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7-9A-335
(e) Removal of accession after default. After default, subject to Part 6, a secured party may
remove an accession from other goods if the security interest in the accession has priority
over the claims of every person having an interest in the whole. (f) Reimbursement following
removal. A secured party that removes an accession from other goods under subsection (e) shall
promptly reimburse any holder of a security interest or other lien on, or owner of, the whole
or of the other goods, other than the debtor, for the cost of repair of any physical injury
to the whole or the other goods. The secured party need not reimburse the holder or owner
for any diminution in value of the whole or the other goods caused by the absence of the accession
removed or by any necessity for replacing it. A person entitled to reimbursement may refuse
permission to remove until the secured party gives adequate assurance for the performance
of the obligation to reimburse. (Act 2001-481, p. 647, §1.)...
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7-9A-333
Section 7-9A-333 Priority of certain liens arising by operation of law. (a) "Possessory
lien." In this section, "possessory lien" means an interest, other than a security
interest or an agricultural lien: (1) which secures payment or performance of an obligation
for services or materials furnished with respect to goods by a person in the ordinary course
of the person's business; (2) which is created by statute or rule of law in favor of the person;
and (3) whose effectiveness depends on the person's possession of the goods. (b) Priority
of possessory lien. A possessory lien on goods has priority over a security interest in the
goods unless the lien is created by a statute that expressly provides otherwise. (c) Priority
of landlord's lien. Priority conflicts between a landlord's lien for rent arising by operation
of law, other than an agricultural lien, and a security interest in goods brought on leased
premises shall be determined as follows: (1) If the security interest attaches after...
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7-2A-303
Section 7-2A-303 Alienability of interests, transfer of rights, etc. (1) As used in this section,
"creation of a security interest" includes the sale of a lease contract that is
subject to Article 9A, Secured Transactions, by reason of Section 7-9A-109(a)(3). (2) Except
as provided in subsection (3) and Section 7-9A-407, a provision in a lease agreement which
(i) prohibits the voluntary or involuntary transfer, including a transfer by sale, sublease,
creation, or enforcement of a security interest, or attachment, levy, or other judicial process,
of an interest of a party under the lease contract or of the lessor's residual interest in
the goods, or (ii) makes such a transfer an event of default, gives rise to the rights and
remedies provided in subsection (4), but a transfer that is prohibited or is an event of default
under the lease agreement is otherwise effective. (3) A provision in a lease agreement which
(i) prohibits a transfer of a right to damages for default with respect to...
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7-9A-604
Section 7-9A-604 Procedure if security agreement covers real property or fixtures. (a) Enforcement:
Personal and real property. If a security agreement covers both personal and
real property, a secured party may proceed: (1) under this part as to the personal
property without prejudicing any rights with respect to the real property; or (2) as to both
the personal property and the real property in accordance with the rights with respect
to the real property, in which case the other provisions of this part do not apply. (b) Enforcement:
Fixtures. Subject to subsection (c), if a security agreement covers goods that are or become
fixtures, a secured party may proceed: (1) under this part; or (2) in accordance with the
rights with respect to real property, in which case the other provisions of this part do not
apply. (c) Removal of fixtures. Subject to the other provisions of this part, if a secured
party holding a security interest in fixtures has priority over all owners and encumbrancers...
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8-21A-6
Section 8-21A-6 Supplier's duties to dealers - Agreements to maintain inventory; supplier's
duty to repurchase inventory, etc. upon termination of agreement; transfer of title and right
of possession; continuing security interest; items not covered; civil liability of supplier;
remedies. (a) Whenever any dealer enters into a dealer agreement with a supplier wherein the
dealer agrees to maintain an inventory of equipment and/or repair parts and the dealer agreement
is subsequently terminated or not renewed, whether by either party or mutual consent of both,
the supplier shall repurchase the inventory as provided in this section. Further, supplier
shall repurchase at its fair market value or assume the lease responsibilities of any specific
data processing hardware and/or software that the supplier required the dealer to purchase
to satisfy the minimum requirements of the dealer agreement and repurchase at 75 percent of
the current net price any merchandising tools, accessories, and...
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7-9A-205
Section 7-9A-205 Use or disposition of collateral permissible. (a) When security interest not
invalid or fraudulent. A security interest is not invalid or fraudulent against creditors
solely because: (1) the debtor has the right or ability to: (A) use, commingle, or dispose
of all or part of the collateral, including returned or repossessed goods; (B) collect, compromise,
enforce, or otherwise deal with collateral; (C) accept the return of collateral or make repossessions;
or (D) use, commingle, or dispose of proceeds; or (2) the secured party fails to require the
debtor to account for proceeds or replace collateral. (b) Requirements of possession not relaxed.
This section does not relax the requirements of possession if attachment, perfection, or enforcement
of a security interest depends upon possession of the collateral by the secured party. (Act
2001-481, p. 647, §1.)...
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7-5-114
Section 7-5-114 Assignment of proceeds. (a) In this section, "proceeds of a letter of
credit" means the cash, check, accepted draft, or other item of value paid or delivered
upon honor or giving of value by the issuer or any nominated person under the letter of credit.
The term does not include a beneficiary's drawing rights or documents presented by the beneficiary.
(b) A beneficiary may assign its right to part or all of the proceeds of a letter of credit.
The beneficiary may do so before presentation as a present assignment of its right to receive
proceeds contingent upon its compliance with the terms and conditions of the letter of credit.
(c) An issuer or nominated person need not recognize an assignment of proceeds of a letter
of credit until it consents to the assignment. (d) An issuer or nominated person has no obligation
to give or withhold its consent to an assignment of proceeds of a letter of credit, but consent
may not be unreasonably withheld if the assignee possesses and...
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7-9A-611
Section 7-9A-611 Notification before disposition of collateral. (a) "Notification date."
In this section, "notification date" means the earlier of the date on which: (1)
a secured party sends to the debtor and any secondary obligor an authenticated notification
of disposition; or (2) the debtor and any secondary obligor waive the right to notification.
(b) Notification of disposition required. Except as otherwise provided in subsection (d),
a secured party that disposes of collateral under Section 7-9A-610 shall send to the persons
specified in subsection (c) a reasonable authenticated notification of disposition. (c) Persons
to be notified. To comply with subsection (b), the secured party shall send an authenticated
notification of disposition to: (1) the debtor; (2) any secondary obligor; and (3) if the
collateral is other than consumer goods: (A) any other person from which the secured party
has received, before the notification date, an authenticated notification of a claim of an...
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7-9A-607
Section 7-9A-607 Collection and enforcement by secured party. (a) Collection and enforcement
generally. If so agreed, and in any event after default, a secured party: (1) may notify an
account debtor or other person obligated on collateral to make payment or otherwise render
performance to or for the benefit of the secured party; (2) may take any proceeds to which
the secured party is entitled under Section 7-9A-315; (3) may enforce the obligations of an
account debtor or other person obligated on collateral and exercise the rights of the debtor
with respect to the obligation of the account debtor or other person obligated on collateral
to make payment or otherwise render performance to the debtor, and with respect to any property
that secures the obligations of the account debtor or other person obligated on the collateral;
(4) if it holds a security interest in a deposit account perfected by control under Section
7-9A-104(a)(1), may apply the balance of the deposit account to the...
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7-9A-625
Section 7-9A-625 Remedies for secured party's failure to comply with article. (a) Judicial
orders concerning noncompliance. If it is established that a secured party is not proceeding
in accordance with this article, a court may order or restrain collection, enforcement, or
disposition of collateral on appropriate terms and conditions. (b) Damages for noncompliance.
Subject to subsections (c), (d), and (f), a person is liable for damages in the amount of
any loss caused by a failure to comply with this article. Loss caused by a failure to comply
may include loss resulting from the debtor's inability to obtain, or increased costs of, alternative
financing. (c) Persons entitled to recover damages; statutory damages in consumer-goods transaction.
Except as otherwise provided in Section 7-9A-628: (1) a person that, at the time of the failure,
was a debtor, was an obligor, or held a security interest in or other lien on the collateral
may recover damages under subsection (b) for its loss;...
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