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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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7-9A-406
Section 7-9A-406 Discharge of account debtor; notification of assignment; identification
and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles,
and promissory notes ineffective. (a) Discharge of account debtor; effect of notification.
Subject to subsections (b) through (i), an account debtor on an account, chattel paper, or
a payment intangible may discharge its obligation by paying the assignor until, but not after,
the account debtor receives a notification, authenticated by the assignor or the assignee,
that the amount due or to become due has been assigned and that payment is to be made to the
assignee. After receipt of the notification, the account debtor may discharge its obligation
by paying the assignee and may not discharge the obligation by paying the assignor. (b) When
notification ineffective. Subject to subsection (h), notification is ineffective under subsection
(a): (1) if it does not reasonably identify the rights assigned;...
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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-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...
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7-9A-309
Section 7-9A-309 Security interest perfected upon attachment. The following security
interests are perfected when they attach: (1) a purchase-money security interest in consumer
goods, except as otherwise provided in Section 7-9A-311(b) with respect to consumer
goods that are subject to a statute or treaty described in Section 7-9A-311(a); (2)
an assignment of accounts or payment intangibles which does not by itself or in conjunction
with other assignments to the same assignee transfer a significant part of the assignor's
outstanding accounts or payment intangibles; (3) a sale of a payment intangible; (4) a sale
of a promissory note; (5) a security interest created by the assignment of a health-care-insurance
receivable to the provider of the health-care goods or services; (6) a security interest arising
under Section 7-2-401, 7-2-505, 7-2-711(3), or 7-2A-508(5), until the debtor obtains
possession of the collateral; (7) a security interest of a collecting bank arising under Section...
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7-1-201
Section 7-1-201 General definitions. (a) [Reserved]. (b) Subject to additional definitions
contained in the subsequent articles of this title which are applicable to specific articles
or parts thereof, and unless the context otherwise requires, in this title: (1) "Action,"
in the sense of a judicial proceeding, includes recoupment, counterclaim, set-off, suit in
equity, and any other proceeding in which rights are determined. (2) "Aggrieved party"
means a party entitled to pursue a remedy. (3) "Agreement," as distinguished from
"contract," means the bargain of the parties in fact, as found in their language
or inferred from other circumstances, including course of performance, course of dealing,
or usage of trade as provided in Section 7-1-303. (4) "Bank" means a person
engaged in the business of banking and includes a savings bank, savings and loan association,
credit union, and trust company. (5) "Bearer" means a person in possession of a
negotiable instrument, document of title, or...
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7-9A-405
Section 7-9A-405 Modification of assigned contract. (a) Effect of modification on assignee.
A modification of or substitution for an assigned contract is effective against an assignee
if made in good faith and in accordance with reasonable commercial standards. The assignee
acquires corresponding rights under the modified or substituted contract. The assignment may
provide that the modification or substitution is a breach of contract by the assignor. This
subsection is subject to subsections (b) through (d). (b) Applicability of subsection (a).
Subsection (a) applies to the extent that: (1) the right to payment or a part thereof under
an assigned contract has not been fully earned by performance; or (2) the right to payment
or a part thereof has been fully earned by performance and the account debtor has not received
notification of the assignment under Section 7-9A-406(a). (c) Rule for individual under
other law. This section is subject to law other than this article which establishes...
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7-9A-404
Section 7-9A-404 Rights acquired by assignee; claims and defenses against assignee.
(a) Assignee's rights subject to terms, claims, and defenses; exceptions. Unless an account
debtor has made an enforceable agreement not to assert defenses or claims, and subject to
subsections (b) through (e), the rights of an assignee are subject to: (1) all terms of the
agreement between the account debtor and assignor and any defense or claim in recoupment arising
from the transaction that gave rise to the contract; and (2) any other defense or claim of
the account debtor against the assignor which accrues before the account debtor receives a
notification of the assignment authenticated by the assignor or the assignee. (b) Account
debtor's claim reduces amount owed to assignee. Subject to subsection (c) and except as otherwise
provided in subsection (d), the claim of an account debtor against an assignor may be asserted
against an assignee under subsection (a) only to reduce the amount the account...
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13A-8-1
Section 13A-8-1 Definitions. The following definitions are applicable in this article
unless the context otherwise requires: (1) DECEPTION occurs when a person knowingly: a. Creates
or confirms another's impression which is false and which the defendant does not believe to
be true; or b. Fails to correct a false impression which the defendant previously has created
or confirmed; or c. Fails to correct a false impression when the defendant is under a duty
to do so; or d. Prevents another from acquiring information pertinent to the disposition of
the property involved; or e. Sells or otherwise transfers or encumbers property, failing to
disclose a lien, adverse claim, or other legal impediment to the enjoyment of the property
when the defendant is under a duty to do so, whether that impediment is or is not valid, or
is not a matter of official record; or f. Promises performance which the defendant does not
intend to perform or knows will not be performed. Failure to perform, standing...
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16-33B-4
Section 16-33B-4 Basic powers and duties of the Alabama Commission on Higher Education
for the Alabama Guaranteed Student Loan Program. (a) Basic powers. The Alabama Commission
on Higher Education (ACHE) is authorized to administer the Alabama Guaranteed Student Loan
Program in accordance with the Federal Student Loan Law, and empowered to promulgate such
rules, regulations, policies, and procedures as may be reasonable and proper in order to carry
out the provisions and purposes of this chapter. Without limiting the generality of the foregoing,
the ACHE is authorized and empowered: (1) To establish regulations deemed necessary to comply
with federal regulations and legislation relative to guaranteed student loans and the Federal
Student Loan Law. (2) To establish eligibility criteria for participating postsecondary educational
institutions. (3) To establish reasonable eligibility criteria for the initial and continuing
participation of approved lenders in the student loan program. (4)...
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