Title 7

(a) In this section, “financing statement” has the meaning in Section 7-9A-102(a)(39). (b) An assignee of a legal or equitable interest in personal property may file a financing statement in the filing office of: (1) This state, established for purposes of Section 7-9A-501(a)(2);…

(a) Unless a creditor waives the right to notification in a signed record, an assignee shall send a notification of the assignment to each creditor known to the assignee within a reasonable time not to exceed 30 days after the effective date of the assignment agreement. (b) The n…

(a) Subject to Section 7-9A-923, an assignor has a duty to take all reasonable actions necessary for the assignee to administer the assignment, the assigned assets, and the assignment estate. (b) In furtherance of the duty under subsection (a), the assignor shall: (1) Preserve an…

(a) Subject to Section 7-9A-923, an assignee has a fiduciary duty to the assignment estate for the benefit of creditors: (1) Of loyalty, including the duty to manage the assignment in good faith; (2) To use reasonable care to maximize distributions under Section 7-9A-915; and (3)…

(a) An assignee has the powers necessary or appropriate to perform the assignee’s duties. (b) Unless the assignment agreement expressly provides otherwise, the assignee has power to: (1) Operate an existing business that uses an assigned asset, including preservation of the asset…

(a) An assignee shall allow a creditor’s claim if: (1) The creditor submits a proof of claim in compliance with Section 7-9A-913; and (2) The assignee does not dispute the claim under Section 7-9A-912 before final distribution. (b) An assignee may: (1) Allow a claim, pay a known …

(a) An assignee may dispute a creditor’s claim before final distribution by sending notice in a record stating the nature of the assignee’s dispute to the creditor. (b) If a dispute cannot be resolved consensually, the assignee may commence a proceeding to disallow the claim unde…

(a) A proof of claim must: (1) State the name, address, and other contact information reasonably necessary to communicate with the creditor; (2) State the amount of the claim; (3) Briefly state the nature of the claim; (4) Identify any asset of the assignment estate securing the …

(a) An assignee’s disposition of assets: (1) Transfers to a transferee for value all of the assignee’s rights in the assets; (2) Discharges the assignee’s lien as a lien creditor and, to the extent the assignment creates a security interest in favor of the assignee, the assignee’…

(a) In this section, “protected secured creditor” means a secured creditor whose lien: (1) Is a perfected lien; (2) Cannot be avoided by the assignee under Section 7-9A-910(b)(12); and (3) Is not subordinate to the lien of the assignee. (b) Except as provided in Section 7-9A-916,…

(a) A subordination agreement is enforceable under this part to the same extent the agreement is enforceable under other law. (b) Subject to subsection (c), the following claims are subordinate to a claim or interest that is senior or equal in priority to a claim or interest repr…

(a) An assignor is not personally liable for an act or omission by the assignee. (b) An assignee is not personally liable for an act or omission by the assignor. (c) If an assignor designates a representative that may act on behalf of the assignor under Section 7-9A-908(b)(4), th…

(a) The assignor or a creditor may request the circuit court to remove the assignee if the assignor or creditor has a reasonable belief grounds for removal exist under subsection (b). (b) After a request under subsection (a) or on the court’s initiative in an action pending befor…

(a) On completion of an assignee’s duties, the assignee shall send a creditor whose claim is allowed under Section 7-9A-911, and not satisfied in full, a final accounting sufficient to inform the creditor of all material aspects of the assignment, including: (1) A description of …

(a) Subject to subsection (b), an assignment made under the law of another state must be recognized and enforced on an issue if the result for the issue would be substantially similar to the result for the issue if the assignment had been made under this part. (b) If a claim for …

(a) The circuit court may hear and resolve a matter involving the administration of an assignment or the exercise of an assignee’s powers and duties, including a request for instructions or approval or to declare rights. (b) Without limiting the rights of the assignee or a credit…

(a) Subject to other law of this state governing a person from another state serving as a fiduciary in this state, the circuit court may appoint a person serving as an assignee in an assignment in another state, or the person’s nominee, as an ancillary assignee relating to assign…

(a) Except as provided in this section and Section 7-9A-910(b), this part may not be varied by agreement. (b) The duties under Sections 7-9A-908(a) and 7-9A-909(a) may not be disclaimed by agreement. An assignor and the assignee may determine by agreement the standards measuring …

In applying and construing this part, a court shall consider the promotion of uniformity of the law among states that enact this uniform act. (Act 2026-581, §24.)

This part modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001 et seq., but does not modify, limit, or supersede 15 U.S.C. § 7001(c), or authorize electronic delivery of any of the notices described in 15 U.S.C. § 7003(b)…

This part applies to an assignment made on or after October 1, 2026. (Act 2026-581, §26.)