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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-207.htm - 2K - Match Info - Similar pages

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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-313.htm - 4K - Match Info - Similar pages

7-9A-504
Section 7-9A-504 Indication of collateral. A financing statement sufficiently indicates the
collateral that it covers if the financing statement provides: (1) a description of the collateral
pursuant to Section 7-9A-108; or (2) an indication that the financing statement covers all
assets or all personal property. (Act 2001-481, p. 647, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-504.htm - 670 bytes - Match Info - Similar pages

35-11-412
Section 35-11-412 Filing of verified statement; limitation of actions. (a) It shall be the
duty of every person entitled to such a lien to file in the office of the judge of probate
of the county in which the property upon which the lien is sought to be established is situated,
a statement in writing, verified by the oath of the person claiming the lien, or of some other
person having knowledge of the facts, containing the amount of the demand secured by the lien,
after all just credits have been given, a description of the property on which the lien is
claimed in such a manner that same may be located or identified, and the name of the owner
or proprietor thereof; but no error in the amount of the demand or in the name of the owner
or proprietor shall affect the lien. Unless such statement is so filed the lien shall be lost.
Said verified statement may be in the form set out in Section 35-11-150. (b) The lien declared
in this division shall be deemed lost unless the statement referred...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-11-412.htm - 1K - Match Info - Similar pages

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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-208.htm - 4K - Match Info - Similar pages

7-9A-506
Section 7-9A-506 Effect of errors or omissions. (a) Minor errors and omissions. A financing
statement substantially satisfying the requirements of this part is effective, even if it
has minor errors or omissions, unless the errors or omissions make the financing statement
seriously misleading. (b) Financing statement seriously misleading. Except as otherwise provided
in subsection (c), a financing statement that fails sufficiently to provide the name of the
debtor in accordance with Section 7-9A-503(a) is seriously misleading. (c) Financing statement
not seriously misleading. If a search of the records of the filing office under the debtor's
correct name, using the filing office's standard search logic, if any, would disclose a financing
statement that fails sufficiently to provide the name of the debtor in accordance with Section
7-9A-503(a), the name provided does not make the financing statement seriously misleading.
(d) "Debtor's correct name." For purposes of Section 7-9A-508(b),...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-506.htm - 1K - Match Info - Similar pages

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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-615.htm - 4K - Match Info - Similar pages

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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-620.htm - 4K - Match Info - Similar pages

7-9A-510
Section 7-9A-510 Effectiveness of filed record. (a) Filed record effective if authorized. A
filed record is effective only to the extent that it was filed by a person that may file it
under Section 7-9A-509. (b) Authorization by one secured party of record. A record authorized
by one secured party of record does not affect the financing statement with respect to another
secured party of record. (c) Continuation statement not timely filed. A continuation statement
that is not filed within the six-month period prescribed by Section 7-9A-515(d) is ineffective.
(Act 2001-481, p. 647, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-510.htm - 919 bytes - Match Info - Similar pages

7-9A-520
Section 7-9A-520 Acceptance and refusal to accept record. (a) Mandatory refusal to accept record.
A filing office shall refuse to accept a record for filing for a reason set forth in Section
7-9A-516(b) and may refuse to accept a record for filing only for a reason set forth in Section
7-9A-516(b). (b) Communication concerning refusal. If a filing office refuses to accept a
record for filing, it shall communicate to the person that presented the record the fact of
and reason for the refusal and the date and time the record would have been filed had the
filing office accepted it. The communication must be made at the time and in the manner prescribed
by filing-office rule but, in the case of a filing office described in Section 7-9A-501(a)(2),
in no event more than two business days after the filing office receives the record. (c) When
filed financing statement effective. A filed financing statement satisfying Section 7-9A-502(a)
and (b) is effective, even if the filing office is...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-520.htm - 1K - Match Info - Similar pages