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-329
Section 7-9A-329 Priority of security interests in letter-of-credit right. The following rules
govern priority among conflicting security interests in the same letter-of-credit right: (1)
A security interest held by a secured party having control of the letter-of-credit right under
Section 7-9A-107 has priority to the extent of its control over a conflicting security interest
held by a secured party that does not have control. (2) Security interests perfected by control
under Section 7-9A-314 rank according to priority in time of obtaining control. (Act 2001-481,
p. 647, §1.)...
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7-9A-709
Section 7-9A-709 Priority. (a) Law governing priority. This article determines the priority
of conflicting claims to collateral. However, if the relative priorities of the claims were
established before January 1, 2002, former Article 9 determines priority. (b) Priority if
security interest becomes enforceable under Section 7-9A-203. For purposes of Section 7-9A-322(a),
the priority of a security interest that becomes enforceable under Section 7-9A-203 of this
article dates from January 1, 2002 if the security interest is perfected under this article
by the filing of a financing statement before January 1, 2002, which would not have been effective
to perfect the security interest under former Article 9. This subsection does not apply to
conflicting security interests each of which is perfected by the filing of such a financing
statement. (Act 2001-481, p. 647, §1.)...
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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...
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7-9A-325
Section 7-9A-325 Priority of security interests in transferred collateral. (a) Subordination
of security interest in transferred collateral. Except as otherwise provided in subsection
(b), a security interest created by a debtor is subordinate to a security interest in the
same collateral created by another person if: (1) the debtor acquired the collateral subject
to the security interest created by the other person; (2) the security interest created by
the other person was perfected when the debtor acquired the collateral; and (3) there is no
period thereafter when the security interest is unperfected. (b) Limitation of subsection
(a) subordination. Subsection (a) subordinates a security interest only if the security interest:
(1) otherwise would have priority solely under Section 7-9A-322(a) or 7-9A-324; or (2) arose
solely under Section 7-2-711(3) or 7-2A-508(5). (Act 2001-481, p. 647, §1.)...
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11-56-10
Section 11-56-10 Bonds - Authority for issuance; security for payment of principal and interest
generally; form, terms, denominations, etc.; sale, redemption, etc. The corporation is authorized
at any time and from time to time to issue its interest-bearing revenue bonds for the purpose
of acquiring, constructing, improving, enlarging, completing and equipping one or more projects.
The principal of and the interest on any such bonds shall be payable solely out of the revenues
derived from the project with respect to which such bonds are issued. None of the bonds of
the corporation shall ever constitute an obligation or debt of the state, the county or the
municipality or a charge against the credit or taxing powers of the state, the county or the
municipality. Bonds of the corporation may be issued at any time and from time to time, may
be in such form and denominations, may be of such tenor, may be payable in such installments
and at such time or times, not exceeding 40 years from...
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7-2A-304
Section 7-2A-304 Subsequent lease of goods by lessor. (1) Subject to Section 7-2A-303, a subsequent
lessee from a lessor of goods under an existing lease contract obtains, to the extent of the
leasehold interest transferred, the leasehold interest in the goods that the lessor had or
had power to transfer, and except as provided in subsection (2) and Section 7-2A-527(4), takes
subject to the existing lease contract. A lessor with voidable title has power to transfer
a good leasehold interest to a good faith subsequent lessee for value, but only to the extent
set forth in the preceding sentence. If goods have been delivered under a transaction of purchase,
the lessor has that power even though: (a) the lessor's transferor was deceived as to the
identity of the lessor; (b) the delivery was in exchange for a check which is later dishonored;
(c) it was agreed that the transaction was to be a "cash sale"; or (d) the delivery
was procured through fraud punishable as larcenous under the...
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7-2A-305
Section 7-2A-305 Sale or sublease of goods by lessee. (1) Subject to the provisions of Section
7-2A-303, a buyer or sublessee from the lessee of goods under an existing lease contract obtains,
to the extent of the interest transferred, the leasehold interest in the goods that the lessee
had or had power to transfer, and except as provided in subsection (2) and Section 7-2A-511(4),
takes subject to the existing lease contract. A lessee with a voidable leasehold interest
has power to transfer a good leasehold interest to a good faith buyer for value or a good
faith sublessee for value, but only to the extent set forth in the preceding sentence. When
goods have been delivered under a transaction of lease the lessee has that power even though:
(a) the lessor was deceived as to the identity of the lessee; (b) the delivery was in exchange
for a check which is later dishonored; or (c) the delivery was procured through fraud punishable
as larcenous under the criminal law. (2) A buyer in the...
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7-2A-512
Section 7-2A-512 Lessee's duties as to rightfully rejected goods. (1) Except as otherwise provided
with respect to goods that threaten to decline in value speedily (Section 7-2A-511) and subject
to any security interest of a lessee (Section 7-2A-508(5)): (a) the lessee, after rejection
of goods in the lessee's possession, shall hold them with reasonable care at the lessor's
or the supplier's disposition for a reasonable time after the lessee's seasonable notification
of rejection; (b) if the lessor or the supplier gives no instructions within a reasonable
time after notification of rejection, the lessee may store the rejected goods for the lessor's
or the supplier's account or ship them to the lessor or the supplier or dispose of them for
the lessor's or the supplier's account with reimbursement in the manner provided in Section
7-2A-511; but (c) the lessee has no further obligations with regard to goods rightfully rejected.
(2) Action by the lessee pursuant to subsection (1) is not...
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11-57-11
Section 11-57-11 Bonds - Authority for issuance; security for payment of principal and interest
generally; form, terms, denominations, etc.; sale, redemption, etc. The authority is empowered
at any time and from time to time to sell and issue its revenue bonds for the purpose of providing
funds to acquire, construct, improve, enlarge, complete and equip one or more projects and
for payment of obligations incurred for any such purpose. The principal of and interest on
any such bonds shall be payable solely out of the revenues derived from the project with respect
to which such bonds were issued. Any bonds of the authority may be delivered by it at any
time and from time to time, shall be in such form and denominations and of such tenor and
maturities, shall bear such rate or rates of interest, payable and evidenced in such manner,
may contain provisions for redemption prior to maturity and may contain other provisions not
inconsistent with this chapter as may be provided by the...
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