7-9A-103
Section 7-9A-103 Purchase-money security interest; application of payments; burden of
establishing. (a) Definitions. In this section: (1) "purchase-money collateral"
means goods or software that secures a purchase-money obligation incurred with respect to
that collateral; and (2) "purchase-money obligation" means an obligation of an obligor
incurred as all or part of the price of the collateral or for value given to enable the debtor
to acquire rights in or the use of the collateral if the value is in fact so used. (b) Purchase-money
security interest in goods. A security interest in goods is a purchase-money security interest:
(1) to the extent that the goods are purchase-money collateral with respect to that security
interest; (2) if the security interest is in inventory that is or was purchase-money collateral,
also to the extent that the security interest secures a purchase-money obligation incurred
with respect to other inventory in which the secured party holds or held a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-103.htm - 4K - Match Info - Similar pages

7-9A-328
Section 7-9A-328 Priority of security interests in investment property. The following
rules govern priority among conflicting security interests in the same investment property:
(1) A security interest held by a secured party having control of investment property under
Section 7-9A-106 has priority over a security interest held by a secured party that
does not have control of the investment property. (2) Except as otherwise provided in paragraphs
(3) and (4), conflicting security interests held by secured parties each of which has control
under Section 7-9A-106 rank according to priority in time of: (A) if the collateral
is a security, obtaining control; (B) if the collateral is a security entitlement carried
in a securities account and: (i) if the secured party obtained control under Section
7-8-106(d)(1), the secured party's becoming the person for which the securities account is
maintained; (ii) if the secured party obtained control under Section 7-8-106(d)(2),
the securities...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-328.htm - 3K - Match Info - Similar pages

7-2A-303
Section 7-2A-303 Alienability of interests, transfer of rights, etc. (1) As used in
this section, "creation of a security interest" includes the sale of a lease
contract that is subject to Article 9A, Secured Transactions, by reason of Section
7-9A-109(a)(3). (2) Except as provided in subsection (3) and Section 7-9A-407, a provision
in a lease agreement which (i) prohibits the voluntary or involuntary transfer, including
a transfer by sale, sublease, creation, or enforcement of a security interest, or attachment,
levy, or other judicial process, of an interest of a party under the lease contract or of
the lessor's residual interest in the goods, or (ii) makes such a transfer an event of default,
gives rise to the rights and remedies provided in subsection (4), but a transfer that is prohibited
or is an event of default under the lease agreement is otherwise effective. (3) A provision
in a lease agreement which (i) prohibits a transfer of a right to damages for default with
respect to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-2A-303.htm - 3K - Match Info - Similar pages

7-9A-322
Section 7-9A-322 Priorities among conflicting security interests in and agricultural
liens on same collateral. (a) General priority rules. Except as otherwise provided in this
section, priority among conflicting security interests and agricultural liens in the
same collateral is determined according to the following rules: (1) Conflicting perfected
security interests and agricultural liens rank according to priority in time of filing or
perfection. Priority dates from the earlier of the time a filing covering the collateral is
first made or the security interest or agricultural lien is first perfected, if there is no
period thereafter when there is neither filing nor perfection. (2) A perfected security interest
or agricultural lien has priority over a conflicting unperfected security interest or agricultural
lien. (3) The first security interest or agricultural lien to attach or become effective has
priority if conflicting security interests and agricultural liens are unperfected. (b)...

alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-322.htm - 3K - Match Info - Similar pages

7-9A-323
Section 7-9A-323 Future advances. (a) When priority based on time of advance. Except
as otherwise provided in subsection (c), for purposes of determining the priority of a perfected
security interest under Section 7-9A-322(a)(1), perfection of the security interest
dates from the time an advance is made to the extent that the security interest secures an
advance that: (1) is made while the security interest is perfected only: (A) under Section
7-9A-309 when it attaches; or (B) temporarily under Section 7-9A-312(e), (f), or (g);
and (2) is not made pursuant to a commitment entered into before or while the security interest
is perfected by a method other than under Section 7-9A-309 or 7-9A-312(e), (f), or
(g). (b) Lien creditor. Except as otherwise provided in subsection (c), a security interest
is subordinate to the rights of a person that becomes a lien creditor to the extent that the
security interest secures an advance made more than 45 days after the person becomes a lien
creditor...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-323.htm - 2K - Match Info - Similar pages

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.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-340.htm - 1K - Match Info - Similar pages

7-9A-616
Section 7-9A-616 Explanation of calculation of surplus or deficiency. (a) Definitions.
In this section: (1) "Explanation" means a writing that: (A) states the amount
of the surplus or deficiency; (B) provides an explanation in accordance with subsection (c)
of how the secured party calculated the surplus or deficiency; (C) states, if applicable,
that future debits, credits, charges, including additional credit service charges or interest,
rebates, and expenses may affect the amount of the surplus or deficiency; and (D) provides
a telephone number or mailing address from which additional information concerning the transaction
is available. (2) "Request" means a record: (A) authenticated by a debtor or consumer
obligor; (B) requesting that the recipient provide an explanation; and (C) sent after disposition
of the collateral under Section 7-9A-610. (b) Explanation of calculation. In a consumer-goods
transaction in which the debtor is entitled to a surplus or a consumer obligor is liable...

alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-616.htm - 4K - Match Info - Similar pages

7-1-301
Section 7-1-301 Territorial applicability; parties' power to choose applicable law.
(a) Except as otherwise provided in this section, when a transaction bears a reasonable
relation to this state and also to another state or nation the parties may agree that the
law either of this state or of such other state or nation shall govern their rights and duties.
(b) In the absence of an agreement effective under subsection (a), and except as provided
in subsection (c), this title applies to transactions bearing an appropriate relation to this
state. (c) If one of the following provisions of this title specifies the applicable law,
that provision governs and a contrary agreement is effective only to the extent permitted
by the law so specified: (1) Section 7-2-402; (2) Sections 7-2A-105 and 7-2A-106; (3)
Section 7-4-102; (4) Section 7-4A-507; (5) Section 7-5-116; (6) Section
7-8-110; (7) Sections 7-9A-301 through 7-9A-307. (Act 2004-524, p. 1070, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-1-301.htm - 1K - Match Info - Similar pages

7-9A-509
Section 7-9A-509 Persons entitled to file a record. (a) Person entitled to file record.
A person may file an initial financing statement, amendment that adds collateral covered by
a financing statement, or amendment that adds a debtor to a financing statement only if: (1)
the debtor authorizes the filing in an authenticated record or pursuant to subsection (b)
or (c); or (2) the person holds an agricultural lien that has become effective at the time
of filing and the financing statement covers only collateral in which the person holds an
agricultural lien. (b) Security agreement as authorization. By authenticating or becoming
bound as debtor by a security agreement, a debtor or new debtor authorizes the filing of an
initial financing statement, and an amendment, covering: (1) the collateral described in the
security agreement; and (2) property that becomes collateral under Section 7-9A-315(a)(2),
whether or not the security agreement expressly covers proceeds. (c) Acquisition of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-509.htm - 2K - Match Info - Similar pages

7-9A-201
Section 7-9A-201 General effectiveness of security agreement. (a) General effectiveness.
Except as otherwise provided in the Uniform Commercial Code, a security agreement is effective
according to its terms between the parties, against purchasers of the collateral, and against
creditors. (b) Applicable consumer laws and other law. A transaction subject to this article
is subject to any applicable rule of law which establishes a different rule for consumers
and to (i) any other statute or regulation that regulates the rates, charges, agreements,
and practices for loans, credit sales, or other extensions of credit and (ii) any consumer-protection
statute or regulation. (c) Other applicable law controls. In case of conflict between this
article and a rule of law, statute, or regulation described in subsection (b), the rule of
law, statute, or regulation controls. Failure to comply with a statute or regulation described
in subsection (b) has only the effect the statute or regulation...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-201.htm - 1K - Match Info - Similar pages