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)...
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7-9A-608
Section 7-9A-608 Application of proceeds of collection or enforcement; liability for deficiency
and right to surplus. (a) Application of proceeds, surplus, and deficiency if obligation secured.
If a security interest or agricultural lien secures payment or performance of an obligation,
the following rules apply: (1) A secured party shall apply or pay over for application the
cash proceeds of collection or enforcement under Section 7-9A-607 in the following order to:
(A) the reasonable expenses of collection and enforcement and, to the extent provided for
by agreement and not prohibited by law, reasonable attorney's fees and legal expenses incurred
by the secured party; (B) the satisfaction of obligations secured by the security interest
or agricultural lien under which the collection or enforcement is made; and (C) the satisfaction
of obligations secured by any subordinate security interest in or other lien on the collateral
subject to the security interest or agricultural lien under...
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45-4-244.48
Section 45-4-244.48 Disposition of funds. The proceeds from all taxes collected under this
subpart shall be remitted to Bibb County and deposited in the Bibb County General Fund. Eighty
percent of the net proceeds after the cost of collection shall be distributed to the Bibb
County Board of Education to be used for the acquisition, construction, maintenance, equipping,
and operation of public school facilities, and the board's share of the net proceeds may be
pledged as security for the payment of principal and interest on any indebtedness heretofore
or hereafter issued to provide public school facilities in the county. The remaining 20 percent
of the net proceeds shall be retained by the county and used only for road and bridge construction
and maintenance and public safety purposes. (Act 2019-332, §9.)...
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7-9A-314
Section 7-9A-314 Perfection by control. (a) Perfection by control. A security interest in investment
property, deposit accounts, letter-of-credit rights, electronic chattel paper, or electronic
documents may be perfected by control of the collateral under Section 7-7-106, 7-9A-104, 7-9A-105,
7-9A-106, or 7-9A-107. (b) Specified collateral: Time of perfection by control; continuation
of perfection. A security interest in deposit accounts, electronic chattel paper, letter-of-credit
rights, or electronic documents is perfected by control under Section 7-7-106, 7-9A-104, 7-9A-105,
or 7-9A-107 when the secured party obtains control and remains perfected by control only while
the secured party retains control. (c) Investment property: Time of perfection by control;
continuation of perfection. A security interest in investment property is perfected by control
under Section 7-9A-106 from the time the secured party obtains control and remains perfected
by control until: (1) the secured party...
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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-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-625
Section 7-9A-625 Remedies for secured party's failure to comply with article. (a) Judicial
orders concerning noncompliance. If it is established that a secured party is not proceeding
in accordance with this article, a court may order or restrain collection, enforcement, or
disposition of collateral on appropriate terms and conditions. (b) Damages for noncompliance.
Subject to subsections (c), (d), and (f), a person is liable for damages in the amount of
any loss caused by a failure to comply with this article. Loss caused by a failure to comply
may include loss resulting from the debtor's inability to obtain, or increased costs of, alternative
financing. (c) Persons entitled to recover damages; statutory damages in consumer-goods transaction.
Except as otherwise provided in Section 7-9A-628: (1) a person that, at the time of the failure,
was a debtor, was an obligor, or held a security interest in or other lien on the collateral
may recover damages under subsection (b) for its loss;...
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7-9A-109
Section 7-9A-109 Scope. (a) General scope of article. Except as otherwise provided in subsections
(c) and (d), this article applies to: (1) a transaction, regardless of its form, that creates
a security interest in personal property or fixtures by contract; (2) an agricultural lien;
(3) a sale of accounts, chattel paper, payment intangibles, or promissory notes; (4) a consignment;
(5) a security interest arising under Section 7-2-401, 7-2-505, 7-2-711(3), or 7-2A-508(5),
as provided in Section 7-9A-110; and (6) a security interest arising under Section 7-4-210
or 7-5-118. (b) Security interest in secured obligation. The application of this article to
a security interest in a secured obligation is not affected by the fact that the obligation
is itself secured by a transaction or interest to which this article does not apply. (c) Extent
to which article does not apply. This article does not apply to the extent that: (1) a statute,
regulation, or treaty of the United States preempts this...
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7-9A-505
Section 7-9A-505 Filing and compliance with other statutes and treaties for consignments, leases,
other bailments, and other transactions. (a) Use of terms other than "debtor" and
"secured party." A consignor, lessor, or other bailor of goods, a licensor, or a
buyer of a payment intangible or promissory note may file a financing statement, or may comply
with a statute or treaty described in Section 7-9A-311(a), using the terms "consignor",
"consignee", "lessor", "lessee", "bailor", "bailee",
"licensor", "licensee", "owner", "registered owner",
"buyer", "seller", or words of similar import, instead of the terms "secured
party" and "debtor". (b) Effect of financing statement under subsection (a).
This part applies to the filing of a financing statement under subsection (a) and, as appropriate,
to compliance that is equivalent to filing a financing statement under Section 7-9A-311(b),
but the filing or compliance is not of itself a factor in determining whether the collateral
secures an...
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7-9A-408
Section 7-9A-408 Restrictions on assignment of promissory notes, health-care-insurance receivables,
and certain general intangibles ineffective. (a) Term restricting assignment generally ineffective.
Except as otherwise provided in subsection (b), a term in a promissory note or in an agreement
between an account debtor and a debtor which relates to a health-care-insurance receivable
or a general intangible, including a contract, permit, license, or franchise, and which term
prohibits, restricts, or requires the consent of the person obligated on the promissory note
or the account debtor to, the assignment or transfer of, or creation, attachment, or perfection
of a security interest in, the promissory note, health-care-insurance receivable, or general
intangible, is ineffective to the extent that the term: (1) would impair the creation, attachment,
or perfection of a security interest; or (2) provides that the assignment or transfer or the
creation, attachment, or perfection of the...
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