|
7-9A-204
Section 7-9A-204 After-acquired property; future advances. (a) After-acquired collateral. Except
as otherwise provided in subsection (b), a security agreement may create or provide for a
security interest in after-acquired collateral. (b) When after-acquired property clause not
effective. A security interest does not attach under a term constituting an after-acquired
property clause to: (1) consumer goods, other than an accession when given as additional security,
unless the debtor acquires rights in them within 10 days after the secured party gives value;
or (2) a commercial tort claim. (c) Future advances and other value. A security agreement
may provide that collateral secures, or that accounts, chattel paper, payment intangibles,
or promissory notes are sold in connection with, future advances or other value, whether or
not the advances or value are given pursuant to commitment. (Act 2001-481, p. 647, ยง1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-204.htm - 1K - Match Info - Similar pages
40-29-22
Section 40-29-22 Lien for taxes - Validity and priority against certain persons. (a) Purchasers,
holders of security interests, mechanic's lienors, and judgment lien creditors. The lien imposed
by Section 40-29-20 shall not be valid as against any purchaser, holder of a security interest,
mechanic's lienor, or judgment lien creditor until notice thereof which meets the requirements
of subsection (f) has been filed by the Commissioner of Revenue or his delegate, and shall
not be perfected as against any purchaser, holder of a security interest, mechanic's lienor,
or judgment lien creditor until the date such notice is filed. (b) Protection for certain
interest even though notice filed. Even though notice of a lien imposed by Section 40-29-20
has been filed, such lien shall not be valid: (1) SECURITIES. With respect to a security (as
defined in subsection (g)(4)): a. As against a purchaser of such security who at the time
of purchase did not have actual notice or knowledge of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-29-22.htm - 17K - Match Info - Similar pages
27-32-27.1
Section 27-32-27.1 Authority of receivers and federal home loan banks regarding collateral
pledged by insurer members in delinquency proceedings. (a) For purposes of this chapter, the
following terms shall have the following meanings: (1) FEDERAL HOME LOAN BANK or FHLB. A federal
home loan bank established pursuant to the Federal Home Loan Bank Act, 12 U.S.C. Section 1421,
et seq. (2) INSURER MEMBER. An insurer who is a member of a federal home loan bank. (b) Notwithstanding
any other provision of this chapter, the receiver for an insurer member may not void any transfer
of, or any obligation to transfer, money or any other property arising under or in connection
with any federal home loan bank security agreement, or any pledge, security, collateral, or
guarantee agreement, or any other similar arrangement or credit enhancement relating to a
federal home loan bank security agreement made in the ordinary course of business and in compliance
with the applicable federal home loan bank...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-32-27.1.htm - 4K - Match Info - Similar pages
41-10-541
Section 41-10-541 Definitions. (a) The following words and phrases used in this division, and
others evidently intended as the equivalent thereof, shall, in the absence of clear implication
herein otherwise, be given the following respective interpretations herein: (1) APPROPRIATED
FUNDS. Net TVA payments to the extent such payments are pledged and appropriated to the authority
pursuant to Section 41-10-550. (2) AUTHORITY. The public corporation organized pursuant to
this division. (3) AUTHORITY GUARANTY. An agreement of the authority pursuant to which the
payment of debt service referable to bonds, notes, or other evidences of indebtedness of a
development agency is guaranteed by the authority. (4) AUTHORITY OBLIGATIONS. Bonds of the
authority and authority guaranties. (5) AUTHORITY-GUARANTEED OBLIGATIONS. Bonds, notes, or
other evidences of indebtedness of a development agency that are issued solely for the purpose
in financing a project and that are guaranteed, in whole or in part,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-541.htm - 13K - Match Info - Similar pages
8-6-2
Section 8-6-2 Definitions. When used in this article, unless the context otherwise requires,
the following terms shall have the meanings respectively ascribed to them by this section:
(1) COMMISSION or SECURITIES COMMISSION. The securities commission. (2) AGENT. Any individual
other than a dealer who represents a dealer or issuer in effecting or attempting to effect
sales of securities, but such term does not include an individual who represents an issuer
in: a. Effecting a transaction in a security exempted by subdivisions (1), (2), (3), (4),
(9) or (10) of Section 8-6-10; b. Effecting transactions exempted by Section 8-6-11; or c.
Effecting transactions with existing employees, partners, or directors of the issuer if no
commission or other remuneration is paid or given directly or indirectly for soliciting any
person in this state. A partner, officer, or director of a dealer or issuer is an agent if
he otherwise comes within this definition. (3) DEALER. Any person engaged in the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-2.htm - 11K - Match Info - Similar pages
2-3A-7
Section 2-3A-7 Powers of authority; open meetings. (a) The authority shall have the following
powers, together with all powers incidental thereto or necessary to the discharge thereof
in corporate form: (1) To have succession by its corporate name for the duration of time (which
may be perpetuity, subject to the provisions of Section 2-3A-14) specified in its certificate
of incorporation; (2) To sue and be sued in its own name in civil suits and actions, and to
defend suits against it; (3) To adopt and make use of a corporate seal and to alter the same
at pleasure; (4) To adopt, alter and repeal bylaws, not inconsistent with the provisions of
this article, for the regulation and conduct of its affairs and business; (5) To loan its
funds to one or more persons to be used by such persons to pay the costs of agricultural operations,
such loans to be on such terms and conditions, and for such period of time, and secured or
evidenced by such mortgages, deeds of trust, notes, debentures,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/2-3A-7.htm - 6K - Match Info - Similar pages
11-86A-12
Section 11-86A-12 Powers of authority generally. An authority shall have the following powers:
(1) To have succession by its corporate name until dissolved as provided in this chapter.
(2) To institute and defend legal proceedings in any court of competent jurisdiction and proper
venue; provided, however, that an authority may not be sued in any court other than the courts
of the county of incorporation; provided, further, that the officers, directors, agents, and
employees of an authority may not be sued for their actions on behalf of the authority except
for actions that are known by a person to be unlawful or are performed with reckless disregard
for the lawfulness of the actions. (3) To have and to use a corporate seal and to alter the
seal at its pleasure. (4) To establish a fiscal year. (5) To anticipate by the issuance of
its bonds the receipt of any revenues that may be appropriated by or to the authority and
to pledge the proceeds of the appropriations as security for the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-86A-12.htm - 5K - Match Info - Similar pages
37-11A-1
Section 37-11A-1 Execution and text of compact. The Governor, on behalf of this state, shall
execute a compact, in substantially the following form, with the State of Mississippi, and
the Legislature approves and ratifies the compact in the form substantially as follows: Northeast
Mississippi - Northwest Alabama Railroad Authority Compact. The contracting states solemnly
agree: Article I. The purpose of this compact is to promote and develop trade, commerce, industry,
and employment opportunities for the public good and welfare in northeast Mississippi and
northwest Alabama through the establishment of a joint interstate authority to acquire certain
railroad properties and facilities which the operator thereof has notified the Interstate
Commerce Commission of an intention to abandon and which are located in any of Franklin, Marion,
or Winston Counties, Alabama or in Alcorn or Tishomingo Counties, Mississippi. Article II.
This compact shall become effective immediately as to the State...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/37-11A-1.htm - 33K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-203.htm - 4K - Match Info - Similar pages
35-10-90
Section 35-10-90 Short title; application; definitions. (a) This article shall be known as
the Alabama Residential Mortgage Satisfaction Act. This article applies only to mortgages
securing residential real property located in this state which is used primarily for personal,
family, or household purposes and is improved by one to four dwelling units. Without limitation,
this article does not apply to mortgages on commercial or other types of property. This article
also does not apply to a security interest exclusively in one or more fixtures as defined
in Title 7, Article 9A. (b) For purposes of this article, the following terms shall have the
following meanings: (1) ENTITLED PERSON. The person or persons liable for payment or performance
of the obligation secured by the real property described in a security instrument. (2) EQUITY
LINE SECURITY INSTRUMENT. A security instrument securing, in whole or in part, indebtedness
created under a line of credit, a revolving or open-end credit...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-10-90.htm - 3K - Match Info - Similar pages
|