Section 7-9A-615 – Application of Proceeds of Disposition; Liability for Deficiency and Right to Surplus.
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, […]
Section 7-9A-703 – Security Interest Perfected Before January 1, 2002.
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 the rights of a person that becomes a lien creditor at that time is a perfected security interest under this article […]
Section 7-9A-616 – Explanation of Calculation of Surplus or Deficiency.
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, […]
Section 7-9A-704 – Security Interest Unperfected Before January 1, 2002.
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 lien creditor at that time: (1) remains an enforceable security interest for one year after January 1, 2002; (2) remains enforceable […]
Section 7-9A-330 – Priority of Purchaser of Chattel Paper or Instrument.
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 is claimed merely as proceeds of inventory subject to a security interest if: (1) in good faith and in the […]
Section 7-9A-404 – Rights Acquired by Assignee; Claims and Defenses Against Assignee.
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, and subject to subsections (b) through (e), the rights of an assignee are subject to: (1) all terms of […]
Section 7-9A-511 – Secured Party of Record.
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 name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial […]
Section 7-9A-601 – Rights After Default; Judicial Enforcement; Consignor or Buyer of Accounts, Chattel Paper, Payment Intangibles, or Promissory Notes.
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, those provided by agreement of the parties. A secured […]
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.
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 negotiable instrument, a […]
Section 7-9A-405 – Modification of Assigned Contract.
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 and in accordance with reasonable commercial standards. The assignee acquires corresponding rights under the modified or substituted contract. The assignment may provide that the […]