sold on a recognized market or the subject of widely distributed
standard price quotations. (d) Warranties on disposition. A contract for...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-610.htm - 2K - Match Info - Similar pages

7-9-317
Section 7-9-317 Secured party not obligated on contract of debtor. Repealed by Act 2001-481,
p. 647, § 4, effective January 1, 2002. (Acts 1965, No. 549, p. 811.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9-317.htm - 468 bytes - Match Info - Similar pages

7-9A-619
Section 7-9A-619 Transfer of record or legal title. (a) "Transfer statement." In
this section, "transfer statement" means a record authenticated by a secured party
stating: (1) that the debtor has defaulted in connection with an obligation secured by specified
collateral; (2) that the secured party has exercised its post-default remedies with respect
to the collateral; (3) that, by reason of the exercise, a transferee has acquired the rights
of the debtor in the collateral; and (4) the name and mailing address of the secured party,
debtor, and transferee. (b) Effect of transfer statement. A transfer statement entitles the
transferee to the transfer of record of all rights of the debtor in the collateral specified
in the statement in any official filing, recording, registration, or certificate-of-title
system covering the collateral. If a transfer statement is presented with the applicable fee
and request form to the official or office responsible for maintaining the system, the...

alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-619.htm - 1K - Match Info - Similar pages

8-6-75
Section 8-6-75 (Repealed effective January 1, 1997) Assignment by fiduciary. Except as otherwise
provided in this article, a corporation or transfer agent making a transfer of a security
pursuant to an assignment by a fiduciary may: Assume without inquiry that the assignment,
even though to the fiduciary himself or to his nominee, is within his authority and capacity
and is not in breach of his fiduciary duties; Assume without inquiry that the fiduciary has
complied with any controlling instrument and with the law of the jurisdiction governing the
fiduciary relationship, including any law requiring the fiduciary to obtain court approval
of the transfer; and Not be charged with notice of, and is not bound to obtain or examine
any court record or any recorded or unrecorded document relating to, the fiduciary relationship
or the assignment even though the record or document is in its possession. (Acts 1961, No.
1016, p. 1593, §3.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-75.htm - 1K - Match Info - Similar pages