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Can you summarize 7 ALCA Article 9A?
COMMERCIAL CODE. > SECURED TRANSACTIONS.
Short Summary
This legal document outlines the scope and applicability of the Article on Secured Transactions under the Commercial Code of Alabama. It governs transactions and security interests involving personal property, fixtures, agricultural liens, sale of accounts, chattel paper, payment intangibles, promissory notes, consignments, and specific security interests under the Code. The document applies to entities involved in such transactions and security interests under the Commercial Code of Alabama. However, there are exemptions where this article does not apply, such as when preempted by federal law, when another state or foreign statute governs security interests, or when the rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior. No specific penalties are mentioned in this article.
Whom does it apply to?
Entities involved in transactions and security interests under the Commercial Code of Alabama
What does it govern?
Scope and applicability of the Article on Secured Transactions under the Commercial Code of Alabama
What are exemptions?
Preempted by federal law, when another state or foreign statute governs security interests, or when the rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior
What are the Penalties?
No specific penalties are mentioned in this article.
Jurisdiction
Alabama