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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-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...
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7-9-302
Section 7-9-302 When filing is required to perfect security interest; security interests to
which filing provisions of this article do not apply. THIS SECTION WAS REPEALED IN THE 2001
REGULAR SESSION, BY ACT 2001-481, EFFECTIVE JAN. 1, 2002. (1) A financing statement must be
filed to perfect all security interests except the following: (a) A security interest in collateral
in possession of the secured party under Section 7-9-305; (b) A security interest temporarily
perfected in instruments, certificated securities, or documents without delivery under Section
7-9-304 or in proceeds for a 20-day period under Section 7-9-306; (c) A security interest
created by an assignment of a beneficial interest in a trust or a decedent's estate; (d) A
purchase money security interest in consumer goods; but filing is required for a motor vehicle
required to be registered; and fixture filing is required for priority over conflicting interests
in fixtures to the extent provided in Section 7-9-313; (e) An...
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7-9A-513
Section 7-9A-513 Termination statement. (a) Consumer goods. A secured party shall cause the
secured party of record for a financing statement to file a termination statement for the
financing statement if the financing statement covers consumer goods and: (1) there is no
obligation secured by the collateral covered by the financing statement and no commitment
to make an advance, incur an obligation, or otherwise give value; or (2) the debtor did not
authorize the filing of the initial financing statement. (b) Time for compliance with subsection
(a). To comply with subsection (a), a secured party shall cause the secured party of record
to file the termination statement: (1) within one month after there is no obligation secured
by the collateral covered by the financing statement and no commitment to make an advance,
incur an obligation, or otherwise give value; or (2) if earlier, within 20 days after the
secured party receives an authenticated demand from a debtor. (c) Other collateral....
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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-521
Section 7-9A-521 Uniform form of written financing statement and amendment. (a) Initial financing
statement form. A filing office that accepts written records may not refuse to accept a written
initial financing statement in the following form and format except for a reason set forth
in Section 7-9A-516(b): UCC FINANCING STATEMENT FOLLOW INSTRUCTIONS A. NAME & PHONE OF
CONTACT AT FILER (optional) ___ B. E-MAIL CONTACT AT FILER (optional) ___ C. SEND ACKNOWLEDGMENT
TO: (Name and Address) ___ THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY 1. DEBTOR'S NAME:
Provide only one Debtor name (1a or 1b) (use exact, full name; do not omit, modify, or abbreviate
any part of the Debtor's name); if any part of the Individual Debtor's name will not fit in
line 1b, leave all of item 1 blank, check here [ ] and provide the Individual Debtor information
in item 10 of the Financing Statement Addendum (Form UCC1Ad) 1a....
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7-9A-516
Section 7-9A-516 What constitutes filing; effectiveness of filing. (a) What constitutes filing.
Except as otherwise provided in subsection (b), communication of a record to a filing office
and tender of the filing fee or acceptance of the record by the filing office constitutes
filing. (b) Refusal to accept record; filing does not occur. Filing does not occur with respect
to a record that a filing office refuses to accept because: (1) the record is not communicated
by a method or medium of communication authorized by the filing office; (2) an amount equal
to or greater than the applicable filing fee is not tendered; (3) the filing office is unable
to index the record because: (A) in the case of an initial financing statement, the record
does not provide a name for the debtor; (B) in the case of an amendment or information statement,
the record: (i) does not identify the initial financing statement as required by Section 7-9A-512
or 7-9A-518, as applicable; or (ii) identifies an initial...
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7-9A-519
Section 7-9A-519 Numbering, maintaining, and indexing records; communicating information provided
in records. (a) Filing office duties. For each record filed in a filing office, the filing
office shall: (1) assign a unique number to the filed record; (2) create a record that bears
the number assigned to the filed record and the date and time of filing; (3) maintain the
filed record for public inspection; and (4) index the filed record in accordance with subsections
(c), (d), and (e). (b) File number. By July 1, 2002, a file number must include a digit that:
(1) is mathematically derived from or related to the other digits of the file number; and
(2) aids the filing office in determining whether a number communicated as the file number
includes a single-digit or transpositional error. (c) Indexing: General. Except as otherwise
provided in subsections (d) and (e), the filing office shall: (1) index an initial financing
statement according to the name of the debtor and index all filed...
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7-9A-512
Section 7-9A-512 Amendment of financing statement. (a) Amendment of information in financing
statement. Subject to Section 7-9A-509, a person may add or delete collateral covered by,
continue or terminate the effectiveness of, or, subject to subsection (e), otherwise amend
the information provided in, a financing statement by filing an amendment that: (1) identifies,
by its file number, the initial financing statement to which the amendment relates; and (2)
if the amendment relates to an initial financing statement filed or recorded in a filing office
described in Section 7-9A-501(a)(1), provides the information specified in Section 7-9A-502(b).
(b) Period of effectiveness not affected. Except as otherwise provided in Section 7-9A-515,
the filing of an amendment does not extend the period of effectiveness of the financing statement.
(c) Effectiveness of amendment adding collateral. A financing statement that is amended by
an amendment that adds collateral is effective as to the added...
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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...
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