7-2A-103
Section 7-2A-103 Definitions and index of definitions. (1) In this article unless the context
otherwise requires: (a) "Buyer in ordinary course of business" means a person who
in good faith and without knowledge that the sale to him or her is in violation of the ownership
rights or security interest or leasehold interest of a third party in the goods, buys in ordinary
course from a person in the business of selling goods of that kind but does not include a
pawnbroker. "Buying" may be for cash or by exchange of other property or on secured
or unsecured credit and includes receiving goods or documents of title under a pre-existing
contract for sale but does not include a transfer in bulk or as security for or in total or
partial satisfaction of a money debt. (b) "Cancellation" occurs when either party
puts an end to the lease contract for default by the other party. (c) "Commercial unit"
means such a unit of goods as by commercial usage is a single whole for purposes of lease
and...
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7-9A-621
Section 7-9A-621 Notification of proposal to accept collateral. (a) Persons to which proposal
to be sent. A secured party that desires to accept collateral in full or partial satisfaction
of the obligation it secures shall send its proposal to: (1) any person from which the secured
party has received, before the debtor consented to the acceptance, an authenticated notification
of a claim of an interest in the collateral; (2) any other secured party or lienholder that,
10 days before the debtor consented to the acceptance, held a security interest in or other
lien on the collateral perfected by the filing of a financing statement that: (A) identified
the collateral; (B) was indexed under the debtor's name as of that date; and (C) was filed
in the office or offices in which to file a financing statement against the debtor covering
the collateral as of that date; and (3) any other secured party that, 10 days before the debtor
consented to the acceptance, held a security interest in the...
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7-9A-312
Section 7-9A-312 Perfection of certain security interests by filing; temporary perfection.
(a) Perfection by filing permitted. A security interest in chattel paper, negotiable documents,
instruments, or investment property may be perfected by filing. (b) Control or possession
of certain collateral. Except as otherwise provided in Section 7-9A-315(c) and (d) for proceeds:
(1) a security interest in a deposit account may be perfected only by control under Section
7-9A-314; (2) and except as otherwise provided in Section 7-9A-308(d), a security interest
in a letter-of-credit right may be perfected only by control under Section 7-9A-314; and (3)
a security interest in money may be perfected only by the secured party's taking possession
under Section 7-9A-313. (c) Goods covered by negotiable document. While goods are in the possession
of a bailee that has issued a negotiable document covering the goods: (1) a security interest
in the goods may be perfected by perfecting a security interest...
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7-9A-210
Section 7-9A-210 Request for accounting; request regarding list of collateral or statement
of account. (a) Definitions. In this section: (1) "Request" means a record of a
type described in paragraph (2), (3), or (4). (2) "Request for an accounting" means
a record authenticated by a debtor requesting that the recipient provide an accounting of
the unpaid obligations secured by collateral and reasonably identifying the transaction or
relationship that is the subject of the request. (3) "Request regarding a list of collateral"
means a record authenticated by a debtor requesting that the recipient approve or correct
a list of what the debtor believes to be the collateral securing an obligation and reasonably
identifying the transaction or relationship that is the subject of the request. (4) "Request
regarding a statement of account" means a record authenticated by a debtor requesting
that the recipient approve or correct a statement indicating what the debtor believes to be
the aggregate...
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7-9A-326
Section 7-9A-326 Priority of security interests created by new debtor. (a) Subordination of
security interest created by new debtor. Subject to subsection (b), a security interest that
is created by a new debtor in collateral in which the new debtor has or acquires rights and
is perfected solely by a filed financing statement that would be ineffective to perfect the
security interest but for the application of Section 7-9A-316(i)(1) or 7-9A-508 is subordinate
to a security interest in the same collateral which is perfected other than by such a filed
financing statement. (b) Priority under other provisions; multiple original debtors. The other
provisions of this part determine the priority among conflicting security interests in the
same collateral perfected by filed financing statements described in subsection (a). However,
if the security agreements to which a new debtor became bound as debtor were not entered into
by the same original debtor, the conflicting security interests rank...
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7-9A-402
Section 7-9A-402 Secured party not obligated on contract of debtor or in tort. The existence
of a security interest, agricultural lien, or authority given to a debtor to dispose of or
use collateral, without more, does not subject a secured party to liability in contract or
tort for the debtor's acts or omissions. (Act 2001-481, p. 647, §1.)...
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7-9A-110
Section 7-9A-110 Security interests arising under Article 2 or 2A. A security interest arising
under Section 7-2-401, 7-2-505, 7-2-711(3), or 7-2A-508(5) is subject to this article. However,
until the debtor obtains possession of the goods: (1) the security interest is enforceable,
even if Section 7-9A-203(b)(3) has not been satisfied; (2) filing is not required to perfect
the security interest; (3) the rights of the secured party after default by the debtor are
governed by Article 2 or 2A; and (4) the security interest has priority over a conflicting
security interest created by the debtor. (Act 2001-481, p. 647, §1.)...
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7-9A-337
Section 7-9A-337 Priority of security interests in goods covered by certificate of title. If,
while a security interest in goods is perfected by any method under the law of another jurisdiction,
this State issues a certificate of title that does not show that the goods are subject to
the security interest or contain a statement that they may be subject to security interests
not shown on the certificate: (1) a buyer of the goods, other than a person in the business
of selling goods of that kind, takes free of the security interest if the buyer gives value
and receives delivery of the goods after issuance of the certificate and without knowledge
of the security interest; and (2) the security interest is subordinate to a conflicting security
interest in the goods that attaches, and is perfected under Section 7-9A-311(b), after issuance
of the certificate and without the conflicting secured party's knowledge of the security interest.
(Act 2001-481, p. 647, §1.)...
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35-11-110
Section 35-11-110 Lien declared. Any blacksmith, woodworkman, or other mechanic who contributes
his labor and material, or either, to the production, manufacture, or repair of any vehicle,
implement, machine, or article of any kind, shall have a lien thereon in the hands of any
person for whom such vehicle, implement, machine, or article was made or repaired, or to whom
sold, and in the hands of any purchaser with notice of such lien, for the agreed price, or
the value if no price was agreed upon, of the labor and material, or either, contributed to
the production, manufacture, or repair of the same. Said lien shall be subordinate to any
security interest under the Uniform Commercial Code in such vehicle, implement, machine, or
article, which security interest was perfected prior to the time said labor or material was
contributed, unless the secured party holding said security interest authorized the contribution
of said labor or material. (Code 1876, §3462; Code 1886, §3049; Code...
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7-9A-330
Section 7-9A-330 Priority of purchaser of chattel paper or instrument. (a) Purchaser's priority:
Security interest claimed merely as proceeds. A purchaser of chattel paper has priority over
a security interest in the chattel paper which is claimed merely as proceeds of inventory
subject to a security interest if: (1) in good faith and in the ordinary course of the purchaser's
business, the purchaser gives new value and takes possession of the chattel paper or obtains
control of the chattel paper under Section 7-9A-105; and (2) the chattel paper does not indicate
that it has been assigned to an identified assignee other than the purchaser. (b) Purchaser's
priority: Other security interests. A purchaser of chattel paper has priority over a security
interest in the chattel paper which is claimed other than merely as proceeds of inventory
subject to a security interest if the purchaser gives new value and takes possession of the
chattel paper or obtains control of the chattel paper under...
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