A security interest in a controllable account, controllable electronic record, or controllable payment intangible held by a secured party having control of the account, electronic record, or payment intangible has priority over a conflicting security interest held by a secured party that does not have control.
Ala. Code § 7-9A-326A
Priority of Security Interest in Controllable Account, Controllable Electronic Record, and Controllable Payment Intangible.
Known as the Uniform Commercial Code
The act spans §§ 7-10-101 to 7-9A-809 (703 sections).
(Act 2023-492, §2.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.