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7-9A-616
Section 7-9A-616 Explanation of calculation of surplus or deficiency. (a) Definitions. In this
section: (1) "Explanation" means a writing that: (A) states the amount of the surplus
or deficiency; (B) provides an explanation in accordance with subsection (c) of how the secured
party calculated the surplus or deficiency; (C) states, if applicable, that future debits,
credits, charges, including additional credit service charges or interest, rebates, and expenses
may affect the amount of the surplus or deficiency; and (D) provides a telephone number or
mailing address from which additional information concerning the transaction is available.
(2) "Request" means a record: (A) authenticated by a debtor or consumer obligor;
(B) requesting that the recipient provide an explanation; and (C) sent after disposition of
the collateral under Section 7-9A-610. (b) Explanation of calculation. In a consumer-goods
transaction in which the debtor is entitled to a surplus or a consumer obligor is liable...
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7-9A-614
Section 7-9A-614 Contents and form of notification before disposition of collateral: Consumer-goods
transaction. In a consumer-goods transaction, the following rules apply: (1) A notification
of disposition must provide the following information: (A) the information specified in Section
7-9A-613(1); (B) a description of any liability for a deficiency of the person to which the
notification is sent; (C) a telephone number from which the amount that must be paid to the
secured party to redeem the collateral under Section 7-9A-623 is available; and (D) a telephone
number or mailing address from which additional information concerning the disposition and
the obligation secured is available. (2) A particular phrasing of the notification is not
required. (3) The following form of notification, when completed, provides sufficient information:
Name and address of secured party Date NOTICE OF OUR PLAN TO SELL PROPERTY Name and address
of any obligor who is also a debtor Subject: ___...
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7-9A-625
Section 7-9A-625 Remedies for secured party's failure to comply with article. (a) Judicial
orders concerning noncompliance. If it is established that a secured party is not proceeding
in accordance with this article, a court may order or restrain collection, enforcement, or
disposition of collateral on appropriate terms and conditions. (b) Damages for noncompliance.
Subject to subsections (c), (d), and (f), a person is liable for damages in the amount of
any loss caused by a failure to comply with this article. Loss caused by a failure to comply
may include loss resulting from the debtor's inability to obtain, or increased costs of, alternative
financing. (c) Persons entitled to recover damages; statutory damages in consumer-goods transaction.
Except as otherwise provided in Section 7-9A-628: (1) a person that, at the time of the failure,
was a debtor, was an obligor, or held a security interest in or other lien on the collateral
may recover damages under subsection (b) for its loss;...
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7-9A-626
Section 7-9A-626 Action in which deficiency or surplus is in issue. (a) Applicable rules if
amount of deficiency or surplus in issue. In an action arising from a transaction, other than
a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following
rules apply: (1) A secured party need not prove compliance with the provisions of this part
relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary
obligor places the secured party's compliance in issue. (2) If the secured party's compliance
is placed in issue, the secured party has the burden of establishing that the collection,
enforcement, disposition, or acceptance was conducted in accordance with this part. (3) Except
as otherwise provided in Section 7-9A-628, if a secured party fails to prove that the collection,
enforcement, disposition, or acceptance was conducted in accordance with the provisions of
this part relating to collection, enforcement, disposition,...
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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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7-9A-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...
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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...
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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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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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27-60-2
Section 27-60-2 Interstate Insurance Product Regulation Compact. The State of Alabama hereby
agrees to the following interstate compact known as the Interstate Insurance Product Regulation
Compact: ARTICLE I. PURPOSES. The purposes of this compact are, through means of joint and
cooperative action among the compacting states: 1. To promote and protect the interest of
consumers of individual and group annuity, life insurance, disability income, and long-term
care insurance products; 2. To develop uniform standards for insurance products covered under
the compact; 3. To establish a central clearinghouse to receive and provide prompt review
of insurance products covered under the compact and, in certain cases, advertisements related
thereto, submitted by insurers authorized to do business in one or more compacting states;
4. To give appropriate regulatory approval to those product filings and advertisements satisfying
the applicable uniform standard; 5. To improve coordination of...
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