7-9A-207
Section 7-9A-207 Rights and duties of secured party having possession or control of collateral.
(a) Duty of care when secured party in possession. Except as otherwise provided in subsection
(d), a secured party shall use reasonable care in the custody and preservation of collateral
in the secured party's possession. In the case of chattel paper or an instrument, reasonable
care includes taking necessary steps to preserve rights against prior parties unless otherwise
agreed. (b) Expenses, risks, duties, and rights when secured party in possession. Except as
otherwise provided in subsection (d), if a secured party has possession of collateral: (1)
reasonable expenses, including the cost of insurance and payment of taxes or other charges,
incurred in the custody, preservation, use, or operation of the collateral are chargeable
to the debtor and are secured by the collateral; (2) the risk of accidental loss or damage
is on the debtor to the extent of a deficiency in any effective insurance...
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7-9A-601
Section 7-9A-601 Rights after default; judicial enforcement; consignor or buyer of accounts,
chattel paper, payment intangibles, or promissory notes. (a) Rights of secured party after
default. After default, a secured party has the rights provided in this part and, except as
otherwise provided in Section 7-9A-602, those provided by agreement of the parties. A secured
party: (1) may reduce a claim to judgment, foreclose, or otherwise enforce the claim, security
interest, or agricultural lien by any available judicial procedure; and (2) if the collateral
is documents, may proceed either as to the documents or as to the goods they cover. (b) Rights
and duties of secured party in possession or control. A secured party in possession of collateral
or control of collateral under Section 7-7-106, 7-9A-104, 7-9A-105, 7-9A-106, or 7-9A-107
has the rights and duties provided in Section 7-9A-207. (c) Rights cumulative; simultaneous
exercise. The rights under subsections (a) and (b) are cumulative...
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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-313
Section 7-9A-313 When possession by or delivery to secured party perfects security interest
without filing. (a) Perfection by possession or delivery. Except as otherwise provided in
subsection (b), a secured party may perfect a security interest in tangible negotiable documents,
goods, instruments, money, or tangible chattel paper by taking possession of the collateral.
A secured party may perfect a security interest in certificated securities by taking delivery
of the certificated securities under Section 7-8-301. (b) Goods covered by certificate of
title. With respect to goods covered by a certificate of title issued by this State, a secured
party may perfect a security interest in the goods by taking possession of the goods only
in the circumstances described in Section 7-9A-316(d). (c) Collateral in possession of person
other than debtor. With respect to collateral other than certificated securities and goods
covered by a document, a secured party takes possession of collateral in...
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7-9A-324
Section 7-9A-324 Priority of purchase-money security interests. (a) General rule: Purchase-money
priority. Except as otherwise provided in subsection (g), a perfected purchase-money security
interest in goods other than inventory or livestock has priority over a conflicting security
interest in the same goods, and, except as otherwise provided in Section 7-9A-327, a perfected
security interest in its identifiable proceeds also has priority, if the purchase-money security
interest is perfected when the debtor receives possession of the collateral or within 20 days
thereafter. (b) Inventory purchase-money priority. Subject to subsection (c) and except as
otherwise provided in subsection (g), a perfected purchase-money security interest in inventory
has priority over a conflicting security interest in the same inventory, has priority over
a conflicting security interest in chattel paper or an instrument constituting proceeds of
the inventory and in proceeds of the chattel paper, if so...
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7-9A-310
Section 7-9A-310 When filing required to perfect security interest or agricultural lien; security
interests and agricultural liens to which filing provisions do not apply. (a) General rule:
Perfection by filing. Except as otherwise provided in subsection (b) and Section 7-9A-312(b),
a financing statement must be filed to perfect all security interests and agricultural liens.
(b) Exceptions: Filing not necessary. The filing of a financing statement is not necessary
to perfect a security interest: (1) that is perfected under Section 7-9A-308(d), (e), (f),
or (g); (2) that is perfected under Section 7-9A-309 when it attaches; (3) in property subject
to a statute, regulation, or treaty described in Section 7-9A-311(a); (4) in goods in possession
of a bailee which is perfected under Section 7-9A-312(d)(1) or (2); (5) in certificated securities,
documents, goods, or instruments which is perfected without filing, control, or possession
under Section 7-9A-312(e), (f), or (g); (6) in collateral...
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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...
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7-9A-401
Section 7-9A-401 Alienability of debtor's rights. (a) Other law governs alienability; exceptions.
Except as otherwise provided in subsection (b) and Sections 7-9A-406, 7-9A-407, 7-9A-408,
and 7-9A-409, whether a debtor's rights in collateral may be voluntarily or involuntarily
transferred is governed by law other than this article. (b) Agreement does not prevent transfer.
An agreement between the debtor and secured party which prohibits a transfer of the debtor's
rights in collateral or makes the transfer a default does not prevent the transfer from taking
effect. (Act 2001-481, p. 647, §1.)...
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7-9A-503
Section 7-9A-503 Name of debtor and secured party. (a) Sufficiency of debtor's name. A financing
statement sufficiently provides the name of the debtor: (1) except as otherwise provided in
paragraph (3), if the debtor is a registered organization or the collateral is held in a trust
that is a registered organization, only if the financing statement provides the name that
is stated to be the registered organization's name on the public organic record most recently
filed with or issued or enacted by the registered organization's jurisdiction of organization
which purports to state, amend, or restate the registered organization's name; (2) subject
to subsection (f), if the collateral is being administered by the personal representative
of a decedent, only if the financing statement provides, as the name of the debtor, the name
of the decedent and, in a separate part of the financing statement, indicates that the collateral
is being administered by a personal representative; (3) if the...
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7-9A-602
Section 7-9A-602 Waiver and variance of rights and duties. Except as otherwise provided in
Section 7-9A-624, to the extent that they give rights to a debtor or obligor and impose duties
on a secured party, the debtor or obligor may not waive or vary the rules stated in the following
listed sections: (1) Section 7-9A-207(b)(4)(C), which deals with use and operation of the
collateral by the secured party; (2) Section 7-9A-210, which deals with requests for an accounting
and requests concerning a list of collateral and statement of account; (3) Section 7-9A-607(c),
which deals with collection and enforcement of collateral; (4) Sections 7-9A-608(a) and 7-9A-615(c)
to the extent that they deal with application or payment of noncash proceeds of collection,
enforcement, or disposition; (5) Sections 7-9A-608(a) and 7-9A-615(d) to the extent that they
require accounting for or payment of surplus proceeds of collateral; (6) Section 7-9A-609
to the extent that it imposes upon a secured party that...
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