7-9A-622
Section 7-9A-622 Effect of acceptance of collateral. (a) Effect of acceptance. A secured party's
acceptance of collateral in full or partial satisfaction of the obligation it secures: (1)
discharges the obligation to the extent consented to by the debtor; (2) transfers to the secured
party all of a debtor's rights in the collateral; (3) discharges the security interest or
agricultural lien that is the subject of the debtor's consent and any subordinate security
interest or other subordinate lien; and (4) terminates any other subordinate interest. (b)
Discharge of subordinate interest notwithstanding noncompliance. A subordinate interest is
discharged or terminated under subsection (a), even if the secured party fails to comply with
this article. (Act 2001-481, p. 647, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-622.htm - 1K - Match Info - Similar pages

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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-601.htm - 2K - Match Info - Similar pages

7-9A-619
Section 7-9A-619 Transfer of record or legal title. (a) "Transfer statement." In
this section, "transfer statement" means a record authenticated by a secured party
stating: (1) that the debtor has defaulted in connection with an obligation secured by specified
collateral; (2) that the secured party has exercised its post-default remedies with respect
to the collateral; (3) that, by reason of the exercise, a transferee has acquired the rights
of the debtor in the collateral; and (4) the name and mailing address of the secured party,
debtor, and transferee. (b) Effect of transfer statement. A transfer statement entitles the
transferee to the transfer of record of all rights of the debtor in the collateral specified
in the statement in any official filing, recording, registration, or certificate-of-title
system covering the collateral. If a transfer statement is presented with the applicable fee
and request form to the official or office responsible for maintaining the system, the...

alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-619.htm - 1K - Match Info - Similar pages

7-9A-107
Section 7-9A-107 Control of letter-of-credit right. A secured party has control of a letter-of-credit
right to the extent of any right to payment or performance by the issuer or any nominated
person if the issuer or nominated person has consented to an assignment of proceeds of the
letter of credit under Section 7-5-114(c) or otherwise applicable law or practice. (Act 2001-481,
p. 647, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-107.htm - 700 bytes - 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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-604.htm - 2K - Match Info - Similar pages

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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-507.htm - 1K - Match Info - Similar pages

7-9A-627
Section 7-9A-627 Determination of whether conduct was commercially reasonable. (a) Greater
amount obtainable under other circumstances; no preclusion of commercial reasonableness. The
fact that a greater amount could have been obtained by a collection, enforcement, disposition,
or acceptance at a different time or in a different method from that selected by the secured
party is not of itself sufficient to preclude the secured party from establishing that the
collection, enforcement, disposition, or acceptance was made in a commercially reasonable
manner. (b) Dispositions that are commercially reasonable. A disposition of collateral is
made in a commercially reasonable manner if the disposition is made: (1) in the usual manner
on any recognized market; (2) at the price current in any recognized market at the time of
the disposition; or (3) otherwise in conformity with reasonable commercial practices among
dealers in the type of property that was the subject of the disposition. (c)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-627.htm - 1K - Match Info - Similar pages

41-14-35
Section 41-14-35 Security for deposits or accounts. (a) All public deposits, as defined in
Chapter 14A, of the state shall be secured to the extent and in the manner provided in Chapter
14A by any combination of the following securities and instruments, which may be issued and
held in either definitive or book-entry form: Direct obligations of the State of Alabama or
any other state of the United States; obligations of the United States government or that
are fully guaranteed as to payment of principal and interest by the United States; obligations
issued or guaranteed by any agency or instrumentality of the United States, including, without
limitation, the Government National Mortgage Association or any successor thereto, any Federal
Farm Credit Bank or any successor thereto, the Federal Housing Finance Board or any successor
thereto, the Federal Home Loan Bank System or any successor thereto, or any Federal Home Loan
Bank or any successor thereto; debt obligations, including, without...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-14-35.htm - 5K - Match Info - Similar pages

7-9A-338
Section 7-9A-338 Priority of security interest or agricultural lien perfected by filed financing
statement providing certain incorrect information. If a security interest or agricultural
lien is perfected by a filed financing statement providing information described in Section
7-9A-516(b)(5) which is incorrect at the time the financing statement is filed: (1) the security
interest or agricultural lien is subordinate to a conflicting perfected security interest
in the collateral to the extent that the holder of the conflicting security interest gives
value in reasonable reliance upon the incorrect information; and (2) a purchaser, other than
a secured party, of the collateral takes free of the security interest or agricultural lien
to the extent that, in reasonable reliance upon the incorrect information, the purchaser gives
value and, in the case of tangible chattel paper, tangible documents, goods, instruments,
or a security certificate, receives delivery of the collateral. (Act...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-338.htm - 1K - Match Info - Similar pages

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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-310.htm - 2K - Match Info - Similar pages