7-9A-602
Section 7-9A-602 Waiver and variance of rights and duties. Except as otherwise provided
in Section 7-9A-624, to the extent that they give rights to a debtor or obligor and
impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated
in the following listed sections: (1) Section 7-9A-207(b)(4)(C), which deals with use
and operation of the collateral by the secured party; (2) Section 7-9A-210, which deals
with requests for an accounting and requests concerning a list of collateral and statement
of account; (3) Section 7-9A-607(c), which deals with collection and enforcement of
collateral; (4) Sections 7-9A-608(a) and 7-9A-615(c) to the extent that they deal with application
or payment of noncash proceeds of collection, enforcement, or disposition; (5) Sections 7-9A-608(a)
and 7-9A-615(d) to the extent that they require accounting for or payment of surplus proceeds
of collateral; (6) Section 7-9A-609 to the extent that it imposes upon a secured party
that...
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7-9A-628
Section 7-9A-628 Nonliability and limitation on liability of secured party; liability
of secondary obligor. (a) Limitation of liability of secured party for noncompliance with
article. Unless a secured party knows that a person is a debtor or obligor, knows the identity
of the person, and knows how to communicate with the person: (1) the secured party is not
liable to the person, or to a secured party or lienholder that has filed a financing statement
against the person, for failure to comply with this article; and (2) the secured party's failure
to comply with this article does not affect the liability of the person for a deficiency.
(b) Limitation of liability based on status as secured party. A secured party is not liable
because of its status as secured party: (1) to a person that is a debtor or obligor, unless
the secured party knows: (A) that the person is a debtor or obligor; (B) the identity of the
person; and (C) how to communicate with the person; or (2) to a secured party or...
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7-9A-512
Section 7-9A-512 Amendment of financing statement. (a) Amendment of information in financing
statement. Subject to Section 7-9A-509, a person may add or delete collateral covered
by, continue or terminate the effectiveness of, or, subject to subsection (e), otherwise amend
the information provided in, a financing statement by filing an amendment that: (1) identifies,
by its file number, the initial financing statement to which the amendment relates; and (2)
if the amendment relates to an initial financing statement filed or recorded in a filing office
described in Section 7-9A-501(a)(1), provides the information specified in Section
7-9A-502(b). (b) Period of effectiveness not affected. Except as otherwise provided in Section
7-9A-515, the filing of an amendment does not extend the period of effectiveness of the financing
statement. (c) Effectiveness of amendment adding collateral. A financing statement that is
amended by an amendment that adds collateral is effective as to the added...
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7-9A-521
Section 7-9A-521 Uniform form of written financing statement and amendment. (a) Initial
financing statement form. A filing office that accepts written records may not refuse to accept
a written initial financing statement in the following form and format except for a reason
set forth in Section 7-9A-516(b): UCC FINANCING STATEMENT FOLLOW INSTRUCTIONS A. NAME
& PHONE OF CONTACT AT FILER (optional) ___ B. E-MAIL CONTACT AT FILER (optional) ___ C.
SEND ACKNOWLEDGMENT TO: (Name and Address) ___ THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY
1. DEBTOR'S NAME: Provide only one Debtor name (1a or 1b) (use exact, full name; do not omit,
modify, or abbreviate any part of the Debtor's name); if any part of the Individual Debtor's
name will not fit in line 1b, leave all of item 1 blank, check here [ ] and provide the Individual
Debtor information in item 10 of the Financing Statement Addendum (Form UCC1Ad) 1a....
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7-9A-310
Section 7-9A-310 When filing required to perfect security interest or agricultural lien;
security interests and agricultural liens to which filing provisions do not apply. (a) General
rule: Perfection by filing. Except as otherwise provided in subsection (b) and Section
7-9A-312(b), a financing statement must be filed to perfect all security interests and agricultural
liens. (b) Exceptions: Filing not necessary. The filing of a financing statement is not necessary
to perfect a security interest: (1) that is perfected under Section 7-9A-308(d), (e),
(f), or (g); (2) that is perfected under Section 7-9A-309 when it attaches; (3) in
property subject to a statute, regulation, or treaty described in Section 7-9A-311(a);
(4) in goods in possession of a bailee which is perfected under Section 7-9A-312(d)(1)
or (2); (5) in certificated securities, documents, goods, or instruments which is perfected
without filing, control, or possession under Section 7-9A-312(e), (f), or (g); (6)
in collateral...
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7-9A-320
Section 7-9A-320 Buyer of goods; Alabama Farmers Credit Protection Fund. (a) Buyer in
ordinary course of business. Except as otherwise provided in subsection (e), a buyer in ordinary
course of business, other than a person buying farm products from a person engaged in farming
operations, takes free of a security interest created by the buyer's seller, even if the security
interest is perfected and the buyer knows of its existence. (b) Buyer of consumer goods. Except
as otherwise provided in subsection (e), a buyer of goods from a person who used or bought
the goods for use primarily for personal, family, or household purposes takes free of a security
interest, even if perfected, if the buyer buys: (1) without knowledge of the security interest;
(2) for value; (3) primarily for the buyer's personal, family, or household purposes; and
(4) before the filing of a financing statement covering the goods. (c) Effectiveness of filing
for subsection (b). To the extent that it affects the...
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7-9A-519
Section 7-9A-519 Numbering, maintaining, and indexing records; communicating information
provided in records. (a) Filing office duties. For each record filed in a filing office, the
filing office shall: (1) assign a unique number to the filed record; (2) create a record that
bears the number assigned to the filed record and the date and time of filing; (3) maintain
the filed record for public inspection; and (4) index the filed record in accordance with
subsections (c), (d), and (e). (b) File number. By July 1, 2002, a file number must include
a digit that: (1) is mathematically derived from or related to the other digits of the file
number; and (2) aids the filing office in determining whether a number communicated as the
file number includes a single-digit or transpositional error. (c) Indexing: General. Except
as otherwise provided in subsections (d) and (e), the filing office shall: (1) index an initial
financing statement according to the name of the debtor and index all filed...
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7-9A-516
Section 7-9A-516 What constitutes filing; effectiveness of filing. (a) What constitutes
filing. Except as otherwise provided in subsection (b), communication of a record to a filing
office and tender of the filing fee or acceptance of the record by the filing office constitutes
filing. (b) Refusal to accept record; filing does not occur. Filing does not occur with respect
to a record that a filing office refuses to accept because: (1) the record is not communicated
by a method or medium of communication authorized by the filing office; (2) an amount equal
to or greater than the applicable filing fee is not tendered; (3) the filing office is unable
to index the record because: (A) in the case of an initial financing statement, the record
does not provide a name for the debtor; (B) in the case of an amendment or information statement,
the record: (i) does not identify the initial financing statement as required by Section
7-9A-512 or 7-9A-518, as applicable; or (ii) identifies an initial...
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7-2A-103
Section 7-2A-103 Definitions and index of definitions. (1) In this article unless the
context otherwise requires: (a) "Buyer in ordinary course of business" means a person
who in good faith and without knowledge that the sale to him or her is in violation of the
ownership rights or security interest or leasehold interest of a third party in the goods,
buys in ordinary course from a person in the business of selling goods of that kind but does
not include a pawnbroker. "Buying" may be for cash or by exchange of other property
or on secured or unsecured credit and includes receiving goods or documents of title under
a pre-existing contract for sale but does not include a transfer in bulk or as security for
or in total or partial satisfaction of a money debt. (b) "Cancellation" occurs when
either party puts an end to the lease contract for default by the other party. (c) "Commercial
unit" means such a unit of goods as by commercial usage is a single whole for purposes
of lease and...
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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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