Section 7-9A-802 – Savings Clause.
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 if the transaction or lien was entered into or created before July 1, 2014. (b) Pre-effective date proceedings. Act 2014-374 does not affect an action, case, […]
Section 7-9A-608 – Application of Proceeds of Collection or Enforcement; Liability for Deficiency and Right to Surplus.
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 […]
Section 7-9A-624 – Waiver.
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 an agreement to that effect entered into and authenticated after default. (b) Waiver of mandatory disposition. A debtor may waive the right to require disposition of collateral […]
Section 7-9A-803 – Security Interest Perfected Before July 1, 2014.
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 under Article 9A as amended by Act 2014-374 if, when Act 2014-374 takes effect, the applicable requirements for attachment and perfection […]
Section 7-9A-609 – Secured Party’s Right to Take Possession After Default.
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, may render equipment unusable and dispose of collateral on a debtor’s premises under Section 7-9A-610. (b) Judicial and nonjudicial process. […]
Section 7-9A-625 – Remedies for Secured Party’s Failure to Comply 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 or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions. (b) Damages for noncompliance. Subject to […]
Section 7-9A-804 – Security Interest Unperfected Before Effective Date.
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 1, 2014, if the applicable requirements for perfection under Article 9A as amended by Act 2014-374 are satisfied before or at that […]
Section 7-9A-610 – Disposition of Collateral After Default.
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 present condition or following any commercially reasonable preparation or processing. (b) Commercially reasonable disposition. Every aspect of a disposition of collateral, including the […]
Section 7-9A-626 – Action in Which Deficiency or Surplus Is in Issue.
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 […]
Section 7-9A-805 – Effectiveness of Action Taken Before Effective Date.
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 the filing would satisfy the applicable requirements for perfection under Article 9A as amended by Act 2014-374. (b) When pre-effective date […]