7-5-118
Section 7-5-118 Security interest of issuer or nominated person. (a) An issuer or nominated
person has a security interest in a document presented under a letter of credit to the extent
that the issuer or nominated person honors or gives value for the presentation. (b) So long
as and to the extent that an issuer or nominated person has not been reimbursed or has not
otherwise recovered the value given with respect to a security interest in a document under
subsection (a), the security interest continues and is subject to Article 9A, but: (1) a security
agreement is not necessary to make the security interest enforceable under Section 7-9A-203(b)(3);
(2) if the document is presented in a medium other than a written or other tangible medium,
the security interest is perfected; and (3) if the document is presented in a written or other
tangible medium and is not a certificated security, chattel paper, a document of title, an
instrument, or a letter of credit, the security interest is...
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7-5-111
Section 7-5-111 Remedies. (a) If an issuer wrongfully dishonors or repudiates its obligation
to pay money under a letter of credit before presentation, the beneficiary, successor, or
nominated person presenting on its own behalf may recover from the issuer the amount that
is the subject of the dishonor or repudiation. If the issuer's obligation under the letter
of credit is not for the payment of money, the claimant may obtain specific performance or,
at the claimant's election, recover an amount equal to the value of performance from the issuer.
In either case, the claimant may also recover incidental but not consequential damages. The
claimant is not obligated to take action to avoid damages that might be due from the issuer
under this subsection. If, although not obligated to do so, the claimant avoids damages, the
claimant's recovery from the issuer must be reduced by the amount of damages avoided. The
issuer has the burden of proving the amount of damages avoided. In the case of...
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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-805
Section 7-9A-805 Effectiveness of action taken before effective date. (a) Pre-effective date
filing effective. The filing of a financing statement before July 1, 2014, is effective to
perfect a security interest to the extent the filing would satisfy the applicable requirements
for perfection under Article 9A as amended by Act 2014-374. (b) When pre-effective date filing
becomes ineffective. Act 2014-374 does not render ineffective a financing statement that,
before July 1, 2014, is filed and satisfies the applicable requirements for perfection under
the law of the jurisdiction governing perfection as provided in Article 9A as it existed before
amendment. However, except as otherwise provided in subsections (c) and (d) and Section 7-9A-806,
the financing statement ceases to be effective: (1) if the financing statement is filed in
this state, at the time the financing statement would have ceased to be effective had Act
2014-374 not taken effect; or (2) if the financing statement is...
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11-11A-2
Section 11-11A-2 Assignment and pledge of tax proceeds for payment of principal and interest.
As security for payment of the principal of and the interest on any warrants issued under
the provisions of this chapter, the issuing county is authorized to assign and pledge so much
as may be necessary for such purpose of the proceeds of the tax out of which such warrants
are required to be payable. All such pledges shall take precedence in the order in which they
are made unless in the proceedings authorizing such warrants the right is reserved to issue
other bonds, warrants or securities on a parity therewith as respects such pledge. (Acts 1979,
No. 79-671, p. 1180, §2.)...
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25-5-231
Section 25-5-231 Acceptance of assignment of employee compensation claim, etc. Any person,
other than a beneficiary under this chapter, who for a consideration takes or accepts from
an employee an assignment of his claim or award or judgment for, or agreement to pay, compensation,
or who accepts or takes same as security for a loan or a debt, or who takes a power of attorney
to collect the same, retaining any interest in the amount to be collected, shall be guilty
of a misdemeanor and, on conviction, may be imprisoned in the county jail or sentenced to
hard labor for the county for not more than 12 months and must also be fined not more than
$500.00. (Acts 1919, No. 245, p. 206; Code 1923, §4003; Code 1940, T. 26, §325.)...
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7-9A-705
Section 7-9A-705 Effectiveness of action taken before January 1, 2002. (a) Pre-effective-date
action; one-year perfection period unless reperfected. If action, other than the filing of
a financing statement, is taken before January 1, 2002, and the action would have resulted
in priority of a security interest over the rights of a person that becomes a lien creditor
had the security interest become enforceable before January 1, 2002, the action is effective
to perfect a security interest that attaches under this article within one year after January
1, 2002. An attached security interest becomes unperfected one year after January 1, 2002,
unless the security interest becomes a perfected security interest under this article before
the expiration of that period. (b) Pre-effective-date filing. The filing of a financing statement
before January 1, 2002, is effective to perfect a security interest to the extent the filing
would satisfy the applicable requirements for perfection under this...
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7-5-109
Section 7-5-109 Fraud and forgery. (a) If a presentation is made that appears on its face strictly
to comply with the terms and conditions of the letter of credit, but a required document is
forged or materially fraudulent, or honor of the presentation would facilitate a material
fraud by the beneficiary on the issuer or applicant: (1) the issuer shall honor the presentation,
if honor is demanded by (i) a nominated person who has given value in good faith and without
notice of forgery or material fraud, (ii) a confirmer who has honored its confirmation in
good faith, (iii) a holder in due course of a draft drawn under the letter of credit which
was taken after acceptance by the issuer or nominated person, or (iv) an assignee of the issuer's
or nominated person's deferred obligation that was taken for value and without notice of forgery
or material fraud after the obligation was incurred by the issuer or nominated person; and
(2) the issuer, acting in good faith, may honor or dishonor...
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7-9A-208
Section 7-9A-208 Additional duties of secured party having control of collateral. (a) Applicability
of section. This section applies to cases in which there is no outstanding secured obligation
and the secured party is not committed to make advances, incur obligations, or otherwise give
value. (b) Duties of secured party after receiving demand from debtor. Within 10 days after
receiving an authenticated demand by the debtor: (1) a secured party having control of a deposit
account under Section 7-9A-104(a)(2) shall send to the bank with which the deposit account
is maintained an authenticated statement that releases the bank from any further obligation
to comply with instructions originated by the secured party; (2) a secured party having control
of a deposit account under Section 7-9A-104(a)(3) shall: (A) pay the debtor the balance on
deposit in the deposit account; or (B) transfer the balance on deposit into a deposit account
in the debtor's name; (3) a secured party, other than a...
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7-9A-340
Section 7-9A-340 Effectiveness of right of recoupment or set-off against deposit account. (a)
Exercise of recoupment or set-off. Except as otherwise provided in subsection (c), a bank
with which a deposit account is maintained may exercise any right of recoupment or set-off
against a secured party that holds a security interest in the deposit account. (b) Recoupment
or set-off not affected by security interest. Except as otherwise provided in subsection (c),
the application of this article to a security interest in a deposit account does not affect
a right of recoupment or set-off of the secured party as to a deposit account maintained with
the secured party. (c) When set-off ineffective. The exercise by a bank of a set-off against
a deposit account is ineffective against a secured party that holds a security interest in
the deposit account which is perfected by control under Section 7-9A-104(a)(3), if the set-off
is based on a claim against the debtor. (Act 2001-481, p. 647, §1.)...
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