reglab/housing_qa huggingface dataset:
AL Code § 7-9A-104 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 1 - Secured Transactions.|Division 1 - Short Title, Definitions, and General Concepts.|Section 7-9A-104 - Control of Deposit Account.

Section 7-9A-104Control of deposit account. (a) Requirements for control. A secured party has control of a deposit account if: (1) the secured party is the bank with which the deposit account is maintained; (2) the debtor, secured party, and bank have agreed in an authenticated record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the deposit account without further consent by the debtor; or (3) the secured party becomes the bank's customer with respect to the deposit account. (b) Debtor's right to direct disposition. A secured party that has satisfied subsection (a) has control, even if the debtor retains the right to direct the disposition of funds from the deposit account. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-105 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 1 - Secured Transactions.|Division 1 - Short Title, Definitions, and General Concepts.|Section 7-9A-105 - Control of Electronic Chattel Paper.

Section 7-9A-105Control of electronic chattel paper. (a) General rule: control of electronic chattel paper. A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned. (b) Specific facts giving control. A system satisfies subsection (a) and a secured party has control of electronic chattel paper if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that: (1) a single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in paragraphs (4), (5), and (6), unalterable; (2) the authoritative copy identifies the secured party as the assignee of the record or records; (3) the authoritative copy is communicated to and maintained by the secured party or its designated custodian; (4) copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the secured party; (5) each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and (6) any amendment of the authoritative copy is readily identifiable as authorized or unauthorized. (Act 2001-481, p. 647, §1; Act 2014-374, p. 1339, §1.)
AL Code § 7-9A-106 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 1 - Secured Transactions.|Division 1 - Short Title, Definitions, and General Concepts.|Section 7-9A-106 - Control of Investment Property.

Section 7-9A-106Control of investment property. (a) Control under Section 7-8-106. A person has control of a certificated security, uncertificated security, or security entitlement as provided in Section 7-8-106. (b) Control of commodity contract. A secured party has control of a commodity contract if: (1) the secured party is the commodity intermediary with which the commodity contract is carried; or (2) the commodity customer, secured party, and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer. (c) Effect of control of securities account or commodity account. A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-107 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 1 - Secured Transactions.|Division 1 - Short Title, Definitions, and General Concepts.|Section 7-9A-107 - Control of Letter-of-Credit Right.

Section 7-9A-107Control of letter-of-credit right. A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under Section 7-5-114(c) or otherwise applicable law or practice. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-108 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 1 - Secured Transactions.|Division 1 - Short Title, Definitions, and General Concepts.|Section 7-9A-108 - Sufficiency of Description.

Section 7-9A-108Sufficiency of description. (a) Sufficiency of description. Except as otherwise provided in subsections (c), (d), and (e), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described. (b) Examples of reasonable identification. Except as otherwise provided in subsection (d), a description of collateral reasonably identifies the collateral if it identifies the collateral by: (1) specific listing; (2) category; (3) except as otherwise provided in subsection (e), a type of collateral defined in the Uniform Commercial Code; (4) quantity; (5) computational or allocational formula or procedure; or (6) except as otherwise provided in subsection (c), any other method, if the identity of the collateral is objectively determinable. (c) Supergeneric description not sufficient. A description of collateral as "all the debtor's assets" or "all the debtor's personal property" or using words of similar import does not reasonably identify the collateral. (d) Investment property. Except as otherwise provided in subsection (e), a description of a security entitlement, securities account, or commodity account is sufficient if it describes: (1) the collateral by those terms or as investment property; or (2) the underlying financial asset or commodity contract. (e) When description by type insufficient. A description only by type of collateral defined in the Uniform Commercial Code is an insufficient description of: (1) a commercial tort claim; or (2) in a consumer transaction, consumer goods, a security entitlement, a securities account, or a commodity account. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-110 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 1 - Secured Transactions.|Division 2 - Applicability of Article.|Section 7-9A-110 - Security Interests Arising Under Article 2 or 2a.

Section 7-9A-110Security interests arising under Article 2 or 2A. A security interest arising under Section 7-2-401, 7-2-505, 7-2-711(3), or 7-2A-508(5) is subject to this article. However, until the debtor obtains possession of the goods: (1) the security interest is enforceable, even if Section 7-9A-203(b)(3) has not been satisfied; (2) filing is not required to perfect the security interest; (3) the rights of the secured party after default by the debtor are governed by Article 2 or 2A; and (4) the security interest has priority over a conflicting security interest created by the debtor. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-201 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement.|Division 1 - Effectiveness and Attachment.|Section 7-9A-201 - General Effectiveness of Security Agreement.

Section 7-9A-201General effectiveness of security agreement.  (a) General effectiveness. Except as otherwise provided in the Uniform Commercial Code, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors. (b) Applicable consumer laws and other law. A transaction subject to this article is subject to any applicable rule of law which establishes a different rule for consumers and to (i) any other statute or regulation that regulates the rates, charges, agreements, and practices for loans, credit sales, or other extensions of credit and (ii) any consumer-protection statute or regulation. (c) Other applicable law controls. In case of conflict between this article and a rule of law, statute, or regulation described in subsection (b), the rule of law, statute, or regulation controls. Failure to comply with a statute or regulation described in subsection (b) has only the effect the statute or regulation specifies. (d) Further deference to other applicable law. This article does not: (1) validate any rate, charge, agreement, or practice that violates a rule of law, statute, or regulation described in subsection (b); or (2) extend the application of the rule of law, statute, or regulation to a transaction not otherwise subject to it. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-202 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement.|Division 1 - Effectiveness and Attachment.|Section 7-9A-202 - Title to Collateral Immaterial.

Section 7-9A-202Title to collateral immaterial. Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this article with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-204 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement.|Division 1 - Effectiveness and Attachment.|Section 7-9A-204 - After-Acquired Property; Future Advances.

Section 7-9A-204After-acquired property; future advances.  (a) After-acquired collateral. Except as otherwise provided in subsection (b), a security agreement may create or provide for a security interest in after-acquired collateral. (b) When after-acquired property clause not effective. A security interest does not attach under a term constituting an after-acquired property clause to: (1) consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within 10 days after the secured party gives value; or (2) a commercial tort claim. (c) Future advances and other value. A security agreement may provide that collateral secures, or that accounts, chattel paper, payment intangibles, or promissory notes are sold in connection with, future advances or other value, whether or not the advances or value are given pursuant to commitment. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-205 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement.|Division 1 - Effectiveness and Attachment.|Section 7-9A-205 - Use or Disposition of Collateral Permissible.

Section 7-9A-205Use or disposition of collateral permissible.  (a) When security interest not invalid or fraudulent. A security interest is not invalid or fraudulent against creditors solely because: (1) the debtor has the right or ability to: (A) use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods; (B) collect, compromise, enforce, or otherwise deal with collateral; (C) accept the return of collateral or make repossessions; or (D) use, commingle, or dispose of proceeds; or (2) the secured party fails to require the debtor to account for proceeds or replace collateral. (b) Requirements of possession not relaxed. This section does not relax the requirements of possession if attachment, perfection, or enforcement of a security interest depends upon possession of the collateral by the secured party. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-206 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement.|Division 1 - Effectiveness and Attachment.|Section 7-9A-206 - Security Interest Arising in Purchase or Delivery of Financial Asset.

Section 7-9A-206Security interest arising in purchase or delivery of financial asset. (a) Security interest when person buys through securities intermediary. A security interest in favor of a securities intermediary attaches to a person's security entitlement if: (1) the person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and (2) the securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary. (b) Security interest secures obligation to pay for financial asset. The security interest described in subsection (a) secures the person's obligation to pay for the financial asset. (c) Security interest in payment against delivery transaction. A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if: (1) the security or other financial asset: (A) in the ordinary course of business is transferred by delivery with any necessary indorsement or assignment; and (B) is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and (2) the agreement calls for delivery against payment. (d) Security interest secures obligation to pay for delivery. The security interest described in subsection (c) secures the obligation to make payment for the delivery. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-207 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement.|Division 2 - Rights and Duties.|Section 7-9A-207 - Rights and Duties of Secured Party Having Possession or Control of Collateral.

Section 7-9A-207Rights and duties of secured party having possession or control of collateral. (a) Duty of care when secured party in possession. Except as otherwise provided in subsection (d), a secured party shall use reasonable care in the custody and preservation of collateral in the secured party's possession. In the case of chattel paper or an instrument, reasonable care includes taking necessary steps to preserve rights against prior parties unless otherwise agreed. (b) Expenses, risks, duties, and rights when secured party in possession. Except as otherwise provided in subsection (d), if a secured party has possession of collateral: (1) reasonable expenses, including the cost of insurance and payment of taxes or other charges, incurred in the custody, preservation, use, or operation of the collateral are chargeable to the debtor and are secured by the collateral; (2) the risk of accidental loss or damage is on the debtor to the extent of a deficiency in any effective insurance coverage; (3) the secured party shall keep the collateral identifiable, but fungible collateral may be commingled; and (4) the secured party may use or operate the collateral: (A) for the purpose of preserving the collateral or its value; (B) as permitted by an order of a court having competent jurisdiction; or (C) except in the case of consumer goods, in the manner and to the extent agreed by the debtor. (c) Duties and rights when secured party in possession or control. Except as otherwise provided in subsection (d), a secured party having possession of collateral or control of collateral under Section 7-7-106, 7-9A-104, 7-9A-105, 7-9A-106, or 7-9A-107: (1) may hold as additional security any proceeds, except money or funds, received from the collateral; (2) shall apply money or funds received from the collateral to reduce the secured obligation, unless remitted to the debtor; and (3) may create a security interest in the collateral. (d) Buyer of certain rights to payment. If the secured party is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor: (1) subsection (a) does not apply unless the secured party is entitled under an agreement: (A) to charge back uncollected collateral; or (B) otherwise to full or limited recourse against the debtor or a secondary obligor based on the nonpayment or other default of an account debtor or other obligor on the collateral; and (2) subsections (b) and (c) do not apply. (Act 2001-481, p. 647, §1; Act 2004-315, p. 464, §2.)
AL Code § 7-9A-209 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 2 - Effectiveness of Security Agreement, Attachment of Security Interest; Rights of Parties to Security Agreement.|Division 2 - Rights and Duties.|Section 7-9A-209 - Duties of Secured Party if Account Debtor Has Been Notified of Assignment.

Section 7-9A-209Duties of secured party if account debtor has been notified of assignment. (a) Applicability of section. Except as otherwise provided in subsection (c), this section applies if: (1) there is no outstanding secured obligation; and (2) the secured party is not committed to make advances, incur obligations, or otherwise give value. (b) Duties of secured party after receiving demand from debtor. Within 10 days after receiving an authenticated demand by the debtor, a secured party shall send to an account debtor that has received notification of an assignment to the secured party as assignee under Section 7-9A-406(a) an authenticated record that releases the account debtor from any further obligation to the secured party. (c) Inapplicability to sales. This section does not apply to an assignment constituting the sale of an account, chattel paper, or payment intangible. (d) Authenticated demand. In this section, "authenticated demand" means a record authenticated by the debtor demanding that the secured party take the action described in subsection (b). The secured party may designate in a record sent to the debtor or as to which the debtor has notice an address to which such demand must be sent. A demand sent to another address of the secured party will be effective, but the 10-day period for action by the secured party does not begin until the person or department at the address specified by the secured party has notice of the demand. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-301 (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-301 - Law Governing Perfection and Priority of Security Interests.

Section 7-9A-301Law governing perfection and priority of security interests. Except as otherwise provided in Sections 7-9A-303 through 7-9A-306, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral: (1) Except as otherwise provided in this section, while a debtor is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral. (2) While collateral is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a possessory security interest in that collateral. (3) Except as otherwise provided in paragraph (4), while tangible negotiable documents, goods, instruments, money, or tangible chattel paper is located in a jurisdiction, the local law of that jurisdiction governs: (A) perfection of a security interest in the goods by filing a fixture filing; (B) perfection of a security interest in timber to be cut; and (C) the effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral. (4) The local law of the jurisdiction in which the wellhead or mine is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in as-extracted collateral. (Act 2001-481, p. 647, §1; Act 2004-315, p. 464, §2.)
AL Code § 7-9A-302 (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-302 - Law Governing Perfection and Priority of Agricultural Liens.

Section 7-9A-302Law governing perfection and priority of agricultural liens. While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of an agricultural lien on the farm products. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-303 (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-303 - Law Governing Perfection and Priority of Security Interests in Goods Covered by a Certificate of Title.

Section 7-9A-303Law governing perfection and priority of security interests in goods covered by a certificate of title. (a) Applicability of section. This section applies to goods covered by a certificate of title, even if there is no other relationship between the jurisdiction under whose certificate of title the goods are covered and the goods or the debtor. (b) When goods covered by certificate of title. Goods become covered by a certificate of title when a valid application for the certificate of title and the applicable fee are delivered to the appropriate authority. Goods cease to be covered by a certificate of title at the earlier of the time the certificate of title ceases to be effective under the law of the issuing jurisdiction or the time the goods become covered subsequently by a certificate of title issued by another jurisdiction. (c) Applicable law. The local law of the jurisdiction under whose certificate of title the goods are covered governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in goods covered by a certificate of title from the time the goods become covered by the certificate of title until the goods cease to be covered by the certificate of title. (Act 2001-481, p. 647, §1.)