Title 7 — Title 7
0 chapters · 712 sections in this title.
Ala. Code § 7-12A-101 Short Title
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This article may be cited as Transitional Provisions for Uniform Commercial Code Amendments (2022). History: (Act 2023-492, §4.)
Ala. Code § 7-12A-102 Definitions
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(a) Article 12A Definitions. In this article: (1) “Adjustment date” means July 1, 2025. (2) “Article 12″ means Article 12 of the Uniform Commercial Code. (3) “Article 12 property” means a controllable account, controllable electronic record, or controllable payment intangible. (4…
Ala. Code § 7-12A-201 Saving Clause
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Except as provided in Part 3, a transaction validly entered into before July 1, 2024, and the rights, duties, and interests flowing from the transaction remain valid thereafter and may be terminated, completed, consummated, or enforced as required or permitted by law other than t…
Ala. Code § 7-12A-301 Saving Clause
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(a) Pre-effective date transaction, lien, or interest. Except as provided in this part, Article 9A as amended by Act 2023-492 and Article 12 apply to a transaction, lien, or other interest in property, even if the transaction, lien, or interest was entered into, created, or acqui…
Ala. Code § 7-12A-302 Security Interest Perfected Before July 1, 2024
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(a) Continuing perfection: perfection requirements satisfied. A security interest that is enforceable and perfected immediately before July 1, 2024, is a perfected security interest under Act 2023-492 if, on July 1, 2024, the requirements for enforceability and perfection under A…
Ala. Code § 7-12A-303 Security Interest Unperfected Before July 1, 2024
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A security interest that is enforceable immediately before July 1, 2024 but is unperfected at that time: (1) remains an enforceable security interest until the adjustment date; (2) remains enforceable thereafter if the security interest becomes enforceable under Section 7-9A-203,…
Ala. Code § 7-12A-304 Effectiveness of Actions Taken Before July 1, 2024
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a) Pre-effective-date action; attachment and perfection before adjustment date. If action, other than the filing of a financing statement, is taken before July 1, 2024, and the action would have resulted in perfection of the security interest had the security interest become enfo…
Ala. Code § 7-12A-305 Priority
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(a) Determination of priority. Subject to subsections (b) and (c), Act 2023-492 determines the priority of conflicting claims to collateral. (b) Established priorities. Subject to subsection (c), if the priorities of claims to collateral were established before July 1, 2024, Arti…
Ala. Code § 7-12A-306 Priority of Claims When Priority Rules of Article 9A Do Not Apply
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(a) Determination of priority. Subject to subsections (b) and (c), Article 12 determines the priority of conflicting claims to Article 12 property when the priority rules of Article 9A as amended by Act 2023-492 do not apply. (b) Established priorities. Subject to subsection (c),…