Title 7 — Title 7
0 chapters · 712 sections in this title.
Ala. Code § 7-8-303 Protected Purchaser
0.4K chars
(a) “Protected purchaser” means a purchaser of a certificated or uncertificated security, or of an interest therein, who: (1) gives value; (2) does not have notice of any adverse claim to the security; and (3) obtains control of the certificated or uncertificated security. (b) A …
Ala. Code § 7-8-304 Indorsement
1.5K chars
(a) An indorsement may be in blank or special. An indorsement in blank includes an indorsement to bearer. A special indorsement specifies to whom a security is to be transferred or who has power to transfer it. A holder may convert a blank indorsement to a special indorsement. (b…
Ala. Code § 7-8-305 Instruction
0.5K chars
(a) If an instruction has been originated by an appropriate person but is incomplete in any other respect, any person may complete it as authorized and the issuer may rely on it as completed, even though it has been completed incorrectly. (b) Unless otherwise agreed, a person ini…
Ala. Code § 7-8-306 Effect of Guaranteeing Signature, Indorsement, or Instruction
2.7K chars
(a) A person who guarantees a signature of an indorser of a security certificate warrants that at the time of signing: (1) the signature was genuine; (2) the signer was an appropriate person to indorse, or if the signature is by an agent, the agent had actual authority to act on …
Ala. Code § 7-8-307 Purchaser’s Right to Requisites for Registration of Transfer
0.5K chars
Unless otherwise agreed, the transferor of a security on due demand shall supply the purchaser with proof of authority to transfer or with any other requisite necessary to obtain registration of the transfer of the security, but if the transfer is not for value, a transferor need…
Ala. Code § 7-8-401 Duty of Issuer to Register Transfer
1.6K chars
(a) If a certificated security in registered form is presented to an issuer with a request to register transfer or an instruction is presented to an issuer with a request to register transfer of an uncertificated security, the issuer shall register the transfer as requested if: (…
Ala. Code § 7-8-402 Assurance That Indorsement or Instruction Is Effective
2.0K chars
(a) An issuer may require the following assurance that each necessary indorsement or each instruction is genuine and authorized: (1) in all cases, a guaranty of the signature of the person making an indorsement or originating an instruction including, in the case of an instructio…
Ala. Code § 7-8-403 Demand That Issuer Not Register Transfer
2.7K chars
(a) A person who is an appropriate person to make an indorsement or originate an instruction may demand that the issuer not register transfer of a security by communicating to the issuer a notification that identifies the registered owner and the issue of which the security is a …
Ala. Code § 7-8-404 Wrongful Registration
1.7K chars
(a) Except as otherwise provided in Section 7-8-406, an issuer is liable for wrongful registration of transfer if the issuer has registered a transfer of a security to a person not entitled to it, and the transfer was registered: (1) pursuant to an ineffective indorsement or inst…
Ala. Code § 7-8-405 Replacement of Lost, Destroyed, or Wrongfully Taken Security
1.1K chars
Certificate. (a) If an owner of a certificated security, whether in registered or bearer form, claims that the certificate has been lost, destroyed, or wrongfully taken, the issuer shall issue a new certificate if the owner: (1) so requests before the issuer has notice that the c…
Ala. Code § 7-8-406 Obligation to Notify Issuer of Lost, Destroyed, or Wrongfully Taken
0.5K chars
Security Certificate. If a security certificate has been lost, apparently destroyed, or wrongfully taken, and the owner fails to notify the issuer of that fact within a reasonable time after the owner has notice of it and the issuer registers a transfer of the security before rec…
Ala. Code § 7-8-407 Authenticating Trustee, Transfer Agent, and Registrar
0.5K chars
A person acting as authenticating trustee, transfer agent, registrar, or other agent for an issuer in the registration of a transfer of its securities, in the issue of new security certificates or uncertificated securities, or in the cancellation of surrendered security certifica…
Ala. Code § 7-8-501 Securities Account; Acquisition of Security Entitlement from Securities
1.6K chars
Intermediary. (a) “Securities account” means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the ri…
Ala. Code § 7-8-502 Assertion of Adverse Claim Against Entitlement Holder
0.4K chars
An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who acquired a security entitlement with respect to such financial asset under Section 7-8-5…
Ala. Code § 7-8-503 Property Interest of Entitlement Holder in Financial Asset Held by
2.8K chars
Securities Intermediary. (a) To the extent necessary for a securities intermediary to satisfy all security entitlements with respect to a particular financial asset, all interests in that financial asset held by the securities intermediary are held by the securities intermediary …
Ala. Code § 7-8-504 Duty of Securities Intermediary to Maintain Financial Asset
1.2K chars
(a) A securities intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity corresponding to the aggregate of all security entitlements it has established in favor of its entitlement holders with respect to that financial asset. The securities inte…
Ala. Code § 7-8-505 Duty of Securities Intermediary with Respect to Payments and
0.8K chars
Distributions. (a) A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. A securities intermediary satisfies the duty if: (1) the securities intermediary acts with respect to the duty as agreed upon by the entitle…
Ala. Code § 7-8-506 Duty of Securities Intermediary to Exercise Rights as Directed by
0.7K chars
Entitlement Holder. A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. A securities intermediary satisfies the duty if: (1) the securities intermediary acts with respect to the duty as agreed upon by th…
Ala. Code § 7-8-507 Duty of Securities Intermediary to Comply with Entitlement Order
1.3K chars
(a) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has had reasonable opportunity to assure itself that the entitlement order is genuine and authorized, and the securit…
Ala. Code § 7-8-508 Duty of Securities Intermediary to Change Entitlement Holder’s Position
0.8K chars
to Other Form of Security Holding. A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into another available form of holding for which the entitlement holder is eligible, or to cause the financial asset to be transferred…
Ala. Code § 7-8-509 Specification of Duties of Securities Intermediary by Other Statute or
1.5K chars
Regulation; Manner of Performance of Duties of Securities Intermediary and Exercise of Rights of Entitlement Holder. (a) If the substance of a duty imposed upon a securities intermediary by Sections 7- 8-504 through 7-8-508 is the subject of other statute, regulation, or rule, co…
Ala. Code § 7-8-510 Rights of Purchaser of Security Entitlement from Entitlement Holder
2.0K chars
(a) In a case not covered by the priority rules in Article 9A or the rules stated in subsection (c), an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may …
Ala. Code § 7-8-511 Priority Among Security Interests and Entitlement Holders
1.3K chars
(a) Except as otherwise provided in subsections (b) and (c), if a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to that financial asset and its oblig…
Ala. Code § 7-8-601 Effective Date
0.1K chars
This act takes effect January 1, 1996. History: (Acts 1996, No. 96-742, p. 1241, §1.)
Ala. Code § 7-8-602 Repeals
0.2K chars
This act repeals Sections 8-6-70 through 8-6-80, cited as the Uniform Act for Simplification of Fiduciary Security Transfers. History: (Acts 1996, No. 96-742, p. 1241, §1.)
Ala. Code § 7-8-603 Savings Clause
1.1K chars
(a) This act does not affect an action or proceeding commenced before this act takes effect. (b) If a security interest in a security is perfected at the date this act takes effect, and the action by which the security interest was perfected would suffice to perfect a security in…
Ala. Code § 7-9-101 Short Title
0.1K chars
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. History: (Acts 1965, No. 549, p. 811.)
Ala. Code § 7-9-102 Policy and Subject Matter of Article
0.1K chars
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. History: (Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399.)
Ala. Code § 7-9-103 Perfection of Security Interests in Multiple State Transactions
0.2K chars
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. History: (Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399; Acts 1996, No. 96-742, p. 1241, §2; Acts 1997, No. 97-702, §2.)
Ala. Code § 7-9-104 Transactions Excluded from Article
0.2K chars
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. History: (Acts 1965, No. 549, p. 811; Acts 1965, 3rd Ex. Sess., No. 30, p. 237, §2; Acts 1981, No. 81-312, p. 399; Acts 1997, No. 97-702, §2.)
Ala. Code § 7-9-105 Definitions and Index of Definitions
0.3K chars
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. History: (Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399; Acts 1995, No. 95-668, p. 1381, §4; Acts 1996, No. 96-742, p. 1241, §2; Acts 1997, No. 97-702, &sec…
Ala. Code § 7-9-106 Definitions: “Account”; “General Intangibles.”
0.2K chars
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. History: (Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399; Acts 1996, No. 96-742, p. 1241, §2; Acts 1997, No. 97-702, §2.)
Ala. Code § 7-9-107 Definitions: “Purchase Money Security Interest.”
0.1K chars
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. History: (Acts 1965, No. 549, p. 811.)
Ala. Code § 7-9-108 When After-Acquired Collateral Not Security for Antecedent Debt
0.1K chars
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. History: (Acts 1965, No. 549, p. 811.)
Ala. Code § 7-9-109 Classification of Goods; “Consumer Goods”; “Equipment”; “Farm
0.1K chars
Products”; “Inventory”. Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. History: (Acts 1965, No. 549, p. 811.)
Ala. Code § 7-9-110 Sufficiency of Description
0.1K chars
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. History: (Acts 1965, No. 549, p. 811.)
Ala. Code § 7-9-111 Applicability of Bulk Transfer Laws
0.1K chars
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. History: (Acts 1965, No. 549, p. 811.)
Ala. Code § 7-9-112 Where Collateral Is Not Owned by Debtor
0.1K chars
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. History: (Acts 1965, No. 549, p. 811.)
Ala. Code § 7-9-113 Security Interests Arising Under the Article on Sales or Under the Article
0.2K chars
on Leases. Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. History: (Acts 1965, No. 549, p. 811; Acts 1992, 2nd Ex. Sess., No. 92-700, p. 92, §603.)
Ala. Code § 7-9-114 Consignment
0.1K chars
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. History: (Acts 1981, No. 81-312, p. 399.)
Ala. Code § 7-9-115 Investment Property
0.1K chars
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. History: (Acts 1996, No. 96-742, p. 1241, §3.)
Ala. Code § 7-9-116 Security Interest Arising in Purchase or Delivery of Financial Asset
0.1K chars
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. History: (Acts 1996, No. 96-742, p. 1241, §3.)
Ala. Code § 7-9-201 General Validity of Security Agreement
0.1K chars
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. History: (Acts 1965, No. 549, p. 811.)
Ala. Code § 7-9-202 Title to Collateral Immaterial
0.1K chars
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. History: (Acts 1965, No. 549, p. 811.)
Ala. Code § 7-9-203 Attachment and Enforceability of Security Interest; Proceeds; Formal
0.2K chars
Requisites. Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. History: (Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399; Acts 1995, No. 95-668, p. 1381, §4; Acts 1996, No. 96-742, p. 1241, §2.)
Ala. Code § 7-9-204 After-Acquired Property; Future Advances
0.2K chars
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. History: (Acts 1965, No. 549, p. 811; Acts 1979, No. 79-256, p. 390; Acts 1981, No. 81-312, p. 399; Acts 1983, No. 83-605, p. 942, §1.)
Ala. Code § 7-9-205 Use or Disposition of Collateral Without Accounting Permissible
0.1K chars
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. History: (Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399.)
Ala. Code § 7-9-206 Agreement Not to Assert Defenses Against Assignee; Modification of
0.2K chars
Sales Warranties Where Security Agreement Exists. Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. History: (Acts 1965, No. 549, p. 811; Acts 1995, No. 95-668, p. 1381, §4.)
Ala. Code § 7-9-207 Rights and Duties When Collateral Is in Secured Party’s Possession
0.1K chars
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. History: (Acts 1965, No. 549, p. 811.)
Ala. Code § 7-9-208 Request for Statement of Account or List of Collateral
0.1K chars
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. History: (Acts 1965, No. 549, p. 811.)