Section 7-9A-611 - [Effective 7/1/2024] Notification before disposition of collateral(a) "Notification date." In this section, "notification date" means the earlier of the date on which:(1) a secured party sends to the debtor and any secondary obligor a signed notification of disposition; or(2) the debtor and any secondary obligor waive the right to notification.(b) Notification of disposition required. Except as otherwise provided in subsection (d), a secured party that disposes of collateral under Section 7-9A-610 shall send to the persons specified in subsection (c) a reasonable signed notification of disposition.(c) Persons to be notified. To comply with subsection (b), the secured party shall send a signed notification of disposition to: (2) any secondary obligor; and(3) if the collateral is other than consumer goods: (A) any other person from which the secured party has received, before the notification date, a signed notification of a claim of an interest in the collateral;(B) any other secured party or lienholder that, 10 days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:(i) identified the collateral;(ii) was indexed under the debtor's name as of that date; and(iii) was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and(C) any other secured party that, 10 days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in Section 7-9A-311(a).(d) Subsection (b) inapplicable: Perishable collateral; recognized market. Subsection (b) does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.(e) Compliance with subsection (c)(3)(B). A secured party complies with the requirement for notification prescribed by subsection (c)(3)(B) if: (1) not later than 20 days or earlier than 30 days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor's name in the office indicated in subsection (c)(3)(B); and(2) before the notification date, the secured party: (A) did not receive a response to the request for information; or(B) received a response to the request for information and sent a signed notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral. Ala. Code § 7-9A-611 (1975)
Amended by Act 2023-492,§ 1, eff. 7/1/2024.Act 2001-481, p. 647, §1.This section is set out more than once due to postponed, multiple, or conflicting amendments.