7-9A-402
Section 7-9A-402 Secured party not obligated on contract of debtor or in tort. The existence
of a security interest, agricultural lien, or authority given to a debtor to dispose of or
use collateral, without more, does not subject a secured party to liability in contract or
tort for the debtor's acts or omissions. (Act 2001-481, p. 647, §1.)...
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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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7-9A-622
Section 7-9A-622 Effect of acceptance of collateral. (a) Effect of acceptance. A secured party's
acceptance of collateral in full or partial satisfaction of the obligation it secures: (1)
discharges the obligation to the extent consented to by the debtor; (2) transfers to the secured
party all of a debtor's rights in the collateral; (3) discharges the security interest or
agricultural lien that is the subject of the debtor's consent and any subordinate security
interest or other subordinate lien; and (4) terminates any other subordinate interest. (b)
Discharge of subordinate interest notwithstanding noncompliance. A subordinate interest is
discharged or terminated under subsection (a), even if the secured party fails to comply with
this article. (Act 2001-481, p. 647, §1.)...
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7-9A-615
Section 7-9A-615 Application of proceeds of disposition; liability for deficiency and right
to surplus. (a) Application of proceeds. A secured party shall apply or pay over for application
the cash proceeds of disposition under Section 7-9A-610 in the following order to: (1) the
reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing,
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; (2) the satisfaction of obligations
secured by the security interest or agricultural lien under which the disposition is made;
(3) the satisfaction of obligations secured by any subordinate security interest in or other
subordinate lien on the collateral if: (A) the secured party receives from the holder of the
subordinate security interest or other lien an authenticated demand for proceeds before distribution
of the proceeds is completed; and (B) in a case in which a...
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7-9A-617
Section 7-9A-617 Rights of transferee of collateral. (a) Effects of disposition. A secured
party's disposition of collateral after default: (1) transfers to a transferee for value all
of the debtor's rights in the collateral; (2) discharges the security interest under which
the disposition is made; and (3) discharges any subordinate security interest or other subordinate
lien. (b) Rights of good-faith transferee. A transferee that acts in good faith takes free
of the rights and interests described in subsection (a), even if the secured party fails to
comply with this article or the requirements of any judicial proceeding. (c) Rights of other
transferee. If a transferee does not take free of the rights and interests described in subsection
(a), the transferee takes the collateral subject to: (1) the debtor's rights in the collateral;
(2) the security interest or agricultural lien under which the disposition is made; and (3)
any other security interest or other lien. (Act 2001-481, p....
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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-301
Section 7-9A-301 Law governing perfection and priority of security interests. Except as otherwise
provided in Sections 7-9A-303 through 7-9A-306, the following rules determine the law governing
perfection, the effect of perfection or nonperfection, and the priority of a security interest
in collateral: (1) Except as otherwise provided in this section, while a debtor is located
in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection
or nonperfection, and the priority of a security interest in collateral. (2) While collateral
is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect
of perfection or nonperfection, and the priority of a possessory security interest in that
collateral. (3) Except as otherwise provided in paragraph (4), while tangible negotiable documents,
goods, instruments, money, or tangible chattel paper is located in a jurisdiction, the local
law of that jurisdiction governs: (A)...
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11-49B-22
Section 11-49B-22 Taxes; exemptions; reporting credit sales; lien security; state sales tax
provisions applicable; charge for collecting tax; voting. (a) The authority shall, subject
to a referendum in the counties it proposes to serve, levy, in addition to all other taxes,
including, but not limited to, municipal gross receipts license taxes, a 1/4 percent privilege
license tax against gross sales or gross receipts, provided, however, that the rate of such
tax on any person, firm, or corporation engaged in the type of business described in Section
40-23-2(4) shall be an amount equal to 1/32 percent of the gross proceeds from sales described
in such section. The gross receipts of any business and the gross proceeds of all sales which
are presently exempt under the state sales and use tax statutes are exempt from the tax authorized
by this chapter. (b) The tax levied by this chapter shall be collected by the State Department
of Revenue, the authority, the county, or by contract to a...
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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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11-40-65
Section 11-40-65 Filing petition for foreclosure; form of petition; notice. (a) After a municipal
code lien has been recorded with the office of the probate judge of the county in which the
real property lies, the Class 2 municipality may identify those properties on which to commence
a judicial in rem foreclosure in accordance with this article, except that those properties
the Class 2 municipality identifies as owner occupied shall not be subject to judicial in
rem foreclosure under this article. The Class 2 municipality shall not file a petition for
judicial in rem foreclosure in accordance with this article for a period of six months following
the date upon which the municipal code lien is recorded in the office of the probate judge.
A petition for judicial in rem foreclosure may include any other municipal code lien that
has been filed prior to the date the petition is filed. After enforcement proceedings have
commenced in accordance with this article, the enforcement proceedings...
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