Alabama Code 7-9A-331 v2. Priority of rights of purchasers of controllable accounts, controllable electronic records, controllable payments intangibles, instruments, documents, and securities under other articles; priority of interests in financial a…
(a) Rights under Articles 3, 7, 8, and 12 not limited. This article does not limit the rights of a holder in due course of a negotiable instrument, a holder to which a negotiable document of title has been duly negotiated, a protected purchaser of a security, or a qualifying purchaser of a controllable account, controllable electronic record, or controllable payment intangible. These holders or purchasers take priority over an earlier security interest, even if perfected, to the extent provided in Articles 3, 7, 8, and 12.
Terms Used In Alabama Code 7-9A-331 v2
person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
(b) Protection under Articles 8 and 12. This article does not limit the rights of or impose liability on a person to the extent that the person is protected against the assertion of a claim under Articles 8 or 12.(c) Filing not notice. Filing under this article does not constitute notice of a claim or defense to the holders, or purchasers, or persons described in subsections (a) and (b).
