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7-9A-607
Section 7-9A-607 Collection and enforcement by secured party. (a) Collection and enforcement
generally. If so agreed, and in any event after default, a secured party: (1) may notify an
account debtor or other person obligated on collateral to make payment or otherwise render
performance to or for the benefit of the secured party; (2) may take any proceeds to which
the secured party is entitled under Section 7-9A-315; (3) may enforce the obligations
of an account debtor or other person obligated on collateral and exercise the rights of the
debtor with respect to the obligation of the account debtor or other person obligated on collateral
to make payment or otherwise render performance to the debtor, and with respect to any property
that secures the obligations of the account debtor or other person obligated on the collateral;
(4) if it holds a security interest in a deposit account perfected by control under Section
7-9A-104(a)(1), may apply the balance of the deposit account to 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, ยง1.)...
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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-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-207
Section 7-9A-207 Rights and duties of secured party having possession or control of
collateral. (a) Duty of care when secured party in possession. Except as otherwise provided
in subsection (d), a secured party shall use reasonable care in the custody and preservation
of collateral in the secured party's possession. In the case of chattel paper or an instrument,
reasonable care includes taking necessary steps to preserve rights against prior parties unless
otherwise agreed. (b) Expenses, risks, duties, and rights when secured party in possession.
Except as otherwise provided in subsection (d), if a secured party has possession of collateral:
(1) reasonable expenses, including the cost of insurance and payment of taxes or other charges,
incurred in the custody, preservation, use, or operation of the collateral are chargeable
to the debtor and are secured by the collateral; (2) the risk of accidental loss or damage
is on the debtor to the extent of a deficiency in any effective insurance...
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35-10-91
Section 35-10-91 Payoff statement; notice. (a) A person liable for payment or performance
of the obligation secured by the real property described in a security instrument who makes
proper notice pursuant to this section shall be entitled to receive a payoff statement.
(b) Proper notice must contain all of the following: (1) The entitled person's name. (2) If
given by a person other than an entitled person, the name of the person giving the notification
and a statement, if required by the secured party evidence, that the person is an authorized
agent of the entitled person. (3) The address to which the creditor must send the statement.
(4) The account number assigned by the secured creditor or other sufficient information to
enable the creditor to identify the secured obligation and the real property encumbered by
the security interest. (5) If the secured obligation is an equity line, a statement that the
entitled person requests the secured creditor to close the equity line upon...
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7-9A-604
Section 7-9A-604 Procedure if security agreement covers real property or fixtures. (a)
Enforcement: Personal and real property. If a security agreement covers both personal and
real property, a secured party may proceed: (1) under this part as to the personal property
without prejudicing any rights with respect to the real property; or (2) as to both the personal
property and the real property in accordance with the rights with respect to the real property,
in which case the other provisions of this part do not apply. (b) Enforcement: Fixtures. Subject
to subsection (c), if a security agreement covers goods that are or become fixtures, a secured
party may proceed: (1) under this part; or (2) in accordance with the rights with respect
to real property, in which case the other provisions of this part do not apply. (c) Removal
of fixtures. Subject to the other provisions of this part, if a secured party holding a security
interest in fixtures has priority over all owners and encumbrancers...
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22-30D-9
Section 22-30D-9 Liability. (a)(1) Except as otherwise preempted or limited by applicable
federal law, upon reporting to the department and the board of any contamination or suspected
contamination, no owner or operator, wholesale distributor, impacted third party, adjacent
landowner, or person owning any abandoned drycleaning facility who shall have elected to be
covered by this chapter shall be liable to the state or any third party for costs incurred
in the investigation or cleanup of, or equitable relief relating to, or resulting, in whole
or in part, from a preexisting release of any drycleaning agent at, on, or from any drycleaning
facility, wholesale distribution facility, or abandoned drycleaning facility or a new release
of any drycleaning agent, unless such new release resulted from noncompliance with a department
approved investigation, assessment, or remediation plan. (2) Pursuant to the rules and regulations
to be adopted by the department as required by Section 22-30D-4...
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8-9A-1
Section 8-9A-1 Definitions. As used in this chapter: (1) AFFILIATE. a. A person who
directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of
the outstanding voting securities of the debtor, other than a person who holds the securities,
1. As a fiduciary or agent without sole discretionary power to vote the securities; or 2.
Solely to secure a debt, if the person has not exercised the power to vote; b. A corporation
20 percent or more of whose outstanding voting securities are directly or indirectly owned,
controlled, or held with power to vote, by the debtor or a person who directly or indirectly
owns, controls, or holds, with power to vote, 20 percent or more of the outstanding voting
securities of the debtor, other than a person who holds the securities, 1. As a fiduciary
or agent without sole power to vote the securities; or 2. Solely to secure a debt, if the
person has not in fact exercised the power to vote; c. A person whose business is operated...
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10A-5A-1.08
Section 10A-5A-1.08 Limited liability company agreement - Scope; function; and limitations.
(a) Except as otherwise provided in subsections (b) and (c): (1) the limited liability company
agreement governs relations among the members as members and between the members and the limited
liability company; and (2) to the extent the limited liability company agreement does not
otherwise provide for a matter described in subsection (a)(1), this chapter governs the matter.
(b)(1) To the extent that, at law or in equity, a member or other person has duties, including
fiduciary duties, to the limited liability company, or to another member or to another person
that is a party to or is otherwise bound by a limited liability company agreement, the member's
or other person's duties may be expanded or restricted or eliminated by a written limited
liability company agreement, but the implied contractual covenant of good faith and fair dealing
may not be eliminated. (2) A written limited liability...
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