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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
regulations in the remediation process. (d) The limitation of liability provided by subsection
(a) shall extend to the heirs, assigns, successors, predecessors, and designees of the person
to whom such limitation of liability is granted. (e) No small business as defined in this
chapter who shall have elected to be covered by the provisions of this chapter shall be liable
to any impacted third party or adjacent landowner under any state law for any damages of any
nature whatsoever to real or personal property of any impacted third party or adjacent
landowner as a result of any contamination caused by or resulting from any contamination on,
at, or from any drycleaning facility, abandoned drycleaning facility, or wholesale distribution
facility. (f) No person shall be liable to any other person under any state law for any damages
of any nature whatsoever to real or personal property of such other person as a result
of any contamination, except upon proof that a failure to exercise due...
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8-9A-1
against or an interest in property to secure payment of a debt or performance of an obligation,
and includes a security interest created by agreement, a judicial lien obtained by legal or
equitable process or proceedings, a common law lien, or a statutory lien. (10) PERSON. An
individual, partnership, corporation, association, organization, government, or governmental
subdivision or agency, business trust, estate, trust, or any other legal or commercial entity.
(11) PROPERTY. Both real and personal property, whether tangible or intangible, and
any interest in property whether legal or equitable and includes anything that may be the
subject of ownership. (12) RELATIVE. An individual related by consanguinity within the third
degree as determined by the common law, a spouse, or an individual related to a spouse within
the third degree as so determined, and includes an individual in an adoptive relationship
within the third degree. (13) TRANSFER. Every mode, direct or indirect, absolute...
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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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