§ 11-9-702. Savings Clause
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 the transaction or lien was entered into or created before July 1, 2001. Continuing validity. Except as otherwise provided in subsection (c) of this Code section and Code […]
§ 11-9-809. Priority
This article, as in effect on July 1, 2013, determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2013, the former provisions of this article, as in effect prior to July 1, 2013, determine priority. History. Code 1981, § 11-9-809 , enacted by […]
§ 11-9-703. Security Interest Perfected Before Effective Date
Continuing priority over lien creditor; perfection requirements satisfied. A security interest that is enforceable immediately before July 1, 2001, 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 if, on July 1, 2001, the applicable requirements for […]
§ 11-9-704. Security Interest Unperfected Before Effective Date
A security interest that is enforceable immediately before July 1, 2001, but which would be subordinate to the rights of a person that becomes a lien creditor at that time: Remains an enforceable security interest on and for one year after July 1, 2001; Remains enforceable thereafter if the security interest becomes enforceable under Code […]
§ 11-9-705. Effectiveness of Action Taken Before Effective Date
Pre-effective date action; one-year perfection period unless reperfected. If action, other than the filing of a financing statement, is taken before July 1, 2001, and the action would have resulted in priority of a security interest over the rights of a person that becomes a lien creditor had the security interest become enforceable before […]
§ 11-9-706. When Initial Financing Statement Suffices to Continue Effectiveness of Financing Statement
Initial financing statement in lieu of continuation statement. The filing of an initial financing statement in the office specified in Code Section 11-9-501 continues the effectiveness of a financing statement filed before July 1, 2001, if: The filing of an initial financing statement in that office would be effective to perfect a security interest […]
§ 11-9-707. Amendment of Pre-Effective Date Financing Statement
“Pre-effective date financing statement.” In this Code section, “pre-effective date financing statement” means a financing statement filed before July 1, 2001. Applicable law. On or after July 1, 2001, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in a pre-effective […]
§ 11-9-708. 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: The secured party of record authorizes the filing; and The filing is necessary under this part: To continue the effectiveness of a financing statement filed before July 1, 2001; or To perfect or continue the perfection of a security […]
§ 11-9-621. Notification of Proposal to Accept Collateral
Persons to which proposal to be sent. A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: Any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an […]
§ 11-9-622. Effect of Acceptance of Collateral
Effect of acceptance. A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures: Discharges the obligation to the extent consented to by the debtor; Transfers to the secured party all of a debtor’s rights in the collateral; Discharges the security interest or agricultural lien that is the subject […]