|
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-602.htm - 2K - Match Info - Similar pages
7-9A-613
Section 7-9A-613 Contents and form of notification before disposition of collateral: General.
Except in a consumer-goods transaction, the following rules apply: (1) The contents of a notification
of disposition are sufficient if the notification: (A) describes the debtor and the secured
party; (B) describes the collateral that is the subject of the intended disposition; (C) states
the method of intended disposition; (D) states that the debtor is entitled to an accounting
of the unpaid indebtedness and states the charge, if any, for an accounting; and (E) states
the time and place of a public disposition or the time after which any other disposition is
to be made. (2) Whether the contents of a notification that lacks any of the information specified
in paragraph (1) are nevertheless sufficient is a question of fact. (3) The contents of a
notification providing substantially the information specified in paragraph (1) are sufficient,
even if the notification includes: (A) information not...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-613.htm - 2K - Match Info - Similar pages
7-9A-608
Section 7-9A-608 Application of proceeds of collection or enforcement; liability for deficiency
and right to surplus. (a) Application of proceeds, surplus, and deficiency if obligation secured.
If a security interest or agricultural lien secures payment or performance of an obligation,
the following rules apply: (1) A secured party shall apply or pay over for application the
cash proceeds of collection or enforcement under Section 7-9A-607 in the following order to:
(A) the reasonable expenses of collection and enforcement 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; (B) the satisfaction of obligations secured by the security interest
or agricultural lien under which the collection or enforcement is made; and (C) the satisfaction
of obligations secured by any subordinate security interest in or other lien on the collateral
subject to the security interest or agricultural lien under...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-608.htm - 2K - Match Info - Similar pages
7-9A-103
Section 7-9A-103 Purchase-money security interest; application of payments; burden of establishing.
(a) Definitions. In this section: (1) "purchase-money collateral" means goods or
software that secures a purchase-money obligation incurred with respect to that collateral;
and (2) "purchase-money obligation" means an obligation of an obligor incurred as
all or part of the price of the collateral or for value given to enable the debtor to acquire
rights in or the use of the collateral if the value is in fact so used. (b) Purchase-money
security interest in goods. A security interest in goods is a purchase-money security interest:
(1) to the extent that the goods are purchase-money collateral with respect to that security
interest; (2) if the security interest is in inventory that is or was purchase-money collateral,
also to the extent that the security interest secures a purchase-money obligation incurred
with respect to other inventory in which the secured party holds or held a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-103.htm - 4K - Match Info - Similar pages
7-9A-102
term includes: (A) proceeds to which a security interest attaches; (B) accounts, chattel paper,
payment intangibles, and promissory notes that have been sold; and (C) goods that are the
subject of a consignment. (13) "Commercial tort claim" means a claim arising in
tort with respect to which: (A) the claimant is an organization; or (B) the claimant is an
individual and the claim: (i) arose in the course of the claimant's business or profession;
and (ii) does not include damages arising out of personal injury to or the death
of an individual. (14) "Commodity account" means an account maintained by a commodity
intermediary in which a commodity contract is carried for a commodity customer. (15) "Commodity
contract" means a commodity futures contract, an option on a commodity futures contract,
a commodity option, or another contract if the contract or option is: (A) traded on or subject
to the rules of a board of trade that has been designated as a contract market for such a
contract...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-102.htm - 29K - Match Info - Similar pages
5-19-1
this chapter and the meaning and application of "finance charge" under the above-referenced
Federal Truth-in-Lending Act, regulations and Official Staff Commentary, as the same may be
amended from time to time. (2) CONSUMER.When used as an adjective with reference to a credit
transaction, characterizes the credit transaction as one in which the party to whom credit
is extended is a natural person and the money, property, or services which are the subject
of the transaction are primarily for personal, family or household purposes. (3) CREDITOR.
A person who regularly extends or arranges for the extension of credit for which the payment
of a finance charge is required, whether in connection with loans, sales of property or services,
or otherwise. The provisions of this chapter apply to any such creditor irrespective of the
creditor's status as a natural person or any type of organization. A person is a creditor
only if the person extended or arranged for the extension of credit more than...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-19-1.htm - 5K - Match Info - Similar pages
43-2-843
Section 43-2-843 Transactions authorized for personal representatives; exceptions. Except
as restricted or otherwise provided by the will or by an order of court and subject to the
priorities stated in Section 43-8-76, a personal representative, acting prudently for
the benefit of the interested persons, may properly: (1) Retain assets owned by the decedent
pending distribution or liquidation including those in which the representative is personally
interested or which are otherwise improper for trust investment. (2) Receive assets from fiduciaries,
or other sources. (3) Perform, compromise, or refuse performance of the decedent's contracts
that continue as obligations of the estate, as the personal representative may determine
under the circumstances. In performing enforceable contracts by the decedent to convey or
lease land, the personal representative, among other possible courses of action, may
do either of the following: a. Execute and deliver a deed of conveyance for cash...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/43-2-843.htm - 6K - Match Info - Similar pages
5-19-19
Section 5-19-19 Liabilities of creditor making excess finance charge; failure to obtain license;
damages for deliberate violation or reckless disregard; written notice of violations; oral
statements not admissible; fiduciary duty not created. (a)(1)(i) Any creditor charging a finance
charge in excess of the amount authorized herein, except as specified in subdivision (2),
shall forfeit debtor's actual economic damages not to exceed the finance charge, and shall
refund to the debtor such amount of the actual economic damages, which may be done by reducing
the amount of the debtor's obligation. If the debtor is entitled to a refund and the creditor
refuses to refund within a reasonable time, not to exceed 60 days, after written demand, including
the filing of a legal action, the debtor shall recover a penalty of five times the amount
of the actual economic damages not to exceed the finance charge, but in any event not less
than one hundred dollars ($100). Provided, however, as to any...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-19-19.htm - 7K - Match Info - Similar pages
40-29-22
the existence of such lien. (2) MOTOR VEHICLES. With respect to a motor vehicle (as defined
in subsection (g)(3)), as against a purchaser of such motor vehicle, if: a. At the time of
the purchase such purchaser did not have actual notice or knowledge of the existence of such
lien; and b. Before the purchaser obtains such notice or knowledge, he has acquired possession
of such motor vehicle and has not thereafter relinquished possession of such motor vehicle
to the seller or his agent. (3) PERSONAL PROPERTY PURCHASED AT RETAIL. With respect
to tangible personal property purchased at retail, as against a purchaser in the ordinary
course of the seller's trade or business, unless at the time of such purchase such purchaser
intends such purchase to (or knows such purchase will) hinder, evade, or defeat the collection
of any tax under this title. (4) PERSONAL PROPERTY PURCHASED IN CASUAL SALE. With respect
to household goods, personal effects, or other tangible personal property purchased...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-29-22.htm - 17K - Match Info - Similar pages
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....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-513.htm - 3K - Match Info - Similar pages
|