Code of Alabama
Ala. Code § 7-9-502 (2026)
Collection Rights of Secured Party.
✓ 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Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.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 3
cases, 1982–1989 · 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…”
Cent. Accept. Corp. v. Colonial Bank of Ala., 439 So. 2d 144 (Ala. 1983). “Their contention that the bank can, with impunity, collect the same debt twice ignores the protection afforded by § 7-9-502 (2), which requires that if the bank undertakes to collect on the obligations held as collateral it must proceed in a commercially reasonable manner and…”
Waide v. Tractor & Equip. Co., 545 So. 2d 1327 (Ala. 1989). “1984), and Ala. Code 1975, § 7-9-502(2). For the foregoing reasons, the summary judgment in favor of T E is hereby affirmed.”
— Ala. Code § 7-9-502(2) — 1 case
Waide v. Tractor & Equip. Co., 545 So. 2d 1327 (Ala. 1989). “1984), and Ala. Code 1975, § 7-9-502(2). For the foregoing reasons, the summary judgment in favor of T E is hereby affirmed.”
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