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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-203.htm - 4K - Match Info - Similar pages

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;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-625.htm - 3K - 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-505
Section 7-9A-505 Filing and compliance with other statutes and treaties for consignments, leases,
other bailments, and other transactions. (a) Use of terms other than "debtor" and
"secured party." A consignor, lessor, or other bailor of goods, a licensor, or a
buyer of a payment intangible or promissory note may file a financing statement, or may comply
with a statute or treaty described in Section 7-9A-311(a), using the terms "consignor",
"consignee", "lessor", "lessee", "bailor", "bailee",
"licensor", "licensee", "owner", "registered owner",
"buyer", "seller", or words of similar import, instead of the terms "secured
party" and "debtor". (b) Effect of financing statement under subsection (a).
This part applies to the filing of a financing statement under subsection (a) and, as appropriate,
to compliance that is equivalent to filing a financing statement under Section 7-9A-311(b),
but the filing or compliance is not of itself a factor in determining whether the collateral
secures an...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-505.htm - 1K - Match Info - Similar pages

7-9A-509
Section 7-9A-509 Persons entitled to file a record. (a) Person entitled to file record. A person
may file an initial financing statement, amendment that adds collateral covered by a financing
statement, or amendment that adds a debtor to a financing statement only if: (1) the debtor
authorizes the filing in an authenticated record or pursuant to subsection (b) or (c); or
(2) the person holds an agricultural lien that has become effective at the time of filing
and the financing statement covers only collateral in which the person holds an agricultural
lien. (b) Security agreement as authorization. By authenticating or becoming bound as debtor
by a security agreement, a debtor or new debtor authorizes the filing of an initial financing
statement, and an amendment, covering: (1) the collateral described in the security agreement;
and (2) property that becomes collateral under Section 7-9A-315(a)(2), whether or not the
security agreement expressly covers proceeds. (c) Acquisition of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-509.htm - 2K - Match Info - Similar pages

7-9A-502
Section 7-9A-502 Contents of financing statement; record of mortgage as financing statement;
time of filing financing statement. (a) Sufficiency of financing statement. Subject to subsection
(b), a financing statement is sufficient only if it: (1) provides the name of the debtor;
(2) provides the name of the secured party or a representative of the secured party; and (3)
indicates the collateral covered by the financing statement. (b) Real-property-related financing
statements. Except as otherwise provided in Section 7-9A-501(b), to be sufficient, a financing
statement that covers as-extracted collateral or timber to be cut, or which is filed as a
fixture filing and covers goods that are or are to become fixtures, must satisfy subsection
(a) and also: (1) indicate that it covers this type of collateral; (2) indicate that it is
to be filed in the real property records; (3) provide a description of the real property to
which the collateral is related sufficient to give constructive...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-502.htm - 2K - Match Info - Similar pages

7-9A-626
Section 7-9A-626 Action in which deficiency or surplus is in issue. (a) Applicable rules if
amount of deficiency or surplus in issue. In an action arising from a transaction, other than
a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following
rules apply: (1) A secured party need not prove compliance with the provisions of this part
relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary
obligor places the secured party's compliance in issue. (2) If the secured party's compliance
is placed in issue, the secured party has the burden of establishing that the collection,
enforcement, disposition, or acceptance was conducted in accordance with this part. (3) Except
as otherwise provided in Section 7-9A-628, if a secured party fails to prove that the collection,
enforcement, disposition, or acceptance was conducted in accordance with the provisions of
this part relating to collection, enforcement, disposition,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-626.htm - 2K - Match Info - Similar pages

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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-335.htm - 2K - Match Info - Similar pages

7-9A-307
Section 7-9A-307 Location of debtor. (a) "Place of business." In this section, "place
of business" means a place where a debtor conducts its affairs. (b) Debtor's location:
General rules. Except as otherwise provided in this section, the following rules determine
a debtor's location: (1) A debtor who is an individual is located at the individual's principal
residence. (2) A debtor that is an organization and has only one place of business is located
at its place of business. (3) A debtor that is an organization and has more than one place
of business is located at its chief executive office. (c) Limitation of applicability of subsection
(b). Subsection (b) applies only if a debtor's residence, place of business, or chief executive
office, as applicable, is located in a jurisdiction whose law generally requires information
concerning the existence of a nonpossessory security interest to be made generally available
in a filing, recording, or registration system as a condition or result...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-307.htm - 4K - 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