The following security interests are perfected when they attach:

(1) a purchase-money security interest in consumer goods, except as otherwise provided in Section property subject to certain statutes, regulations, and treaties” class=”unlinked-ref” datatype=”S” sessionyear=”2020″ statecd=”AL” title=”7″>7-9A-311(b) with respect to consumer goods that are subject to a statute or treaty described in Section 7-9A-311(a);
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Terms Used In Alabama Code 7-9A-309

  • Contract: A legal written agreement that becomes binding when signed.
  • Decedent: A deceased person.
  • following: means next after. See Alabama Code 1-1-1
  • person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
  • property: includes both real and personal property. See Alabama Code 1-1-1
  • Statute: A law passed by a legislature.
(2) an assignment of accounts or payment intangibles which does not by itself or in conjunction with other assignments to the same assignee transfer a significant part of the assignor’s outstanding accounts or payment intangibles;
(3) a sale of a payment intangible;
(4) a sale of a promissory note;
(5) a security interest created by the assignment of a health-care-insurance receivable to the provider of the health-care goods or services;
(6) a security interest arising under Section 7-2-401, 7-2-505, 7-2-711(3), or 7-2A-508(5), until the debtor obtains possession of the collateral;
(7) a security interest of a collecting bank arising under Section 7-4-210;
(8) a security interest of an issuer or nominated person arising under Section 7-5-118;
(9) a security interest arising in the delivery of a financial asset under Section 7-9A-206(c);
(10) a security interest in investment property created by a broker or securities intermediary;
(11) a security interest in a commodity contract or a commodity account created by a commodity intermediary;
(12) an assignment for the benefit of all creditors of the transferor and subsequent transfers by the assignee thereunder; and
(13) a security interest created by an assignment of a beneficial interest in a decedent‘s estate.
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