7-9A-609
Section 7-9A-609 Secured party's right to take possession after default. (a) Possession;
rendering equipment unusable; disposition on debtor's premises. After default, a secured party:
(1) may take possession of the collateral; and (2) without removal, may render equipment unusable
and dispose of collateral on a debtor's premises under Section 7-9A-610. (b) Judicial
and nonjudicial process. A secured party may proceed under subsection (a): (1) pursuant to
judicial process; or (2) without judicial process, if it proceeds without breach of the peace.
(c) Assembly of collateral. If so agreed, and in any event after default, a secured party
may require the debtor to assemble the collateral and make it available to the secured party
at a place to be designated by the secured party which is reasonably convenient to both parties.
(Act 2001-481, p. 647, §1.)...
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7-9A-607
Section 7-9A-607 Collection and enforcement by secured party. (a) Collection and enforcement
generally. If so agreed, and in any event after default, a secured party: (1) may notify an
account debtor or other person obligated on collateral to make payment or otherwise render
performance to or for the benefit of the secured party; (2) may take any proceeds to which
the secured party is entitled under Section 7-9A-315; (3) may enforce the obligations
of an account debtor or other person obligated on collateral and exercise the rights of the
debtor with respect to the obligation of the account debtor or other person obligated on collateral
to make payment or otherwise render performance to the debtor, and with respect to any property
that secures the obligations of the account debtor or other person obligated on the collateral;
(4) if it holds a security interest in a deposit account perfected by control under Section
7-9A-104(a)(1), may apply the balance of the deposit account to the...
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7-9A-611
Section 7-9A-611 Notification before disposition of collateral. (a) "Notification
date." In this section, "notification date" means the earlier of the
date on which: (1) a secured party sends to the debtor and any secondary obligor an authenticated
notification of disposition; or (2) the debtor and any secondary obligor waive the right to
notification. (b) Notification of disposition required. Except as otherwise provided in subsection
(d), a secured party that disposes of collateral under Section 7-9A-610 shall send
to the persons specified in subsection (c) a reasonable authenticated notification of disposition.
(c) Persons to be notified. To comply with subsection (b), the secured party shall send an
authenticated notification of disposition to: (1) the debtor; (2) any secondary obligor; and
(3) if the collateral is other than consumer goods: (A) any other person from which the secured
party has received, before the notification date, an authenticated notification of a claim
of an...
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7-9A-315
Section 7-9A-315 Secured party's rights on disposition of collateral and in proceeds.
(a) Disposition of collateral: Continuation of security interest or agricultural lien; proceeds.
Except as otherwise provided in this article and in Section 7-2-403(2): (1) a security
interest or agricultural lien continues in collateral notwithstanding sale, lease, license,
exchange, or other disposition thereof unless the secured party authorized the disposition
free of the security interest or agricultural lien; and (2) a security interest attaches to
any identifiable proceeds of collateral. (b) When commingled proceeds identifiable. Proceeds
that are commingled with other property are identifiable proceeds: (1) if the proceeds are
goods, to the extent provided by Section 7-9A-336; and (2) if the proceeds are not
goods, to the extent that the secured party identifies the proceeds by a method of tracing,
including application of equitable principles, that is permitted under law other than this...

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7-9A-502
Section 7-9A-502 Contents of financing statement; record of mortgage as financing statement;
time of filing financing statement. (a) Sufficiency of financing statement. Subject to subsection
(b), a financing statement is sufficient only if it: (1) provides the name of the debtor;
(2) provides the name of the secured party or a representative of the secured party; and (3)
indicates the collateral covered by the financing statement. (b) Real-property-related financing
statements. Except as otherwise provided in Section 7-9A-501(b), to be sufficient,
a financing statement that covers as-extracted collateral or timber to be cut, or which is
filed as a fixture filing and covers goods that are or are to become fixtures, must satisfy
subsection (a) and also: (1) indicate that it covers this type of collateral; (2) indicate
that it is to be filed in the real property records; (3) provide a description of the real
property to which the collateral is related sufficient to give constructive...
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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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7-9A-202
Section 7-9A-202 Title to collateral immaterial. Except as otherwise provided with respect
to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes,
the provisions of this article with regard to rights and obligations apply whether title to
collateral is in the secured party or the debtor. (Act 2001-481, p. 647, §1.)...
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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...

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7-8-112
Section 7-8-112 Creditor's legal process. (a) The interest of a debtor in a certificated
security may be reached by a creditor only by actual seizure of the security certificate by
the officer making the attachment or levy, except as otherwise provided in subsection (d).
However, a certificated security for which the certificate has been surrendered to the issuer
may be reached by a creditor by legal process upon the issuer. (b) The interest of a debtor
in an uncertificated security may be reached by a creditor only by legal process upon the
issuer at its chief executive office in the United States, except as otherwise provided in
subsection (d). (c) The interest of a debtor in a security entitlement may be reached by a
creditor only by legal process upon the securities intermediary with whom the debtor's securities
account is maintained, except as otherwise provided in subsection (d). (d) The interest of
a debtor in a certificated security for which the certificate is in the...
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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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