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...
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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...

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7-9A-208
Section 7-9A-208 Additional duties of secured party having control of collateral. (a) Applicability
of section. This section applies to cases in which there is no outstanding secured obligation
and the secured party is not committed to make advances, incur obligations, or otherwise give
value. (b) Duties of secured party after receiving demand from debtor. Within 10 days after
receiving an authenticated demand by the debtor: (1) a secured party having control of a deposit
account under Section 7-9A-104(a)(2) shall send to the bank with which the deposit account
is maintained an authenticated statement that releases the bank from any further obligation
to comply with instructions originated by the secured party; (2) a secured party having control
of a deposit account under Section 7-9A-104(a)(3) shall: (A) pay the debtor the balance on
deposit in the deposit account; or (B) transfer the balance on deposit into a deposit account
in the debtor's name; (3) a secured party, other than a...
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7-9A-617
Section 7-9A-617 Rights of transferee of collateral. (a) Effects of disposition. A secured
party's disposition of collateral after default: (1) transfers to a transferee for value all
of the debtor's rights in the collateral; (2) discharges the security interest under which
the disposition is made; and (3) discharges any subordinate security interest or other subordinate
lien. (b) Rights of good-faith transferee. A transferee that acts in good faith takes free
of the rights and interests described in subsection (a), even if the secured party fails to
comply with this article or the requirements of any judicial proceeding. (c) Rights of other
transferee. If a transferee does not take free of the rights and interests described in subsection
(a), the transferee takes the collateral subject to: (1) the debtor's rights in the collateral;
(2) the security interest or agricultural lien under which the disposition is made; and (3)
any other security interest or other lien. (Act 2001-481, p....
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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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7-9A-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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7-2-610
Section 7-2-610 Anticipatory repudiation. When either party repudiates the contract with respect
to a performance not yet due the loss of which will substantially impair the value of the
contract to the other, the aggrieved party may: (a) For a commercially reasonable time await
performance by the repudiating party; or (b) Resort to any remedy for breach (Section 7-2-703
or Section 7-2-711), even though he has notified the repudiating party that he would await
the latter's performance and has urged retraction; and (c) In either case suspend his own
performance or proceed in accordance with the provisions of this article on the seller's right
to identify goods to the contract notwithstanding breach or to salvage unfinished goods (Section
7-2-704). (Acts 1965, No. 549, p. 811.)...
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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...

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7-9A-203
Section 7-9A-203 Attachment and enforceability of security interest; proceeds; supporting obligations;
formal requisites. (a) Attachment. A security interest attaches to collateral when it becomes
enforceable against the debtor with respect to the collateral, unless an agreement expressly
postpones the time of attachment. (b) Enforceability. Except as otherwise provided in subsections
(c) through (i), a security interest is enforceable against the debtor and third parties with
respect to the collateral only if: (1) value has been given; (2) the debtor has rights in
the collateral or the power to transfer rights in the collateral to a secured party; and (3)
one of the following conditions is met: (A) the debtor has authenticated a security agreement
that provides a description of the collateral and, if the security interest covers timber
to be cut, a description of the land concerned; (B) the collateral is not a certificated security
and is in the possession of the secured party under...
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7-9A-335
Section 7-9A-335 Accessions. (a) Creation of security interest in accession. A security interest
may be created in an accession and continues in collateral that becomes an accession. (b)
Perfection of security interest. If a security interest is perfected when the collateral becomes
an accession, the security interest remains perfected in the collateral. (c) Priority of security
interest. Except as otherwise provided in subsection (d), the other provisions of this part
determine the priority of a security interest in an accession. (d) Compliance with certificate-of-title
statute. A security interest in an accession is subordinate to a security interest in the
whole which is perfected by compliance with the requirements of a certificate-of-title statute
under Section 7-9A-311(b). (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...
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