(a) Article 12A Definitions. In this article:

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Terms Used In Alabama Code 7-12A-102

  • following: means next after. See Alabama Code 1-1-1
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • year: means a calendar year; but, whenever the word "year" is used in reference to any appropriations for the payment of money out of the treasury, it shall mean fiscal year. See Alabama Code 1-1-1
(1) “Adjustment date” means July 1, 2025, or the date that is one year after the effective date of this act, whichever is later.
(2) “Article 12” means Article 12 of the Uniform Commercial Code.
(3) “Article 12 property” means a controllable account, controllable electronic record, or controllable payment intangible.
(4) “Article 9A” means Article 9A of the Uniform Commercial Code.
(b) Definitions in other articles. The following definitions in other articles of the Uniform Commercial Code apply to this article:

Controllable account.” Section 7-9A-102.

Controllable electronic record.” Section 7-12-102.

Controllable payment intangible.” Section 7-9A-102.

Financing statement.” Section 7-9A-102.

(c) Article 1 definitions and principles. Article 1 of the Uniform Commercial Code contains general definitions and principles of construction and interpretation applicable throughout this article.
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