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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-602.htm - 2K - Match Info - Similar pages

7-9A-102
Section 7-9A-102 Definitions and index of definitions. (a) Article 9A definitions. In
this article: (1) "Accession" means goods that are physically united with other
goods in such a manner that the identity of the original goods is not lost. (2) "Account,"
except as used in "account for," means a right to payment of a monetary obligation,
whether or not earned by performance, (i) for property that has been or is to be sold, leased,
licensed, assigned, or otherwise disposed of, (ii) for services rendered or to be rendered,
(iii) for a policy of insurance issued or to be issued, (iv) for a secondary obligation incurred
or to be incurred, (v) for energy provided or to be provided, (vi) for the use or hire of
a vessel under a charter or other contract, (vii) arising out of the use of a credit or charge
card or information contained on or for use with the card, or (viii) as winnings in a lottery
or other game of chance operated or sponsored by a State, governmental unit of a State, or...

alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-102.htm - 29K - Match Info - Similar pages

7-9A-615
Section 7-9A-615 Application of proceeds of disposition; liability for deficiency and
right to surplus. (a) Application of proceeds. A secured party shall apply or pay over for
application the cash proceeds of disposition under Section 7-9A-610 in the following
order to: (1) the reasonable expenses of retaking, holding, preparing for disposition, processing,
and disposing, and, to the extent provided for by agreement and not prohibited by law, reasonable
attorney's fees and legal expenses incurred by the secured party; (2) the satisfaction of
obligations secured by the security interest or agricultural lien under which the disposition
is made; (3) the satisfaction of obligations secured by any subordinate security interest
in or other subordinate lien on the collateral if: (A) the secured party receives from the
holder of the subordinate security interest or other lien an authenticated demand for proceeds
before distribution of the proceeds is completed; and (B) in a case in which a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-615.htm - 4K - Match Info - Similar pages

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...

alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-315.htm - 2K - Match Info - Similar pages

7-9A-207
Section 7-9A-207 Rights and duties of secured party having possession or control of
collateral. (a) Duty of care when secured party in possession. Except as otherwise provided
in subsection (d), a secured party shall use reasonable care in the custody and preservation
of collateral in the secured party's possession. In the case of chattel paper or an instrument,
reasonable care includes taking necessary steps to preserve rights against prior parties unless
otherwise agreed. (b) Expenses, risks, duties, and rights when secured party in possession.
Except as otherwise provided in subsection (d), if a secured party has possession of collateral:
(1) reasonable expenses, including the cost of insurance and payment of taxes or other charges,
incurred in the custody, preservation, use, or operation of the collateral are chargeable
to the debtor and are secured by the collateral; (2) the risk of accidental loss or damage
is on the debtor to the extent of a deficiency in any effective insurance...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-207.htm - 2K - Match Info - Similar pages

7-9A-616
Section 7-9A-616 Explanation of calculation of surplus or deficiency. (a) Definitions.
In this section: (1) "Explanation" means a writing that: (A) states the amount
of the surplus or deficiency; (B) provides an explanation in accordance with subsection (c)
of how the secured party calculated the surplus or deficiency; (C) states, if applicable,
that future debits, credits, charges, including additional credit service charges or interest,
rebates, and expenses may affect the amount of the surplus or deficiency; and (D) provides
a telephone number or mailing address from which additional information concerning the transaction
is available. (2) "Request" means a record: (A) authenticated by a debtor or consumer
obligor; (B) requesting that the recipient provide an explanation; and (C) sent after disposition
of the collateral under Section 7-9A-610. (b) Explanation of calculation. In a consumer-goods
transaction in which the debtor is entitled to a surplus or a consumer obligor is liable...

alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-616.htm - 4K - Match Info - Similar pages

7-9A-608
Section 7-9A-608 Application of proceeds of collection or enforcement; liability for
deficiency and right to surplus. (a) Application of proceeds, surplus, and deficiency if obligation
secured. If a security interest or agricultural lien secures payment or performance of an
obligation, the following rules apply: (1) A secured party shall apply or pay over for application
the cash proceeds of collection or enforcement under Section 7-9A-607 in the following
order to: (A) the reasonable expenses of collection and enforcement and, to the extent provided
for by agreement and not prohibited by law, reasonable attorney's fees and legal expenses
incurred by the secured party; (B) the satisfaction of obligations secured by the security
interest or agricultural lien under which the collection or enforcement is made; and (C) the
satisfaction of obligations secured by any subordinate security interest in or other lien
on the collateral subject to the security interest or agricultural lien under...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-608.htm - 2K - 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.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-205.htm - 1K - Match Info - Similar pages

8-9B-9
Section 8-9B-9 Defenses, liability, and protection of transferee. (a) A transfer is
not voidable under Section 8-9B-5(a)(1) against a person that took in good faith and
for a reasonably equivalent value given the debtor or against any subsequent transferee that
took in good faith. (b) To the extent a transfer is avoidable in an action by a creditor under
Section 8-9B-8(a)(1), the following rules apply: (1) Except as otherwise provided in
this section, the creditor may recover judgment for the value of the asset transferred,
as adjusted under subsection (c), or the amount necessary to satisfy the creditor's claim,
whichever is less. The judgment may be entered against: (i) the first transferee of the asset
or the person for whose benefit the transfer was made; or (ii) any subsequent transferee,
other than: (A) a good-faith transferee that took for value; or (B) a subsequent transferee
of a person described in clause (A). (2) Recovery pursuant to Section 8-9B-8(a)(1)
or (b) of or from...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-9B-9.htm - 4K - Match Info - Similar pages

7-9-306
Section 7-9-306 "Proceeds"; secured party's rights on disposition of collateral.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. (Acts 1965, No. 549, p.
811; Acts 1979, No. 79-256, p. 390; Acts 1981, No. 81-312, p. 399; Acts 1996, No. 96-742,
p. 1241, §2.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9-306.htm - 597 bytes - Match Info - Similar pages