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7-9A-312
Section 7-9A-312 Perfection of certain security interests by filing; temporary perfection.
(a) Perfection by filing permitted. A security interest in chattel paper, negotiable documents,
instruments, or investment property may be perfected by filing. (b) Control or possession
of certain collateral. Except as otherwise provided in Section 7-9A-315(c) and (d)
for proceeds: (1) a security interest in a deposit account may be perfected only by control
under Section 7-9A-314; (2) and except as otherwise provided in Section 7-9A-308(d),
a security interest in a letter-of-credit right may be perfected only by control under Section
7-9A-314; and (3) a security interest in money may be perfected only by the secured party's
taking possession under Section 7-9A-313. (c) Goods covered by negotiable document.
While goods are in the possession of a bailee that has issued a negotiable document covering
the goods: (1) a security interest in the goods may be perfected by perfecting a security
interest...
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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
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-102
Section 7-9A-102 Definitions and index of definitions. (a) Article 9A definitions. In
this article: (1) "Accession" means goods that are physically united with other
goods in such a manner that the identity of the original goods is not lost. (2) "Account,"
except as used in "account for," means a right to payment of a monetary obligation,
whether or not earned by performance, (i) for property that has been or is to be sold, leased,
licensed, assigned, or otherwise disposed of, (ii) for services rendered or to be rendered,
(iii) for a policy of insurance issued or to be issued, (iv) for a secondary obligation incurred
or to be incurred, (v) for energy provided or to be provided, (vi) for the use or hire of
a vessel under a charter or other contract, (vii) arising out of the use of a credit or charge
card or information contained on or for use with the card, or (viii) as winnings in a lottery
or other game of chance operated or sponsored by a State, governmental unit of a State, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-102.htm - 29K - Match Info - Similar pages
7-2A-103
Section 7-2A-103 Definitions and index of definitions. (1) In this article unless the
context otherwise requires: (a) "Buyer in ordinary course of business" means a person
who in good faith and without knowledge that the sale to him or her is in violation of the
ownership rights or security interest or leasehold interest of a third party in the goods,
buys in ordinary course from a person in the business of selling goods of that kind but does
not include a pawnbroker. "Buying" may be for cash or by exchange of other property
or on secured or unsecured credit and includes receiving goods or documents of title under
a pre-existing contract for sale but does not include a transfer in bulk or as security for
or in total or partial satisfaction of a money debt. (b) "Cancellation" occurs when
either party puts an end to the lease contract for default by the other party. (c) "Commercial
unit" means such a unit of goods as by commercial usage is a single whole for purposes
of lease and...
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7-2A-309
Section 7-2A-309 Lessor's and lessee's rights when goods become fixtures. (1) In this
section: (a) goods are "fixtures" when they become so related to particular
real estate that an interest in them arises under real estate law; (b) a "fixture filing"
is the filing, in the office where a record of a mortgage on the real estate would be filed
or recorded, of a financing statement covering goods that are or are to become fixtures and
conforming to the requirements of Section 7-9A-502(a) and (b); (c) a lease is a "purchase
money lease" unless the lessee has possession or use of the goods or the right to possession
or use of the goods before the lease agreement is enforceable; (d) a mortgage is a "construction
mortgage" to the extent it secures an obligation incurred for the construction of an
improvement on land including the acquisition cost of the land, if the recorded writing so
indicates; and (e) "encumbrance" includes real estate mortgages and other liens
on real estate and all other...
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7-9-302
Section 7-9-302 When filing is required to perfect security interest; security interests
to which filing provisions of this article do not apply. THIS SECTION WAS REPEALED
IN THE 2001 REGULAR SESSION, BY ACT 2001-481, EFFECTIVE JAN. 1, 2002. (1) A financing statement
must be filed to perfect all security interests except the following: (a) A security interest
in collateral in possession of the secured party under Section 7-9-305; (b) A security
interest temporarily perfected in instruments, certificated securities, or documents without
delivery under Section 7-9-304 or in proceeds for a 20-day period under Section
7-9-306; (c) A security interest created by an assignment of a beneficial interest in a trust
or a decedent's estate; (d) A purchase money security interest in consumer goods; but filing
is required for a motor vehicle required to be registered; and fixture filing is required
for priority over conflicting interests in fixtures to the extent provided in Section
7-9-313; (e) An...
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7-9-304
Section 7-9-304 Perfection of security interest in instruments, documents, proceeds
of a written letter of credit, and goods covered by documents; perfection by permissive filing;
temporary perfection without filing or transfer of possession. Repealed by Act 2001-481, p.
647, ยง 4, effective January 1, 2002. (Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312,
p. 399; Acts 1996, No. 96-742, p. 1241, §2; Acts 1997, No. 97-702, §2.)...
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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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