7-9A-509
Section 7-9A-509 Persons entitled to file a record. (a) Person entitled to file record.
A person may file an initial financing statement, amendment that adds collateral covered by
a financing statement, or amendment that adds a debtor to a financing statement only if: (1)
the debtor authorizes the filing in an authenticated record or pursuant to subsection (b)
or (c); or (2) the person holds an agricultural lien that has become effective at the time
of filing and the financing statement covers only collateral in which the person holds an
agricultural lien. (b) Security agreement as authorization. By authenticating or becoming
bound as debtor by a security agreement, a debtor or new debtor authorizes the filing of an
initial financing statement, and an amendment, covering: (1) the collateral described in the
security agreement; and (2) property that becomes collateral under Section 7-9A-315(a)(2),
whether or not the security agreement expressly covers proceeds. (c) Acquisition of...
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7-9-302
Section 7-9-302 When filing is required to perfect security interest; security interests
to which filing provisions of this article do not apply. THIS SECTION WAS REPEALED
IN THE 2001 REGULAR SESSION, BY ACT 2001-481, EFFECTIVE JAN. 1, 2002. (1) A financing statement
must be filed to perfect all security interests except the following: (a) A security interest
in collateral in possession of the secured party under Section 7-9-305; (b) A security
interest temporarily perfected in instruments, certificated securities, or documents without
delivery under Section 7-9-304 or in proceeds for a 20-day period under Section
7-9-306; (c) A security interest created by an assignment of a beneficial interest in a trust
or a decedent's estate; (d) A purchase money security interest in consumer goods; but filing
is required for a motor vehicle required to be registered; and fixture filing is required
for priority over conflicting interests in fixtures to the extent provided in Section
7-9-313; (e) An...
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7-9A-601
Section 7-9A-601 Rights after default; judicial enforcement; consignor or buyer of accounts,
chattel paper, payment intangibles, or promissory notes. (a) Rights of secured party after
default. After default, a secured party has the rights provided in this part and, except as
otherwise provided in Section 7-9A-602, those provided by agreement of the parties.
A secured party: (1) may reduce a claim to judgment, foreclose, or otherwise enforce the claim,
security interest, or agricultural lien by any available judicial procedure; and (2) if the
collateral is documents, may proceed either as to the documents or as to the goods they cover.
(b) Rights and duties of secured party in possession or control. A secured party in possession
of collateral or control of collateral under Section 7-7-106, 7-9A-104, 7-9A-105, 7-9A-106,
or 7-9A-107 has the rights and duties provided in Section 7-9A-207. (c) Rights cumulative;
simultaneous exercise. The rights under subsections (a) and (b) are cumulative...
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7-9A-515
Section 7-9A-515 Duration and effectiveness of financing statement; effect of lapsed
financing statement. (a) Five-year effectiveness. Except as otherwise provided in subsections
(b), (e), (f), (g), and (h), a filed financing statement is effective for a period of five
years after the date of filing. (b) Manufactured-home transaction. Except as otherwise provided
in subsections (e), (f), and (g), an initial financing statement filed in connection with
a manufactured-home transaction is effective for a period of 30 years after the date of filing
if it indicates that it is filed in connection with a manufactured-home transaction. (c) Lapse
and continuation of financing statement. The effectiveness of a filed financing statement
lapses on the expiration of the period of its effectiveness unless before the lapse a continuation
statement is filed pursuant to subsection (d). Upon lapse, a financing statement ceases to
be effective and any security interest or agricultural lien that was...
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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-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-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-507
Section 7-9A-507 Effect of certain events on effectiveness of financing statement. (a)
Disposition. A filed financing statement remains effective with respect to collateral that
is sold, exchanged, leased, licensed, or otherwise disposed of and in which a security interest
or agricultural lien continues, even if the secured party knows of or consents to the disposition.
(b) Information becoming seriously misleading. Except as otherwise provided in subsection
(c) and Section 7-9A-508, a financing statement is not rendered ineffective if, after
the financing statement is filed, the information provided in the financing statement becomes
seriously misleading under Section 7-9A-506. (c) Change in debtor's name. If the name
that a filed financing statement provides for a debtor becomes insufficient as the name of
the debtor under Section 7-9A-503(a) so that the financing statement becomes seriously
misleading under Section 7-9A-506: (1) the financing statement is effective to perfect
a...
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7-9A-525
Section 7-9A-525 Fees. (a) Initial financing statement or other record: General rule.
Except as otherwise provided in subsection (e), and except that no filing fee is required
for the filing of a termination statement pursuant to Section 7-9A-513, the fee for
filing and indexing a record under this part is: (1) $20.00 if the record is communicated
in writing and consists of one or two pages; (2) $20.00 plus $2.00 for each page more than
two if the record is communicated in writing and consists of more than two pages; and (3)
$15.00 if the record is communicated by another medium authorized by filing-office rule. (b)
Initial financing statement: Manufactured-housing transactions: Section 7-9A-502(c).
Except as otherwise provided in subsection (c), the fee for filing and indexing an initial
financing statement of the kind described in Section 7-9A-502(c) is $10.00 if the financing
statement indicates that it is filed in connection with a manufactured-home transaction. (c)
Number of...
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7-9A-505
Section 7-9A-505 Filing and compliance with other statutes and treaties for consignments,
leases, other bailments, and other transactions. (a) Use of terms other than "debtor"
and "secured party." A consignor, lessor, or other bailor of goods, a licensor,
or a buyer of a payment intangible or promissory note may file a financing statement, or may
comply with a statute or treaty described in Section 7-9A-311(a), using the terms "consignor",
"consignee", "lessor", "lessee", "bailor", "bailee",
"licensor", "licensee", "owner", "registered owner",
"buyer", "seller", or words of similar import, instead of the terms "secured
party" and "debtor". (b) Effect of financing statement under subsection (a).
This part applies to the filing of a financing statement under subsection (a) and, as appropriate,
to compliance that is equivalent to filing a financing statement under Section 7-9A-311(b),
but the filing or compliance is not of itself a factor in determining whether the collateral
secures an...
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