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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.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-335.htm - 2K - Match Info - Similar pages
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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7-9A-102
term includes: (A) proceeds to which a security interest attaches; (B) accounts, chattel paper,
payment intangibles, and promissory notes that have been sold; and (C) goods that are the
subject of a consignment. (13) "Commercial tort claim" means a claim arising in
tort with respect to which: (A) the claimant is an organization; or (B) the claimant is an
individual and the claim: (i) arose in the course of the claimant's business or profession;
and (ii) does not include damages arising out of personal injury to or the death
of an individual. (14) "Commodity account" means an account maintained by a commodity
intermediary in which a commodity contract is carried for a commodity customer. (15) "Commodity
contract" means a commodity futures contract, an option on a commodity futures contract,
a commodity option, or another contract if the contract or option is: (A) traded on or subject
to the rules of a board of trade that has been designated as a contract market for such a
contract...
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41-10-541
such obligations, and which meet the greater of 100% collateralization or the "AA"
collateral levels established by Standard & Poor's Rating Group for structured financings;
and h. Uncollateralized investment agreements with, or certificates of deposit issued by banks
or bank holding companies, the senior long-term securities of which are rated at least "AA"
by Standard & Poor's Rating Group and at least "Aa" by Moody's Investors Service.
(11) FINANCED PROPERTY. All property whether real, personal, or mixed, the costs of
which were or are to be paid or reimbursed in whole or in part with the proceeds of bonds
of the authority or the proceeds of authority-guaranteed obligations. (12) FINANCING AGREEMENT.
Any loan, lease, agreement, grant agreement, financing agreement, credit agreement, security
agreement, mortgage, indenture, guaranty agreement, or other type of agreement entered into
by the authority in connection with the incurring of authority obligations. (13) FUNDING AGREEMENT....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-541.htm - 13K - Match Info - Similar pages
7-2A-310
or (3) and (4) a lessor or a lessee of accessions holds an interest that is superior to all
interests in the whole, the lessor or the lessee may (a) on default, expiration, termination,
or cancellation of the lease contract by the other party but subject to the provisions of
the lease contract and this article, or (b) if necessary to enforce his or her other rights
and remedies under this article, remove the goods from the whole, free and clear of all interests
in the whole, but he or she must reimburse any holder of an interest in the whole who is not
the lessee and who has not otherwise agreed for the cost of repair of any physical injury
but not for any diminution in value of the whole caused by the absence of the goods removed
or by any necessity for replacing them. A person entitled to reimbursement may refuse permission
to remove until the party seeking removal gives adequate security for the performance of this
obligation. (Acts 1992, 2nd Ex. Sess., No. 92-700, p. 92, §310.)...
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11-65-10
believes that it would be prudent to obtain the fingerprints of such persons. (16) A commission
shall report annually to the governing body of its sponsoring municipality and to such state
and federal authorities as shall be required by law. (17) Except as otherwise provided in
subdivisions (10) and (12), all books, records, maps, documents, and papers of a commission,
including those filed with such commission as well as those prepared by or for it, shall at
all times be open for the personal inspection of any officer of the state, the sponsoring
municipality or the host county or any official investigative body or committee of any thereof,
and no person having charge or custody thereof shall refuse this right to any officer or investigative
body or committee, and it shall be the express duty of such person to assist such officer
or committee in locating records or information. If any member of a commission violates the
provisions of this subdivision, he or she shall be subject...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-65-10.htm - 26K - Match Info - Similar pages
7-9A-103
Section 7-9A-103 Purchase-money security interest; application of payments; burden of establishing.
(a) Definitions. In this section: (1) "purchase-money collateral" means goods or
software that secures a purchase-money obligation incurred with respect to that collateral;
and (2) "purchase-money obligation" means an obligation of an obligor incurred as
all or part of the price of the collateral or for value given to enable the debtor to acquire
rights in or the use of the collateral if the value is in fact so used. (b) Purchase-money
security interest in goods. A security interest in goods is a purchase-money security interest:
(1) to the extent that the goods are purchase-money collateral with respect to that security
interest; (2) if the security interest is in inventory that is or was purchase-money collateral,
also to the extent that the security interest secures a purchase-money obligation incurred
with respect to other inventory in which the secured party holds or held a...
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7-9A-204
Section 7-9A-204 After-acquired property; future advances. (a) After-acquired collateral. Except
as otherwise provided in subsection (b), a security agreement may create or provide for a
security interest in after-acquired collateral. (b) When after-acquired property clause not
effective. A security interest does not attach under a term constituting an after-acquired
property clause to: (1) consumer goods, other than an accession when given as additional security,
unless the debtor acquires rights in them within 10 days after the secured party gives value;
or (2) a commercial tort claim. (c) Future advances and other value. A security agreement
may provide that collateral secures, or that accounts, chattel paper, payment intangibles,
or promissory notes are sold in connection with, future advances or other value, whether or
not the advances or value are given pursuant to commitment. (Act 2001-481, p. 647, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-204.htm - 1K - Match Info - Similar pages
7-9-302
interest in property subject to the statute or treaty can be perfected only by compliance therewith
except as provided in Section 7-9-103 on multiple state transactions. Duration and renewal
of perfection of a security interest perfected by compliance with the statute or treaty are
governed by the provisions of the statute or treaty; in other respects the security interest
is subject to this article. (5)(a) The filing provisions of this article also do not apply
to a security interest in personal property or fixtures of a utility which is created
by a mortgage or other security agreement which also covers real property situated in the
State of Alabama and which has been filed for record in accordance with the laws of Alabama
governing mortgages of real property. Such security interest shall be perfected by such filing,
whether such filing shall have been accomplished before or after February 1, 1982; and such
security interest shall be and remain effective, both as to the personal...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9-302.htm - 5K - Match Info - Similar pages
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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