reglab/housing_qa huggingface dataset:
AL Code § 7-9A-323 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 3 - Priority.|Section 7-9A-323 - Future Advances.

Section 7-9A-323Future advances. (a) When priority based on time of advance. Except as otherwise provided in subsection (c), for purposes of determining the priority of a perfected security interest under Section 7-9A-322(a)(1), perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that: (1) is made while the security interest is perfected only: (A) under Section 7-9A-309 when it attaches; or (B) temporarily under Section 7-9A-312(e), (f), or (g); and (2) is not made pursuant to a commitment entered into before or while the security interest is perfected by a method other than under Section 7-9A-309 or 7-9A-312(e), (f), or (g). (b) Lien creditor. Except as otherwise provided in subsection (c), a security interest is subordinate to the rights of a person that becomes a lien creditor to the extent that the security interest secures an advance made more than 45 days after the person becomes a lien creditor unless the advance is made: (1) without knowledge of the lien; or (2) pursuant to a commitment entered into without knowledge of the lien. (c) Buyer of receivables. Subsections (a) and (b) do not apply to a security interest held by a secured party that is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor. (d) Buyer of goods. Except as otherwise provided in subsection (e), a buyer of goods other than a buyer in ordinary course of business takes free of a security interest to the extent that it secures advances made after the earlier of: (1) the time the secured party acquires knowledge of the buyer's purchase; or (2) 45 days after the purchase. (e) Advances made pursuant to commitment: Priority of buyer of goods. Subsection (d) does not apply if the advance is made pursuant to a commitment entered into without knowledge of the buyer's purchase and before the expiration of the 45-day period. (f) Lessee of goods. Except as otherwise provided in subsection (g), a lessee of goods, other than a lessee in ordinary course of business, takes the leasehold interest free of a security interest to the extent that it secures advances made after the earlier of: (1) the time the secured party acquires knowledge of the lease; or (2) 45 days after the lease contract becomes enforceable. (g) Advances made pursuant to commitment: Priority of lessee of goods. Subsection (f) does not apply if the advance is made pursuant to a commitment entered into without knowledge of the lease and before the expiration of the 45-day period. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-325 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 3 - Priority.|Section 7-9A-325 - Priority of Security Interests in Transferred Collateral.

Section 7-9A-325Priority 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 security interest created by the other person; (2) the security interest created by the other person was perfected when the debtor acquired the collateral; and (3) there is no period thereafter when the security interest is unperfected. (b) Limitation of subsection (a) subordination. Subsection (a) subordinates a security interest only if the security interest: (1) otherwise would have priority solely under Section 7-9A-322(a) or 7-9A-324; or (2) arose solely under Section 7-2-711(3) or 7-2A-508(5). (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-326 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 3 - Priority.|Section 7-9A-326 - Priority of Security Interests Created by New Debtor.

Section 7-9A-326Priority of security interests created by new debtor.  (a) Subordination of security interest created by new debtor. Subject to subsection (b), a security interest that is created by a new debtor in collateral in which the new debtor has or acquires rights and is perfected solely by a filed financing statement that would be ineffective to perfect the security interest but for the application of Section 7-9A-316(i)(1) or 7-9A-508 is subordinate to a security interest in the same collateral which is perfected other than by such a filed financing statement. (b) Priority under other provisions; multiple original debtors. The other provisions of this part determine the priority among conflicting security interests in the same collateral perfected by filed financing statements described in subsection (a). However, if the security agreements to which a new debtor became bound as debtor were not entered into by the same original debtor, the conflicting security interests rank according to priority in time of the new debtor's having become bound. (Act 2001-481, p. 647, §1; Act 2014-374, p. 1339, §1.)
AL Code § 7-9A-327 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 3 - Priority.|Section 7-9A-327 - Priority of Security Interests in Deposit Account.

Section 7-9A-327Priority of security interests in deposit account.  The following rules govern priority among conflicting security interests in the same deposit account: (1) A security interest held by a secured party having control of the deposit account under Section 7-9A-104 has priority over a conflicting security interest held by a secured party that does not have control. (2) Except as otherwise provided in paragraphs (3) and (4), security interests perfected by control under Section 7-9A-314 rank according to priority in time of obtaining control. (3) Except as otherwise provided in paragraph (4), a security interest held by the bank with which the deposit account is maintained has priority over a conflicting security interest held by another secured party. (4) A security interest perfected by control under Section 7-9A-104(a)(3) has priority over a security interest held by the bank with which the deposit account is maintained. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-328 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 3 - Priority.|Section 7-9A-328 - Priority of Security Interests in Investment Property.

Section 7-9A-328Priority of security interests in investment property. The following rules govern priority among conflicting security interests in the same investment property: (1) A security interest held by a secured party having control of investment property under Section 7-9A-106 has priority over a security interest held by a secured party that does not have control of the investment property. (2) Except as otherwise provided in paragraphs (3) and (4), conflicting security interests held by secured parties each of which has control under Section 7-9A-106 rank according to priority in time of: (A) if the collateral is a security, obtaining control; (B) if the collateral is a security entitlement carried in a securities account and: (i) if the secured party obtained control under Section 7-8-106(d)(1), the secured party's becoming the person for which the securities account is maintained; (ii) if the secured party obtained control under Section 7-8-106(d)(2), the securities intermediary's agreement to comply with the secured party's entitlement orders with respect to security entitlements carried or to be carried in the securities account; or (iii) if the secured party obtained control through another person under Section 7-8-106(d)(3), the time on which priority would be based under this paragraph if the other person were the secured party; or (C) if the collateral is a commodity contract carried with a commodity intermediary, the satisfaction of the requirement for control specified in Section 7-9A-106(b)(2) with respect to commodity contracts carried or to be carried with the commodity intermediary. (3) A security interest held by a securities intermediary in a security entitlement or a securities account maintained with the securities intermediary has priority over a conflicting security interest held by another secured party. (4) A security interest held by a commodity intermediary in a commodity contract or a commodity account maintained with the commodity intermediary has priority over a conflicting security interest held by another secured party. (5) A security interest in a certificated security in registered form which is perfected by taking delivery under Section 7-9A-313(a) and not by control under Section 7-9A-314 has priority over a conflicting security interest perfected by a method other than control. (6) Conflicting security interests created by a broker, securities intermediary, or commodity intermediary which are perfected without control under Section 7-9A-106 rank equally. (7) In all other cases, priority among conflicting security interests in investment property is governed by Sections 7-9A-322 and 7-9A-323. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-329 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 3 - Priority.|Section 7-9A-329 - Priority of Security Interests in Letter-of-Credit Right.

Section 7-9A-329Priority of security interests in letter-of-credit right. The following rules govern priority among conflicting security interests in the same letter-of-credit right: (1) A security interest held by a secured party having control of the letter-of-credit right under Section 7-9A-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control. (2) Security interests perfected by control under Section 7-9A-314 rank according to priority in time of obtaining control. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-330 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 3 - Priority.|Section 7-9A-330 - Priority of Purchaser of Chattel Paper or Instrument.

Section 7-9A-330Priority 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 ordinary course of the purchaser's business, the purchaser gives new value and takes possession of the chattel paper or obtains control of the chattel paper under Section 7-9A-105; and (2) the chattel paper does not indicate that it has been assigned to an identified assignee other than the purchaser. (b) Purchaser's priority: Other security interests. A purchaser of chattel paper has priority over a security interest in the chattel paper which is claimed other than merely as proceeds of inventory subject to a security interest if the purchaser gives new value and takes possession of the chattel paper or obtains control of the chattel paper under Section 7-9A-105 in good faith, in the ordinary course of the purchaser's business, and without knowledge that the purchase violates the rights of the secured party. (c) Chattel paper purchaser's priority in proceeds. Except as otherwise provided in Section 7-9A-327, a purchaser having priority in chattel paper under subsection (a) or (b) also has priority in proceeds of the chattel paper to the extent that: (1) Section 7-9A-322 provides for priority in the proceeds; or (2) the proceeds consist of the specific goods covered by the chattel paper or cash proceeds of the specific goods, even if the purchaser's security interest in the proceeds is unperfected. (d) Instrument purchaser's priority. Except as otherwise provided in Section 7-9A-331(a), a purchaser of an instrument has priority over a security interest in the instrument perfected by a method other than possession if the purchaser gives value and takes possession of the instrument in good faith and without knowledge that the purchase violates the rights of the secured party. (e) Holder of purchase-money security interest gives new value. For purposes of subsections (a) and (b), the holder of a purchase-money security interest in inventory gives new value for chattel paper constituting proceeds of the inventory. (f) Indication of assignment gives knowledge. For purposes of subsections (b) and (d), if chattel paper or an instrument indicates that it has been assigned to an identified secured party other than the purchaser, a purchaser of the chattel paper or instrument has knowledge that the purchase violates the rights of the secured party. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-331 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 3 - Priority.|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-331Priority 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 holder to which a negotiable document of title has been duly negotiated, or a protected purchaser of a security. These holders or purchasers take priority over an earlier security interest, even if perfected, to the extent provided in Articles 3, 7, and 8. (b) Protection under Article 8. This article does not limit the rights of or impose liability on a person to the extent that the person is protected against the assertion of a claim under Article 8. (c) Filing not notice. Filing under this article does not constitute notice of a claim or defense to the holders, or purchasers, or persons described in subsections (a) and (b). (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-332 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 3 - Priority.|Section 7-9A-332 - Transfer of Money; Transfer of Funds From Deposit Account.

Section 7-9A-332Transfer of money; transfer of funds from deposit account. (a) Transferee of money. A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the rights of the secured party. (b) Transferee of funds from deposit account. A transferee of funds from a deposit account takes the funds free of a security interest in the deposit account unless the transferee acts in collusion with the debtor in violating the rights of the secured party. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-333 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 3 - Priority.|Section 7-9A-333 - Priority of Certain Liens Arising by Operation of Law.

Section 7-9A-333Priority of certain liens arising by operation of law. (a) "Possessory lien." In this section, "possessory lien" means an interest, other than a security interest or an agricultural lien: (1) which secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person's business; (2) which is created by statute or rule of law in favor of the person; and (3) whose effectiveness depends on the person's possession of the goods. (b) Priority of possessory lien. A possessory lien on goods has priority over a security interest in the goods unless the lien is created by a statute that expressly provides otherwise. (c) Priority of landlord's lien. Priority conflicts between a landlord's lien for rent arising by operation of law, other than an agricultural lien, and a security interest in goods brought on leased premises shall be determined as follows: (1) If the security interest attaches after the goods are brought on the premises, the landlord's lien has priority over the security interest; (2) If the security interest attaches before the goods are brought on the premises, the security interest has priority over the landlord's lien from the time the security interest is perfected or the landlord has notice of the security interest, whichever first occurs; except that if the secured party files with respect to a purchase-money security interest before or within 20 days after the debtor receives possession of the goods, the security interest takes priority over the landlord's lien. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-335 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 3 - Priority.|Section 7-9A-335 - Accessions.

Section 7-9A-335Accessions.  (a) Creation of security interest in accession. A security interest may be created in an accession and continues in collateral that becomes an accession. (b) Perfection of security interest. If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the collateral. (c) Priority of security interest. Except as otherwise provided in subsection (d), the other provisions of this part determine the priority of a security interest in an accession. (d) Compliance with certificate-of-title statute. A security interest in an accession is subordinate to a security interest in the whole which is perfected by compliance with the requirements of a certificate-of-title statute under Section 7-9A-311(b). (e) Removal of accession after default. After default, subject to Part 6, a secured party may remove an accession from other goods if the security interest in the accession has priority over the claims of every person having an interest in the whole. (f) Reimbursement following removal. A secured party that removes an accession from other goods under subsection (e) shall promptly reimburse any holder of a security interest or other lien on, or owner of, the whole or of the other goods, other than the debtor, for the cost of repair of any physical injury to the whole or the other goods. The secured party need not reimburse the holder or owner for any diminution in value of the whole or the other goods caused by the absence of the accession removed or by any necessity for replacing it. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-336 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 3 - Priority.|Section 7-9A-336 - Commingled Goods.

Section 7-9A-336Commingled goods. (a) "Commingled goods." In this section, "commingled goods" means goods that are physically united with other goods in such a manner that their identity is lost in a product or mass. (b) No security interest in commingled goods as such. A security interest does not exist in commingled goods as such. However, a security interest may attach to a product or mass that results when goods become commingled goods. (c) Attachment of security interest to product or mass. If collateral becomes commingled goods, a security interest attaches to the product or mass. (d) Perfection of security interest. If a security interest in collateral is perfected before the collateral becomes commingled goods, the security interest that attaches to the product or mass under subsection (c) is perfected. (e) Priority of security interest. Except as otherwise provided in subsection (f), the other provisions of this part determine the priority of a security interest that attaches to the product or mass under subsection (c). (f) Conflicting security interests in product or mass. If more than one security interest attaches to the product or mass under subsection (c), the following rules determine priority: (1) A security interest that is perfected under subsection (d) has priority over a security interest that is unperfected at the time the collateral becomes commingled goods. (2) If more than one security interest is perfected under subsection (d), the security interests rank equally in proportion to the value of the collateral at the time it became commingled goods.  (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-337 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 3 - Priority.|Section 7-9A-337 - Priority of Security Interests in Goods Covered by Certificate of Title.

Section 7-9A-337Priority of security interests in goods covered by certificate of title. If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this State issues a certificate of title that does not show that the goods are subject to the security interest or contain a statement that they may be subject to security interests not shown on the certificate: (1) a buyer of the goods, other than a person in the business of selling goods of that kind, takes free of the security interest if the buyer gives value and receives delivery of the goods after issuance of the certificate and without knowledge of the security interest; and (2) the security interest is subordinate to a conflicting security interest in the goods that attaches, and is perfected under Section 7-9A-311(b), after issuance of the certificate and without the conflicting secured party's knowledge of the security interest. (Act 2001-481, p. 647, §1.)
AL Code § 7-9A-338 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 3 - Priority.|Section 7-9A-338 - Priority of Security Interest or Agricultural Lien Perfected by Filed Financing Statement Providing Certain Incorrect Information.

Section 7-9A-338Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information. If a security interest or agricultural lien is perfected by a filed financing statement providing information described in Section 7-9A-516(b)(5) which is incorrect at the time the financing statement is filed: (1) the security interest or agricultural lien is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon the incorrect information; and (2) a purchaser, other than a secured party, of the collateral takes free of the security interest or agricultural lien to the extent that, in reasonable reliance upon the incorrect information, the purchaser gives value and, in the case of tangible chattel paper, tangible documents, goods, instruments, or a security certificate, receives delivery of the collateral. (Act 2001-481, p. 647, §1; Act 2004-315, p. 464, §2.)
AL Code § 7-9A-339 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 9A - Secured Transactions.|Part 3 - Perfection and Priority.|Division 3 - Priority.|Section 7-9A-339 - Priority Subject to Subordination.

Section 7-9A-339Priority subject to subordination.  This article does not preclude subordination by agreement by a person entitled to priority. (Act 2001-481, p. 647, §1.)