6-6-164
Section 6-6-164 Claims based on mortgage or lien; ascertainment of amount; payment by
plaintiff; sale of property and application of proceeds. When the claim interposed is based
on a mortgage or lien, the claimant must state in his affidavit the nature of the right which
he claims; and, in case such claim is sustained on the trial, the amount of it, whether then
due or not, with interest to the date of the trial, must be ascertained by the jury or judge,
as the case may be. The plaintiff may, within 10 days from date of said ascertainment, pay
to the mortgagee or his assignee or to the lien holder the amount ascertained to be due; and
in such case the property shall be sold as well for the payment of the debt secured by the
mortgage or the lien, as ascertained, as for the satisfaction of the plaintiff's judgment,
the proceeds of the sale to be applied first, after payment of the costs, to reimburse the
plaintiff the amount so paid by him to such mortgagee or lien holder, and the claim...
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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...
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14-2-21
Section 14-2-21 Bonds - Security. The principal of, premium, if any, and interest on
the bonds of the authority shall be secured by any or all of the following, as the authority
may determine: (1) The rent and revenue for the use of one or more facilities of the authority;
(2) The net rent or sale proceeds from the Kilby property; (3) Any bond proceeds remaining
unexpended upon completion of all facilities to be constructed with such bond proceeds and
the payment of the cost thereof; (4) Any insurance proceeds which the authority may receive
by reason of its ownership of any of the facilities; and (5) Any mortgage upon or security
interest in one or more facilities of the authority, granted in connection with the issuance
of such bonds. The authority shall have authority to transfer and assign any lease of any
of the facilities and any lease or mortgage of the Kilby property as security for the payment
of such principal, premium, if any, and interest. The bonds may be issued under, and...
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41-10-508
Section 41-10-508 Security. The principal of, premium, if any, and interest on the bonds
of the authority shall be secured by any or all of the following, as the authority may determine:
(1) The rent and revenues from the lease or use of one or more facilities of the authority;
(2) The proceeds from any sale of any facilities of the authority; (3) Any bond proceeds remaining
unexpended upon completion of all facilities to be constructed with such bond proceeds and
the payment of the cost thereof; (4) Any insurance proceeds which the authority may receive
by reason of its ownership of any of the facilities; and (5) Any mortgage upon or security
interest in one or more facilities of the authority, granted in connection with the issuance
of such bonds. The authority shall have authority to transfer and assign any lease or mortgage
of any of its facilities as security for the payment of such principal, premium, if any, and
interest. The bonds may be issued under, and secured by, a...
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41-10-318
Section 41-10-318 Security for bonds. The principal of, premium, if any, and interest
on the bonds of the authority shall be secured by any or all of the following, as the authority
may determine: (1) The rent and revenues from the lease or use of one or more facilities of
the authority; (2) The proceeds from any sale of any facilities of the authority; (3) Any
bond proceeds remaining unexpended upon completion of all facilities to be constructed with
such bond proceeds and the payment of the cost thereof; (4) Any insurance proceeds which the
authority may receive by reason of its ownership of any of the facilities; and (5) Any mortgage
upon or security interest in one or more facilities of the authority, granted in connection
with the issuance of such bonds. The authority shall have authority to transfer and assign
any lease or mortgage of any of its facilities as security for the payment of such principal,
premium, if any, and interest. The bonds may be issued under, and secured by,...
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7-9A-515
Section 7-9A-515 Duration and effectiveness of financing statement; effect of lapsed
financing statement. (a) Five-year effectiveness. Except as otherwise provided in subsections
(b), (e), (f), (g), and (h), a filed financing statement is effective for a period of five
years after the date of filing. (b) Manufactured-home transaction. Except as otherwise provided
in subsections (e), (f), and (g), an initial financing statement filed in connection with
a manufactured-home transaction is effective for a period of 30 years after the date of filing
if it indicates that it is filed in connection with a manufactured-home transaction. (c) Lapse
and continuation of financing statement. The effectiveness of a filed financing statement
lapses on the expiration of the period of its effectiveness unless before the lapse a continuation
statement is filed pursuant to subsection (d). Upon lapse, a financing statement ceases to
be effective and any security interest or agricultural lien that was...
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7-9A-611
Section 7-9A-611 Notification before disposition of collateral. (a) "Notification
date." In this section, "notification date" means the earlier of the
date on which: (1) a secured party sends to the debtor and any secondary obligor an authenticated
notification of disposition; or (2) the debtor and any secondary obligor waive the right to
notification. (b) Notification of disposition required. Except as otherwise provided in subsection
(d), a secured party that disposes of collateral under Section 7-9A-610 shall send
to the persons specified in subsection (c) a reasonable authenticated notification of disposition.
(c) Persons to be notified. To comply with subsection (b), the secured party shall send an
authenticated notification of disposition to: (1) the debtor; (2) any secondary obligor; and
(3) if the collateral is other than consumer goods: (A) any other person from which the secured
party has received, before the notification date, an authenticated notification of a claim
of an...
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40-29-33
Section 40-29-33 Application of proceeds of levy. (a) Collection of liability. Any money
realized by proceedings under this article (whether by seizure, by surrender under Section
40-29-24, except pursuant to subsection (b)(2) thereof, or by sale of seized property) or
by sale of property redeemed by the State of Alabama (if the interest of the State of Alabama
in such property was a lien arising under the provisions of this title) shall be applied as
follows: (1) EXPENSE OF LEVY AND SALE. First, against the expenses of the proceedings; (2)
SPECIFIC TAX LIABILITY ON SEIZED PROPERTY. If the property seized and sold is subject to a
tax imposed under this title which has not been paid, the amount remaining after applying
subdivision (1) shall then be applied against such tax liability, including any penalty and
interest, (and, if such tax was not previously assessed, it shall then be assessed); (3) LIABILITY
OF DELINQUENT TAXPAYER. The amount, if any, remaining after applying subdivisions...
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11-81-65
Section 11-81-65 Bonds for refunding or funding of bonds outstanding - Security. Where
the indebtedness to be funded or refunded is secured in whole or in part by a lien, mortgage,
or deed of trust upon any property belonging to the municipality or by a pledge, assignment,
or appropriation of certain revenues or resources of the municipality, such municipality may
make a new lien, mortgage, or deed of trust upon such property or a new pledge, assignment,
or appropriation of such revenues or resources to secure the payment of the principal and
interest of such funding or refunding bonds, subject, however, to any valid prior liens, mortgages,
deeds of trust, pledges, assignments and appropriations. Municipalities are further authorized
to pledge, assign and appropriate to the payment of the principal and interest of funding
and refunding bonds issued after February 15, 1933, the collections or proceeds of any or
all uncollected special assessments and any or all moneys to be derived from...
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7-9A-620
Section 7-9A-620 Acceptance of collateral in full or partial satisfaction of obligation;
compulsory disposition of collateral. (a) Conditions to acceptance in satisfaction. Except
as otherwise provided in subsection (g), a secured party may accept collateral in full or
partial satisfaction of the obligation it secures only if: (1) the debtor consents to the
acceptance under subsection (c); (2) the secured party does not receive, within the time set
forth in subsection (d), a notification of objection to the proposal authenticated by: (A)
a person to which the secured party was required to send a proposal under Section 7-9A-621;
or (B) any other person, other than the debtor, holding an interest in the collateral subordinate
to the security interest that is the subject of the proposal; (3) if the collateral is consumer
goods, the collateral is not in the possession of the debtor when the debtor consents to the
acceptance; and (4) subsection (e) does not require the secured party to...
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