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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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-622
Section 7-9A-622 Effect of acceptance of collateral. (a) Effect of acceptance. A secured
party's acceptance of collateral in full or partial satisfaction of the obligation it secures:
(1) discharges the obligation to the extent consented to by the debtor; (2) transfers to the
secured party all of a debtor's rights in the collateral; (3) discharges the security interest
or agricultural lien that is the subject of the debtor's consent and any subordinate security
interest or other subordinate lien; and (4) terminates any other subordinate interest. (b)
Discharge of subordinate interest notwithstanding noncompliance. A subordinate interest is
discharged or terminated under subsection (a), even if the secured party fails to comply with
this article. (Act 2001-481, p. 647, §1.)...
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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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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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7-9A-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-623
Section 7-9A-623 Right to redeem collateral. (a) Persons that may redeem. A debtor,
any secondary obligor, or any other secured party or lienholder may redeem collateral. (b)
Requirements for redemption. To redeem collateral, a person shall tender: (1) fulfillment
of all obligations secured by the collateral; and (2) the reasonable expenses and attorney's
fees described in Section 7-9A-615(a)(1). (c) When redemption may occur. A redemption
may occur at any time before a secured party: (1) has collected collateral under Section
7-9A-607; (2) has disposed of collateral or entered into a contract for its disposition under
Section 7-9A-610; or (3) has accepted collateral in full or partial satisfaction of
the obligation it secures under Section 7-9A-622. (Act 2001-481, p. 647, §1.)...
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7-9A-615
Section 7-9A-615 Application of proceeds of disposition; liability for deficiency and
right to surplus. (a) Application of proceeds. A secured party shall apply or pay over for
application the cash proceeds of disposition under Section 7-9A-610 in the following
order to: (1) the reasonable expenses of retaking, holding, preparing for disposition, processing,
and disposing, and, to the extent provided for by agreement and not prohibited by law, reasonable
attorney's fees and legal expenses incurred by the secured party; (2) the satisfaction of
obligations secured by the security interest or agricultural lien under which the disposition
is made; (3) the satisfaction of obligations secured by any subordinate security interest
in or other subordinate lien on the collateral if: (A) the secured party receives from the
holder of the subordinate security interest or other lien an authenticated demand for proceeds
before distribution of the proceeds is completed; and (B) in a case in which a...
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7-3-605
Section 7-3-605 Discharge of indorsers and accommodation parties. (a) In this section,
the term "indorser" includes a drawer having the obligation described in Section
7-3-414(d). (b) Discharge, under Section 7-3-604, of the obligation of a party to pay
an instrument does not discharge the obligation of an indorser or accommodation party having
a right of recourse against the discharged party. (c) If a person entitled to enforce an instrument
agrees, with or without consideration, to an extension of the due date of the obligation of
a party to pay the instrument, the extension discharges an indorser or accommodation party
having a right of recourse against the party whose obligation is extended to the extent the
indorser or accommodation party proves that the extension caused loss to the indorser or accommodation
party with respect to the right of recourse. (d) If a person entitled to enforce an instrument
agrees, with or without consideration, to a material modification of the...
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7-9A-408
Section 7-9A-408 Restrictions on assignment of promissory notes, health-care-insurance
receivables, and certain general intangibles ineffective. (a) Term restricting assignment
generally ineffective. Except as otherwise provided in subsection (b), a term in a promissory
note or in an agreement between an account debtor and a debtor which relates to a health-care-insurance
receivable or a general intangible, including a contract, permit, license, or franchise, and
which term prohibits, restricts, or requires the consent of the person obligated on the promissory
note or the account debtor to, the assignment or transfer of, or creation, attachment, or
perfection of a security interest in, the promissory note, health-care-insurance receivable,
or general intangible, is ineffective to the extent that the term: (1) would impair the creation,
attachment, or perfection of a security interest; or (2) provides that the assignment or transfer
or the creation, attachment, or perfection of the...
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