4-3-47
Section 4-3-47 Powers of authority generally. The authority shall have the following powers,
together with all powers incidental thereto or necessary to the discharge thereof in corporate
form: (1) To have succession by its corporate name for the duration of time (which may be
in perpetuity) specified in its certificate of incorporation; (2) To sue and be sued in its
own name in civil actions, excepting actions in tort against the authority; (3) To adopt and
make use of a corporate seal and to alter the same at pleasure; (4) To adopt and alter bylaws
for the regulation and conduct of its affairs and business; (5) To acquire, receive, take
and hold, whether by purchase, option to purchase, gift, lease, devise or otherwise, property
of every description, whether real, personal or mixed, whether in one or more counties and
whether within or without the corporate limits of any authorizing subdivision, and to manage
said property and to develop any property and to sell, exchange, lease or...
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27-60-2
Section 27-60-2 Interstate Insurance Product Regulation Compact. The State of Alabama hereby
agrees to the following interstate compact known as the Interstate Insurance Product Regulation
Compact: ARTICLE I. PURPOSES. The purposes of this compact are, through means of joint and
cooperative action among the compacting states: 1. To promote and protect the interest of
consumers of individual and group annuity, life insurance, disability income, and long-term
care insurance products; 2. To develop uniform standards for insurance products covered under
the compact; 3. To establish a central clearinghouse to receive and provide prompt review
of insurance products covered under the compact and, in certain cases, advertisements related
thereto, submitted by insurers authorized to do business in one or more compacting states;
4. To give appropriate regulatory approval to those product filings and advertisements satisfying
the applicable uniform standard; 5. To improve coordination of...
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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-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-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-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-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-315
Section 7-9A-315 Secured party's rights on disposition of collateral and in proceeds. (a) Disposition
of collateral: Continuation of security interest or agricultural lien; proceeds. Except as
otherwise provided in this article and in Section 7-2-403(2): (1) a security interest or agricultural
lien continues in collateral notwithstanding sale, lease, license, exchange, or other disposition
thereof unless the secured party authorized the disposition free of the security interest
or agricultural lien; and (2) a security interest attaches to any identifiable proceeds of
collateral. (b) When commingled proceeds identifiable. Proceeds that are commingled with other
property are identifiable proceeds: (1) if the proceeds are goods, to the extent provided
by Section 7-9A-336; and (2) if the proceeds are not goods, to the extent that the secured
party identifies the proceeds by a method of tracing, including application of equitable principles,
that is permitted under law other than this...
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7-9A-619
Section 7-9A-619 Transfer of record or legal title. (a) "Transfer statement." In
this section, "transfer statement" means a record authenticated by a secured party
stating: (1) that the debtor has defaulted in connection with an obligation secured by specified
collateral; (2) that the secured party has exercised its post-default remedies with respect
to the collateral; (3) that, by reason of the exercise, a transferee has acquired the rights
of the debtor in the collateral; and (4) the name and mailing address of the secured party,
debtor, and transferee. (b) Effect of transfer statement. A transfer statement entitles the
transferee to the transfer of record of all rights of the debtor in the collateral specified
in the statement in any official filing, recording, registration, or certificate-of-title
system covering the collateral. If a transfer statement is presented with the applicable fee
and request form to the official or office responsible for maintaining the system, the...

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7-9A-621
Section 7-9A-621 Notification of proposal to accept collateral. (a) Persons to which proposal
to be sent. A secured party that desires to accept collateral in full or partial satisfaction
of the obligation it secures shall send its proposal to: (1) any person from which the secured
party has received, before the debtor consented to the acceptance, an authenticated notification
of a claim of an interest in the collateral; (2) any other secured party or lienholder that,
10 days before the debtor consented to the acceptance, held a security interest in or other
lien on the collateral perfected by the filing of a financing statement that: (A) identified
the collateral; (B) was indexed under the debtor's name as of that date; and (C) was filed
in the office or offices in which to file a financing statement against the debtor covering
the collateral as of that date; and (3) any other secured party that, 10 days before the debtor
consented to the acceptance, held a security interest in the...
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