reglab/housing_qa huggingface dataset:
AL Code § 7-9A-304 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 1 - Law Governing Perfection and Priority.|Section 7-9A-304 - Law Governing Perfection and Priority of Security Interests in Deposit Accounts.

Section 7-9A-304Law 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 a security interest in a deposit account maintained with that bank. (b) Bank's jurisdiction. The following rules determine a bank's jurisdiction for purposes of this part: (1) If an agreement between the bank and the debtor governing the deposit account expressly provides that a particular jurisdiction is the bank's jurisdiction for purposes of this part, this article, or the Uniform Commercial Code, that jurisdiction is the bank's jurisdiction. (2) If paragraph (1) does not apply and an agreement between the bank and its customer governing the deposit account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the bank's jurisdiction. (3) If neither paragraph (1) nor paragraph (2) applies and an agreement between the bank and its customer governing the deposit account expressly provides that the deposit account is maintained at an office in a particular jurisdiction, that jurisdiction is the bank's jurisdiction. (4) If none of the preceding paragraphs applies, the bank's jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the customer's account is located. (5) If none of the preceding paragraphs applies, the bank's jurisdiction is the jurisdiction in which the chief executive office of the bank is located. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-306 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 1 - Law Governing Perfection and Priority.|Section 7-9A-306 - Law Governing Perfection and Priority of Security Interests in Letter-of-Credit Rights.

Section 7-9A-306Law 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 perfection, the effect of perfection or nonperfection, and the priority of a security interest in a letter-of-credit right if the issuer's jurisdiction or nominated person's jurisdiction is a State. (b) Issuer's or nominated person's jurisdiction. For purposes of this part, an issuer's jurisdiction or nominated person's jurisdiction is the jurisdiction whose law governs the liability of the issuer or nominated person with respect to the letter-of-credit right as provided in Section 7-5-116. (c) When section not applicable. This section does not apply to a security interest that is perfected only under Section 7-9A-308(d). (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-308 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 2 - Perfection.|Section 7-9A-308 - When Security Interest or Agricultural Lien Is Perfected; Continuity of Perfection.

Section 7-9A-308When 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 all of the applicable requirements for perfection in Sections 7-9A-310 through 7-9A-316 have been satisfied. A security interest is perfected when it attaches if the applicable requirements are satisfied before the security interest attaches. (b) Perfection of agricultural lien. An agricultural lien is perfected if it has become effective and all of the applicable requirements for perfection in Section 7-9A-310 have been satisfied. An agricultural lien is perfected when it becomes effective if the applicable requirements are satisfied before the agricultural lien becomes effective. (c) Continuous perfection; perfection by different methods. A security interest or agricultural lien is perfected continuously if it is originally perfected by one method under this article and is later perfected by another method under this article, without an intermediate period when it was unperfected. (d) Supporting obligation. Perfection of a security interest in collateral also perfects a security interest in a supporting obligation for the collateral. (e) Lien securing right to payment. Perfection of a security interest in a right to payment or performance also perfects a security interest in a security interest, mortgage, or other lien on personal or real property securing the right. (f) Security entitlement carried in securities account. Perfection of a security interest in a securities account also perfects a security interest in the security entitlements carried in the securities account. (g) Commodity contract carried in commodity account. Perfection of a security interest in a commodity account also perfects a security interest in the commodity contracts carried in the commodity account. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-309 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 2 - Perfection.|Section 7-9A-309 - Security Interest Perfected Upon Attachment.

Section 7-9A-309Security 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 respect to consumer goods that are subject to a statute or treaty described in Section 7-9A-311(a); (2) an assignment of accounts or payment intangibles which does not by itself or in conjunction with other assignments to the same assignee transfer a significant part of the assignor's outstanding accounts or payment intangibles; (3) a sale of a payment intangible; (4) a sale of a promissory note; (5) a security interest created by the assignment of a health-care-insurance receivable to the provider of the health-care goods or services; (6) a security interest arising under Section 7-2-401, 7-2-505, 7-2-711(3), or 7-2A-508(5), until the debtor obtains possession of the collateral; (7) a security interest of a collecting bank arising under Section 7-4-210; (8) a security interest of an issuer or nominated person arising under Section 7-5-118; (9) a security interest arising in the delivery of a financial asset under Section 7-9A-206(c); (10) a security interest in investment property created by a broker or securities intermediary; (11) a security interest in a commodity contract or a commodity account created by a commodity intermediary; (12) an assignment for the benefit of all creditors of the transferor and subsequent transfers by the assignee thereunder; and (13) a security interest created by an assignment of a beneficial interest in a decedent's estate. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-310 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 2 - Perfection.|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.

Section 7-9A-310When 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 security interests and agricultural liens. (b) Exceptions: Filing not necessary. The filing of a financing statement is not necessary to perfect a security interest: (1) that is perfected under Section 7-9A-308(d), (e), (f), or (g); (2) that is perfected under Section 7-9A-309 when it attaches; (3) in property subject to a statute, regulation, or treaty described in Section 7-9A-311(a); (4) in goods in possession of a bailee which is perfected under Section 7-9A-312(d)(1) or (2); (5) in certificated securities, documents, goods, or instruments which is perfected without filing, control, or possession under Section 7-9A-312(e), (f), or (g); (6) in collateral in the secured party's possession under Section 7-9A-313; (7) in a certificated security which is perfected by delivery of the security certificate to the secured party under Section 7-9A-313; (8) in deposit accounts, electronic documents, electronic chattel paper, investment property, or letter-of-credit rights which is perfected by control under Section 7-9A-314; (9) in proceeds which is perfected under Section 7-9A-315; or (10) that is perfected under Section 7-9A-316. (c) Assignment of perfected security interest. If a secured party assigns a perfected security interest or agricultural lien, a filing under this article is not required to continue the perfected status of the security interest against creditors of and transferees from the original debtor. (Act 2001-481, p. 647, §1; Act 2004-315, p. 464, §2.)
AL Code § 7-9A-311 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 2 - Perfection.|Section 7-9A-311 - Perfection of Security Interests in Property Subject to Certain Statutes, Regulations, and Treaties.

Section 7-9A-311Perfection 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 to perfect a security interest in property subject to: (1) a statute, regulation, or treaty of the United States whose requirements for a security interest's obtaining priority over the rights of a lien creditor with respect to the property preempt Section 7-9A-310(a); (2) Chapter 8 or Chapter 20 of Title 32 or another statute of this state which provides for a security interest to be indicated on a certificate of title as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral, or any central filing system created by another statute of this state governing perfection of a security interest in collateral that is subject to this article; or (3) a statute of another jurisdiction which provides for a security interest to be indicated on a certificate of title as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the property. (b) Compliance with other law. Compliance with the requirements of a statute, regulation, or treaty described in subsection (a) for obtaining priority over the rights of a lien creditor is equivalent to the filing of a financing statement under this article. Except as otherwise provided in subsection (d) and Sections 7-9A-313 and 7-9A-316(d) and (e) for goods covered by a certificate of title, a security interest in property subject to a statute, regulation, or treaty described in subsection (a) may be perfected only by compliance with those requirements, and a security interest so perfected remains perfected notwithstanding a change in the use or transfer of possession of the collateral. (c) Duration and renewal of perfection. Except as otherwise provided in subsection (d) and Section 7-9A-316(d) and (e), duration and renewal of perfection of a security interest perfected by compliance with the requirements prescribed by a statute, regulation, or treaty described in subsection (a) are governed by the statute, regulation, or treaty. In other respects, the security interest is subject to this article. (d) Inapplicability to certain inventory. During any period in which collateral subject to a statute specified in subsection (a)(2) is inventory held for sale or lease by a person or leased by that person as lessor and that person is in the business of selling goods of that kind, this section does not apply to a security interest in that collateral created by that person. (Act 2001-481, p. 647, §1; Act 2014-374, p. 1339, §1.)
AL Code § 7-9A-314 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 2 - Perfection.|Section 7-9A-314 - Perfection by Control.

Section 7-9A-314Perfection 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 of the collateral under Section 7-7-106, 7-9A-104, 7-9A-105, 7-9A-106, or 7-9A-107. (b) Specified collateral: Time of perfection by control; continuation of perfection. A security interest in deposit accounts, electronic chattel paper, letter-of-credit rights, or electronic documents is perfected by control under Section 7-7-106, 7-9A-104, 7-9A-105, or 7-9A-107 when the secured party obtains control and remains perfected by control only while the secured party retains control. (c) Investment property: Time of perfection by control; continuation of perfection. A security interest in investment property is perfected by control under Section 7-9A-106 from the time the secured party obtains control and remains perfected by control until: (1) the secured party does not have control; and (2) one of the following occurs: (A) if the collateral is a certificated security, the debtor has or acquires possession of the security certificate; (B) if the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner; or (C) if the collateral is a security entitlement, the debtor is or becomes the entitlement holder. (Act 2001-481, p. 647, §1; Act 2004-315, p. 464, §2.)
AL Code § 7-9A-315 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 2 - Perfection.|Section 7-9A-315 - Secured Party's Rights on Disposition of Collateral and in Proceeds.

Section 7-9A-315Secured 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 security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange, or other disposition thereof unless the secured party authorized the disposition free of the security interest or agricultural lien; and (2) a security interest attaches to any identifiable proceeds of collateral. (b) When commingled proceeds identifiable. Proceeds that are commingled with other property are identifiable proceeds: (1) if the proceeds are goods, to the extent provided by Section 7-9A-336; and (2) if the proceeds are not goods, to the extent that the secured party identifies the proceeds by a method of tracing, including application of equitable principles, that is permitted under law other than this article with respect to commingled property of the type involved. (c) Perfection of security interest in proceeds. A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected. (d) Continuation of perfection. A perfected security interest in proceeds becomes unperfected on the 21st day after the security interest attaches to the proceeds unless: (1) the following conditions are satisfied: (A) a filed financing statement covers the original collateral; (B) the proceeds are collateral in which a security interest may be perfected by filing in the office in which the financing statement has been filed; and (C) the proceeds are not acquired with cash proceeds; (2) the proceeds are identifiable cash proceeds; or (3) the security interest in the proceeds is perfected other than under subsection (c) when the security interest attaches to the proceeds or within 20 days thereafter. (e) When perfected security interest in proceeds becomes unperfected. If a filed financing statement covers the original collateral, a security interest in proceeds which remains perfected under subsection (d)(1) becomes unperfected at the later of: (1) when the effectiveness of the filed financing statement lapses under Section 7-9A-515 or is terminated under Section 7-9A-513; or (2) the 21st day after the security interest attaches to the proceeds. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-317 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 3 - Priority.|Section 7-9A-317 - Interests That Take Priority Over or Take Free of Security Interest or Agricultural Lien.

Section 7-9A-317Interests 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 to priority under Section 7-9A-322; and (2) except as otherwise provided in subsection (e), a person that becomes a lien creditor before the earlier of the time: (A) the security interest or agricultural lien is perfected; or (B) one of the conditions specified in Section 7-9A-203(b)(3) is met and a financing statement covering the collateral is filed. (b) Buyers that receive delivery. Except as otherwise provided in subsection (e), a buyer, other than a secured party, of tangible chattel paper, tangible documents, goods, instruments, or a certificated security takes free of a security interest or agricultural lien if the buyer gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected. (c) Lessees that receive delivery. Except as otherwise provided in subsection (e), a lessee of goods takes free of a security interest or agricultural lien if the lessee gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected. (d) Licensees and buyers of certain collateral. A licensee of a general intangible or a buyer, other than a secured party, of collateral other than tangible chattel paper, tangible documents, goods, instruments, or a certificated security takes free of a security interest if the licensee or buyer gives value without knowledge of the security interest and before it is perfected. (e) Purchase-money security interest. Except as otherwise provided in Sections 7-9A-320 and 7-9A-321, if a person files a financing statement with respect to a purchase-money security interest before or within 20 days after the debtor receives delivery of the collateral, the security interest takes priority over the rights of a buyer, lessee, or lien creditor which arise between the time the security interest attaches and the time of filing. (Act 2001-481, p. 647, §1; Act 2004-315, p. 464, §2; Act 2014-374, p. 1339, §1.)
AL Code § 7-9A-318 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 3 - Priority.|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.

Section 7-9A-318No 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 equitable interest in the collateral sold. (b) Deemed rights of debtor if buyer's security interest unperfected. For purposes of determining the rights of creditors of, and purchasers for value of an account or chattel paper from, a debtor that has sold an account or chattel paper, while the buyer's security interest is unperfected, the debtor is deemed to have rights and title to the account or chattel paper identical to those the debtor sold. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-319 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 3 - Priority.|Section 7-9A-319 - Rights and Title of Consignee With Respect to Creditors and Purchasers.

Section 7-9A-319Rights 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 of goods from, a consignee, while the goods are in the possession of the consignee, the consignee is deemed to have rights and title to the goods identical to those the consignor had or had power to transfer. (b) Applicability of other law. For purposes of determining the rights of a creditor of a consignee, law other than this article determines the rights and title of a consignee while goods are in the consignee's possession if, under this part, a perfected security interest held by the consignor would have priority over the rights of the creditor. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-321 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 3 - Priority.|Section 7-9A-321 - Licensee of General Intangible and Lessee of Goods in Ordinary Course of Business.

Section 7-9A-321Licensee 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 general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible, and in the ordinary course from a person in the business of licensing general intangibles of that kind. A person becomes a licensee in the ordinary course if the license to the person comports with the usual or customary practices in the kind of business in which the licensor is engaged or with the licensor's own usual or customary practices. (b) Rights of licensee in ordinary course of business. A licensee in ordinary course of business takes its rights under a nonexclusive license free of a security interest in the general intangible created by the licensor, even if the security interest is perfected and the licensee knows of its existence. (c) Rights of lessee in ordinary course of business. A lessee in ordinary course of business takes its leasehold interest free of a security interest in the goods created by the lessor, even if the security interest is perfected and the lessee knows of its existence. (Act 2001-481, p. 647, §1.)