Code of Alabama - Title 7: Commercial Code - Article 9A - Secured Transactions

• Part 1 SECURED TRANSACTIONS.
• Division 1 Short Title, Definitions, and General Concepts.
• 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...
• Section 7-9A-101 Short title
  This article may be cited as Uniform Commercial Code-Secured Transactions.
• 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)...
• Section 7-9A-104 Control of deposit account
  (a) Requirements for control. A secured party has control of a deposit account if: (1) the secured party is the bank with which the deposit...
• Section 7-9A-105 Control of electronic chattel paper
  (a) General rule: control of electronic chattel paper. A secured party has control of electronic chattel paper if a system employed for evidencing the transfer...
• Section 7-9A-106 Control of investment property
  (a) Control under Section 7-8-106. A person has control of a certificated security, uncertificated security, or security entitlement as provided in Section 7-8-106. (b) Control...
• Section 7-9A-107 Control of letter-of-credit right
  A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated...
• Section 7-9A-108 Sufficiency of description
  (a) Sufficiency of description. Except as otherwise provided in subsections (c), (d), and (e), a description of personal or real property is sufficient, whether or...
• Division 2 Applicability of Article.
• Section 7-9A-110 Security interests arising under Article 2 or 2A
  A security interest arising under Section 7-2-401, 7-2-505, 7-2-711(3), or 7-2A-508(5) is subject to this article. However, until the debtor obtains possession of the goods:...
• Section 7-9A-109 Scope
  (a) General scope of article. Except as otherwise provided in subsections (c) and (d), this article applies to: (1) a transaction, regardless of its form,...
• Part 2 EFFECTIVENESS OF SECURITY AGREEMENT, ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT.
• Division 1 Effectiveness and Attachment.
• Section 7-9A-201 General effectiveness of security agreement
  (a) General effectiveness. Except as otherwise provided in the Uniform Commercial Code, a security agreement is effective according to its terms between the parties, against...
• Section 7-9A-202 Title to collateral immaterial
  Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this article with...
• Section 7-9A-203 Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites
  (a) Attachment. A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones...
• Section 7-9A-204 After-acquired property; future advances
  (a) After-acquired collateral. Except as otherwise provided in subsection (b), a security agreement may create or provide for a security interest in after-acquired collateral. (b)...
• Section 7-9A-205 Use or disposition of collateral permissible
  (a) When security interest not invalid or fraudulent. A security interest is not invalid or fraudulent against creditors solely because: (1) the debtor has the...
• Section 7-9A-206 Security interest arising in purchase or delivery of financial asset
  (a) Security interest when person buys through securities intermediary. A security interest in favor of a securities intermediary attaches to a person's security entitlement if:...
• Division 2 Rights and Duties.
• 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...
• Section 7-9A-208 Additional duties of secured party having control of collateral
  (a) Applicability of section. This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to...
• Section 7-9A-209 Duties of secured party if account debtor has been notified of assignment
  (a) Applicability of section. Except as otherwise provided in subsection (c), this section applies if: (1) there is no outstanding secured obligation; and (2) the...
• Section 7-9A-210 Request for accounting; request regarding list of collateral or statement of account
  (a) Definitions. In this section: (1) "Request" means a record of a type described in paragraph (2), (3), or (4). (2) "Request for an accounting"...
• Part 3 PERFECTION AND PRIORITY.
• Division 1 Law Governing Perfection and Priority.
• Section 7-9A-301 Law governing perfection and priority of security interests
  Except as otherwise provided in Sections 7-9A-303 through 7-9A-306, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the...
• Section 7-9A-302 Law governing perfection and priority of agricultural liens
  While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority...
• Section 7-9A-303 Law governing perfection and priority of security interests in goods covered by a certificate of title
  (a) Applicability of section. This section applies to goods covered by a certificate of title, even if there is no other relationship between the jurisdiction...
• Section 7-9A-304 Law governing perfection and priority of security interests in deposit accounts
  (a) Law of bank's jurisdiction governs. The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of...
• Section 7-9A-305 Law governing perfection and priority of security interests in investment property
  (a) Governing law: General rules. Except as otherwise provided in subsection (c), the following rules apply: (1) While a security certificate is located in a...
• Section 7-9A-306 Law governing perfection and priority of security interests in letter-of-credit rights
  (a) Governing law: Issuer's or nominated person's jurisdiction. Subject to subsection (c), the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs...
• Section 7-9A-307 Location of debtor
  (a) "Place of business." In this section, "place of business" means a place where a debtor conducts its affairs. (b) Debtor's location: General rules. Except...
• Division 2 Perfection.
• Section 7-9A-308 When security interest or agricultural lien is perfected; continuity of perfection
  (a) Perfection of security interest. Except as otherwise provided in this section and Section 7-9A-309, a security interest is perfected if it has attached and...
• Section 7-9A-309 Security interest perfected upon attachment
  The following security interests are perfected when they attach: (1) a purchase-money security interest in consumer goods, except as otherwise provided in Section 7-9A-311(b) with...
• Section 7-9A-310 When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply
  (a) General rule: Perfection by filing. Except as otherwise provided in subsection (b) and Section 7-9A-312(b), a financing statement must be filed to perfect all...
• Section 7-9A-311 Perfection of security interests in property subject to certain statutes, regulations, and treaties
  (a) Security interest subject to other law. Except as otherwise provided in subsection (d), the filing of a financing statement is not necessary or effective...
• Section 7-9A-312 Perfection of certain security interests by filing; temporary perfection
  (a) Perfection by filing permitted. A security interest in chattel paper, negotiable documents, instruments, or investment property may be perfected by filing. (b) Control or...
• Section 7-9A-313 When possession by or delivery to secured party perfects security interest without filing
  (a) Perfection by possession or delivery. Except as otherwise provided in subsection (b), a secured party may perfect a security interest in tangible negotiable documents,...
• Section 7-9A-314 Perfection by control
  (a) Perfection by control. A security interest in investment property, deposit accounts, letter-of-credit rights, electronic chattel paper, or electronic documents may be perfected by control...
• Section 7-9A-315 Secured party's rights on disposition of collateral and in proceeds
  (a) Disposition of collateral: Continuation of security interest or agricultural lien; proceeds. Except as otherwise provided in this article and in Section 7-2-403(2): (1) a...
• Section 7-9A-316 Effect of change in governing law
  (a) General rule: Effect on perfection of change in governing law. A security interest perfected pursuant to the law of the jurisdiction designated in Section...
• Division 3 Priority.
• Section 7-9A-317 Interests that take priority over or take free of security interest or agricultural lien
  (a) Conflicting security interests and rights of lien creditors. A security interest or agricultural lien is subordinate to the rights of: (1) a person entitled...
• Section 7-9A-318 No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers
  (a) Seller retains no interest. A debtor that has sold an account, chattel paper, payment intangible, or promissory note does not retain a legal or...
• Section 7-9A-319 Rights and title of consignee with respect to creditors and purchasers
  (a) Consignee has consignor's rights. Except as otherwise provided in subsection (b), for purposes of determining the rights of creditors of, and purchasers for value...
• Section 7-9A-320 Buyer of goods; Alabama Farmers Credit Protection Fund
  (a) Buyer in ordinary course of business. Except as otherwise provided in subsection (e), a buyer in ordinary course of business, other than a person...
• Section 7-9A-321 Licensee of general intangible and lessee of goods in ordinary course of business
  (a) "Licensee in ordinary course of business." In this section, "licensee in ordinary course of business" means a person that becomes a licensee of a...
• Section 7-9A-322 Priorities among conflicting security interests in and agricultural liens on same collateral
  (a) General priority rules. Except as otherwise provided in this section, priority among conflicting security interests and agricultural liens in the same collateral is determined...
• Section 7-9A-323 Future advances
  (a) When priority based on time of advance. Except as otherwise provided in subsection (c), for purposes of determining the priority of a perfected security...
• Section 7-9A-324 Priority of purchase-money security interests
  (a) General rule: Purchase-money priority. Except as otherwise provided in subsection (g), a perfected purchase-money security interest in goods other than inventory or livestock has...
• Section 7-9A-325 Priority of security interests in transferred collateral
  (a) Subordination of security interest in transferred collateral. Except as otherwise provided in subsection (b), a security interest created by a debtor is subordinate to...
• Section 7-9A-326 Priority of security interests created by new debtor
  (a) Subordination of security interest created by new debtor. Subject to subsection (b), a security interest that is created by a new debtor in collateral...
• Section 7-9A-327 Priority of security interests in deposit account
  The following rules govern priority among conflicting security interests in the same deposit account: (1) A security interest held by a secured party having control...
• Section 7-9A-328 Priority of security interests in investment property
  The following rules govern priority among conflicting security interests in the same investment property: (1) A security interest held by a secured party having control...
• Section 7-9A-329 Priority of security interests in letter-of-credit right
  The following rules govern priority among conflicting security interests in the same letter-of-credit right: (1) A security interest held by a secured party having control...
• Section 7-9A-330 Priority of purchaser of chattel paper or instrument
  (a) Purchaser's priority: Security interest claimed merely as proceeds. A purchaser of chattel paper has priority over a security interest in the chattel paper which...
• Section 7-9A-331 Priority of rights of purchasers of instruments, documents, and securities under other articles; priority of interests in financial assets and security entitlements under Article 8
  (a) Rights under Articles 3, 7, and 8 not limited. This article does not limit the rights of a holder in due course of a...
• Section 7-9A-332 Transfer of money; transfer of funds from deposit account
  (a) Transferee of money. A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor...
• Section 7-9A-333 Priority of certain liens arising by operation of law
  (a) "Possessory lien." In this section, "possessory lien" means an interest, other than a security interest or an agricultural lien: (1) which secures payment or...
• Section 7-9A-334 Priority of security interests in fixtures and crops
  (a) Security interest in fixtures under this article. A security interest under this article may be created in goods that are fixtures or may continue...
• Section 7-9A-335 Accessions
  (a) Creation of security interest in accession. A security interest may be created in an accession and continues in collateral that becomes an accession. (b)...
• Section 7-9A-336 Commingled goods
  (a) "Commingled goods." In this section, "commingled goods" means goods that are physically united with other goods in such a manner that their identity is...
• Section 7-9A-337 Priority of security interests in goods covered by certificate of title
  If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this State issues a certificate of title...
• Section 7-9A-338 Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information
  If a security interest or agricultural lien is perfected by a filed financing statement providing information described in Section 7-9A-516(b)(5) which is incorrect at the...
• Section 7-9A-339 Priority subject to subordination
  This article does not preclude subordination by agreement by a person entitled to priority.
• Division 4 Rights of bank.
• Section 7-9A-340 Effectiveness of right of recoupment or set-off against deposit account
  (a) Exercise of recoupment or set-off. Except as otherwise provided in subsection (c), a bank with which a deposit account is maintained may exercise any...
• Section 7-9A-341 Bank's rights and duties with respect to deposit account
  Except as otherwise provided in Section 7-9A-340(c), and unless the bank otherwise agrees in an authenticated record, a bank's rights and duties with respect to...
• Section 7-9A-342 Bank's right to refuse to enter into or disclose existence of control agreement
  This article does not require a bank to enter into an agreement of the kind described in Section 7-9A-104(a)(2), even if its customer so requests...
• Part 4 RIGHTS OF THIRD PARTIES.
• Section 7-9A-401 Alienability of debtor's rights
  (a) Other law governs alienability; exceptions. Except as otherwise provided in subsection (b) and Sections 7-9A-406, 7-9A-407, 7-9A-408, and 7-9A-409, whether a debtor's rights in...
• Section 7-9A-402 Secured party not obligated on contract of debtor or in tort
  The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject...
• Section 7-9A-403 Agreement not to assert defenses against assignee
  (a) "Value." In this section, "value" has the meaning provided in Section 7-3-303(a). (b) Agreement not to assert claim or defense. Except as otherwise provided...
• Section 7-9A-404 Rights acquired by assignee; claims and defenses against assignee
  (a) Assignee's rights subject to terms, claims, and defenses; exceptions. Unless an account debtor has made an enforceable agreement not to assert defenses or claims,...
• Section 7-9A-405 Modification of assigned contract
  (a) Effect of modification on assignee. A modification of or substitution for an assigned contract is effective against an assignee if made in good faith...
• Section 7-9A-406 Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles, and promissory notes ineffective
  (a) Discharge of account debtor; effect of notification. Subject to subsections (b) through (i), an account debtor on an account, chattel paper, or a payment...
• Section 7-9A-407 Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest
  (a) Term restricting assignment generally ineffective. Except as otherwise provided in subsection (b), a term in a lease agreement is ineffective to the extent that...
• 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...
• Section 7-9A-409 Restrictions on assignment of letter-of-credit rights ineffective
  (a) Term or law restricting assignment generally ineffective. A term in a letter of credit or a rule of law, statute, regulation, custom, or practice...
• Part 5 FILING.
• Division 1 Filing; Contents and Effectiveness of Financing Statement.
• Section 7-9A-501 Filing office
  (a) Filing offices. Except as otherwise provided in subsection (b), if the local law of this State governs perfection of a security interest or agricultural...
• Section 7-9A-502 Contents of financing statement; record of mortgage as financing statement; time of filing financing statement
  (a) Sufficiency of financing statement. Subject to subsection (b), a financing statement is sufficient only if it: (1) provides the name of the debtor; (2)...
• Section 7-9A-503 Name of debtor and secured party
  (a) Sufficiency of debtor's name. A financing statement sufficiently provides the name of the debtor: (1) except as otherwise provided in paragraph (3), if the...
• Section 7-9A-504 Indication of collateral
  A financing statement sufficiently indicates the collateral that it covers if the financing statement provides: (1) a description of the collateral pursuant to Section 7-9A-108;...
• Section 7-9A-505 Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions
  (a) Use of terms other than "debtor" and "secured party." A consignor, lessor, or other bailor of goods, a licensor, or a buyer of a...
• Section 7-9A-506 Effect of errors or omissions
  (a) Minor errors and omissions. A financing statement substantially satisfying the requirements of this part is effective, even if it has minor errors or omissions,...
• Section 7-9A-507 Effect of certain events on effectiveness of financing statement
  (a) Disposition. A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed of and in which...
• Section 7-9A-508 Effectiveness of financing statement if new debtor becomes bound by security agreement
  (a) Financing statement naming original debtor. Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect...
• Section 7-9A-509 Persons entitled to file a record
  (a) Person entitled to file record. A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment...
• Section 7-9A-510 Effectiveness of filed record
  (a) Filed record effective if authorized. A filed record is effective only to the extent that it was filed by a person that may file...
• Section 7-9A-511 Secured party of record
  (a) Secured party of record. A secured party of record with respect to a financing statement is a person whose name is provided as the...
• Section 7-9A-512 Amendment of financing statement
  (a) Amendment of information in financing statement. Subject to Section 7-9A-509, a person may add or delete collateral covered by, continue or terminate the effectiveness...
• 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...
• Section 7-9A-514 Assignment of powers of secured party of record
  (a) Assignment reflected on initial financing statement. Except as otherwise provided in subsection (c), an initial financing statement may reflect an assignment of all of...
• Section 7-9A-515 Duration and effectiveness of financing statement; effect of lapsed financing statement
  (a) Five-year effectiveness. Except as otherwise provided in subsections (b), (e), (f), (g), and (h), a filed financing statement is effective for a period of...
• Section 7-9A-516 What constitutes filing; effectiveness of filing
  (a) What constitutes filing. Except as otherwise provided in subsection (b), communication of a record to a filing office and tender of the filing fee...
• Section 7-9A-517 Effect of indexing errors
  The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record.
• Section 7-9A-518 Claim concerning inaccurate or wrongfully filed record
  (a) Statement with respect to record indexed under person's name. A person may file in the filing office an information statement with respect to a...
• Division 2 Duties and Operation of Filing Office.
• Section 7-9A-519 Numbering, maintaining, and indexing records; communicating information provided in records
  (a) Filing office duties. For each record filed in a filing office, the filing office shall: (1) assign a unique number to the filed record;...
• Section 7-9A-520 Acceptance and refusal to accept record
  (a) Mandatory refusal to accept record. A filing office shall refuse to accept a record for filing for a reason set forth in Section 7-9A-516(b)...
• Section 7-9A-521 Uniform form of written financing statement and amendment
  (a) Initial financing statement form. A filing office that accepts written records may not refuse to accept a written initial financing statement in the following...
• Section 7-9A-522 Maintenance and destruction of records
  (a) Post-lapse maintenance and retrieval of information. The filing office shall maintain a record of the information provided in a filed financing statement for at...
• Section 7-9A-523 Information from filing office; sale or license of records
  (a) Acknowledgment of filing written record. If a person that files a written record requests an acknowledgment of the filing, the filing office shall send...
• Section 7-9A-524 Delay by filing office
  Delay by the filing office beyond a time limit prescribed by this part is excused if: (1) the delay is caused by interruption of communication...
• Section 7-9A-525 Fees
  (a) Initial financing statement or other record: General rule. Except as otherwise provided in subsection (e), and except that no filing fee is required for...
• Section 7-9A-526 Filing-office rules
  (a) Adoption of filing-office rules. The Secretary of State shall adopt and publish rules to implement this article. The filing-office rules must be: (1) consistent...
• Part 6 DEFAULT.
• Division 1 Default and Enforcement of Security Interest.
• Section 7-9A-601 Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes
  (a) Rights of secured party after default. After default, a secured party has the rights provided in this part and, except as otherwise provided in...
• 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...
• Section 7-9A-603 Agreement on standards concerning rights and duties
  (a) Agreed standards. The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties...
• 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...
• Section 7-9A-605 Unknown debtor or secondary obligor
  A secured party does not owe a duty based on its status as secured party: (1) to a person that is a debtor or obligor,...
• Section 7-9A-606 Time of default for agricultural lien
  For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the...
• 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...
• 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...
• Section 7-9A-609 Secured party's right to take possession after default
  (a) Possession; rendering equipment unusable; disposition on debtor's premises. After default, a secured party: (1) may take possession of the collateral; and (2) without removal,...
• Section 7-9A-610 Disposition of collateral after default
  (a) Disposition after default. After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its...
• Section 7-9A-611 Notification before disposition of collateral
  (a) "Notification date." In this section, "notification date" means the earlier of the date on which: (1) a secured party sends to the debtor and...
• Section 7-9A-612 Timeliness of notification before disposition of collateral
  (a) Reasonable time is question of fact. Except as otherwise provided in subsection (b), whether a notification is sent within a reasonable time is a...
• 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...
• 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);...
• 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...
• 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...
• Section 7-9A-617 Rights of transferee of collateral
  (a) Effects of disposition. A secured party's disposition of collateral after default: (1) transfers to a transferee for value all of the debtor's rights in...
• Section 7-9A-618 Rights and duties of certain secondary obligors
  (a) Rights and duties of secondary obligor. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after...
• 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...
• 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...
• 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...
• 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...
• 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...
• Section 7-9A-624 Waiver
  (a) Waiver of disposition notification. A debtor or secondary obligor may waive the right to notification of disposition of collateral under Section 7-9A-611 only by...
• Division 2 Noncompliance with article.
• 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...
• 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...
• Section 7-9A-627 Determination of whether conduct was commercially reasonable
  (a) Greater amount obtainable under other circumstances; no preclusion of commercial reasonableness. The fact that a greater amount could have been obtained by a collection,...
• Section 7-9A-628 Nonliability and limitation on liability of secured party; liability of secondary obligor
  (a) Limitation of liability of secured party for noncompliance with article. Unless a secured party knows that a person is a debtor or obligor, knows...
• Part 7 TRANSITION.
• Section 7-9A-701 Effective date
  This article is effective January 1, 2002, except Section 7-9A-525 is effective July 1, 2001.
• Section 7-9A-702 Savings clause
  (a) Pre-effective-date transactions or liens. Except as otherwise provided in this part, this article applies to a transaction or lien within its scope, even if...
• Section 7-9A-703 Security interest perfected before January 1, 2002
  (a) Continuing priority over lien creditor: Perfection requirements satisfied. A security interest that is enforceable immediately before January 1, 2002, and would have priority over...
• Section 7-9A-704 Security interest unperfected before January 1, 2002
  A security interest that is enforceable immediately before January 1, 2002, but which would be subordinate to the rights of a person that becomes a...
• Section 7-9A-705 Effectiveness of action taken before January 1, 2002
  (a) Pre-effective-date action; one-year perfection period unless reperfected. If action, other than the filing of a financing statement, is taken before January 1, 2002, and...
• Section 7-9A-706 When initial financing statement suffices to continue effectiveness of financing statement
  (a) Initial financing statement in lieu of continuation statement. The filing of an initial financing statement in the office specified in Section 7-9A-501 continues the...
• Section 7-9A-707 Amendment of pre-effective-date financing statement
  (a) "Pre-effective-date financing statement". In this section, "pre-effective-date financing statement" means a financing statement filed before January 1, 2002. (b) Applicable law. After January 1,...
• Section 7-9A-708 Persons entitled to file initial financing statement or continuation statement
  A person may file an initial financing statement or a continuation statement under this part if: (1) the secured party of record authorizes the filing;...
• Section 7-9A-709 Priority
  (a) Law governing priority. This article determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before...
• Part 8 TRANSITION FOR 2014 AMENDMENTS.
• Section 7-9A-801 Effective date
  Act 2014-374 takes effect on July 1, 2014.
• Section 7-9A-802 Savings clause
  (a) Pre-effective date transactions or liens. Except as otherwise provided in this part, Act 2014-374 applies to a transaction or lien within its scope, even...
• Section 7-9A-803 Security interest perfected before July 1, 2014
  (a) Continuing perfection: perfection requirements satisfied. A security interest that is a perfected security interest immediately before July 1, 2014, is a perfected security interest...
• Section 7-9A-804 Security interest unperfected before effective date
  A security interest that is an unperfected security interest immediately before July 1, 2014, becomes a perfected security interest: (1) without further action, on July...
• Section 7-9A-805 Effectiveness of action taken before effective date
  (a) Pre-effective date filing effective. The filing of a financing statement before July 1, 2014, is effective to perfect a security interest to the extent...
• Section 7-9A-806 When initial financing statement suffices to continue effectiveness of financing statement
  (a) Initial financing statement in lieu of continuation statement. The filing of an initial financing statement in the office specified in Section 7-9A-501 continues the...
• Section 7-9A-807 Amendment of pre-effective date financing statement
  (a) Pre-effective date financing statement. In this section, pre-effective date financing statement means a financing statement filed before July 1, 2014. (b) Applicable law. After...
• Section 7-9A-808 Person entitled to file initial financing statement or continuation statement
  A person may file an initial financing statement or a continuation statement under this part if: (1) the secured party of record authorizes the filing;...
• Section 7-9A-809 Priority
  Act 2014-374 determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2014, Article...

Last modified: May 3, 2021