Section 7-9A-504 – Indication of Collateral.
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; or (2) an indication that the financing statement covers all assets or all personal property. (Act 2001-481, p. 647, §1.)
Section 7-9A-520 – Acceptance and Refusal to Accept 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) and may refuse to accept a record for filing only for a reason set forth in Section 7-9A-516(b). (b) Communication concerning refusal. […]
Section 7-9A-324 – Priority of Purchase-Money Security Interests.
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 priority over a conflicting security interest in the same goods, and, except as otherwise provided in Section 7-9A-327, a perfected security interest in […]
Section 7-9A-340 – Effectiveness of Right of Recoupment or Set-Off Against Deposit Account.
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 right of recoupment or set-off against a secured party that holds a security interest in the deposit account. […]
Section 7-9A-505 – Filing and Compliance With Other Statutes and Treaties for Consignments, Leases, Other Bailments, and Other Transactions.
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 payment intangible or promissory note may file a financing statement, or may […]
Section 7-9A-521 – Uniform Form of Written Financing Statement and Amendment.
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 form and format except for a reason set forth in Section 7-9A-516(b): UCC FINANCING STATEMENT FOLLOW INSTRUCTIONS A. NAME & […]
Section 7-9A-325 – Priority of Security Interests in Transferred Collateral.
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 a security interest in the same collateral created by another person if: (1) the debtor acquired the collateral subject to the […]
Section 7-9A-341 – Bank’s Rights and Duties With Respect to Deposit Account.
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 a deposit account maintained with the bank are not terminated, suspended, or modified by: (1) the creation, attachment, or […]
Section 7-9A-506 – Effect of Errors or Omissions.
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, unless the errors or omissions make the financing statement seriously misleading. (b) Financing statement seriously misleading. Except as otherwise provided in subsection (c), […]
Section 7-9A-522 – Maintenance and Destruction of Records.
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 least one year after the effectiveness of the financing statement has lapsed under Section 7-9A-515 with respect to all secured parties of record. […]