Code of Alabama
Ala. Code § 7-9-308 (2026)
Purchase of Chattel Paper and Instruments.
✓ official Alabama Legislature (ALISON) text, current July 2026
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399.)
Notes of Decisions
Cited in 2
cases, 1979–1982 · leading case: Wadsworth v. Yancey Bros. Co., 423 So. 2d 1343 (Ala. 1982).
Wadsworth v. Yancey Bros. Co., 423 So. 2d 1343 (Ala. 1982). “See, specifically, § 7-9-102(1)(b) (sale of chattel paper); § 7-9-102(2) (transfer for security of chattel paper); § 7-9-105(1)(a) (definition of account debtor), -(1)(b) (definition of chattel paper), -(1)(d) (definition of debtor); § 7-9-308 (priority of rights after outright…”
Citizens & S. Factors, Inc. v. Small Bus. Admin., 375 So. 2d 251 (Ala. 1979). “Such security interest is prior to a security interest asserted under paragraph (a) to the extent that the transferee of the chattel paper was entitled to priority under section 7-9-308. (c) An unpaid transferee of the account has a security interest in the goods against the…”
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