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5-7A-22
Section 5-7A-22 Conversion of national bank, etc., into state bank - Powers and duties of bank,
stockholders, officers, etc., upon issuance of certificate. (a) When the superintendent has
given to such bank a certificate that the provisions of this article have been complied with,
such bank and all its stockholders, officers and employees shall have the same powers and
privileges and shall be subject to the same duties, liabilities and regulations, in all respects,
as shall have been prescribed for banks originally organized as banking corporations under
the laws of Alabama. (b) At the time when such conversion of the national bank into a state
bank, under the charter of the latter, becomes effective, all the property of the national
bank, including all its rights, title and interest in and to all property of whatsoever kind,
whether real, personal or mixed, and things in action, and every right, privilege, interest
and asset of any conceivable value or benefit then existing, belonging...
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7-9A-109
Section 7-9A-109 Scope. (a) General scope of article. Except as otherwise provided in subsections
(c) and (d), this article applies to: (1) a transaction, regardless of its form, that creates
a security interest in personal property or fixtures by contract; (2) an agricultural lien;
(3) a sale of accounts, chattel paper, payment intangibles, or promissory notes; (4) a consignment;
(5) a security interest arising under Section 7-2-401, 7-2-505, 7-2-711(3), or 7-2A-508(5),
as provided in Section 7-9A-110; and (6) a security interest arising under Section 7-4-210
or 7-5-118. (b) Security interest in secured obligation. The application of this article to
a security interest in a secured obligation is not affected by the fact that the obligation
is itself secured by a transaction or interest to which this article does not apply. (c) Extent
to which article does not apply. This article does not apply to the extent that: (1) a statute,
regulation, or treaty of the United States preempts this...
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10A-5-6.04
Section 10A-5-6.04 Death or incompetency of member. REPEALED IN THE 2014 REGULAR SESSION BY
ACT 2014-144 EFFECTIVE JANUARY 1, 2017. (a) Except as otherwise provided in the governing
documents: (1) If a member who is an individual dies or if a court of competent jurisdiction
adjudges a member to be incompetent to manage the member's person or property, the member's
personal representative, conservator, legal representative, heirs, or legatees may exercise
all the member's financial rights for the purpose of settling the member's estate or administering
the member's property, including any power the member had to transfer the membership interest.
(2) If a member is a corporation, limited liability company, trust, general partnership, limited
partnership, registered limited liability partnership, custodianship, or other entity and
is dissolved or terminated, the financial rights of that member may be exercised by the legal
representative or successor of that member. (b) The personal...
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7-5-102
Section 7-5-102 Definitions. (a) In this article: (1) "Adviser" means a person who,
at the request of the issuer, a confirmer, or another adviser, notifies, or requests another
adviser to notify, the beneficiary that a letter of credit has been issued, confirmed, or
amended. (2) "Applicant" means a person at whose request or for whose account a
letter of credit is issued. The term includes a person who requests an issuer to issue a letter
of credit on behalf of another if the person making the request undertakes an obligation to
reimburse the issuer. (3) "Beneficiary" means a person who under the terms of a
letter of credit is entitled to have its complying presentation honored. The term includes
a person to whom drawing rights have been transferred under a transferable letter of credit.
(4) "Confirmer" means a nominated person who undertakes, at the request or with
the consent of the issuer, to honor a presentation under a letter of credit issued by another.
(5) "Dishonor" of a letter...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-5-102.htm - 4K - Match Info - Similar pages
7-9A-322
Section 7-9A-322 Priorities among conflicting security interests in and agricultural liens
on same collateral. (a) General priority rules. Except as otherwise provided in this section,
priority among conflicting security interests and agricultural liens in the same collateral
is determined according to the following rules: (1) Conflicting perfected security interests
and agricultural liens rank according to priority in time of filing or perfection. Priority
dates from the earlier of the time a filing covering the collateral is first made or the security
interest or agricultural lien is first perfected, if there is no period thereafter when there
is neither filing nor perfection. (2) A perfected security interest or agricultural lien has
priority over a conflicting unperfected security interest or agricultural lien. (3) The first
security interest or agricultural lien to attach or become effective has priority if conflicting
security interests and agricultural liens are unperfected. (b)...
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25-5-255
Section 25-5-255 Insolvency fund. Upon receipt of the funds assessed on members, the association
may set aside funds for the administration of its affairs, and the balance of the funds shall
be deposited to an insolvency fund under the following terms: (1) The fund is created for
the purpose of assuring payment of workers' compensation claims against members of the association
who become insolvent; but only those claims which accrue while the insolvent employer is a
member of the association and accrue prior to the determination of insolvency or within 30
days thereafter. The obligation of the fund shall be limited to the obligation of the insolvent
employer under the Workers' Compensation Act, in an amount not to exceed 150 percent of the
amount of security as determined by the department as of the last annual financial review.
The fund shall have all defenses of and shall be subrogated to all rights of the insolvent
employer. The fund shall not be liable for any penalties or interest...
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26-2A-137
Section 26-2A-137 Protective arrangements and single transactions authorized. (a) If it is
established in a proper proceeding that a basis exists for the appointment of a conservator
or protective order as described in Section 26-2A-130, the court, without appointing a conservator,
may authorize, direct, or ratify any transaction necessary or desirable to achieve any security,
service, or care arrangement meeting the foreseeable needs of the protected person. Protective
arrangements include payment, delivery, deposit, or retention of funds or property; sale,
mortgage, lease, or other transfer of property, including, but not limited to the leasing
of oil, gas, and other mineral rights of the protected person; entry into an annuity contract,
a contract for life care, a deposit contract, or a contract for training and education; or
addition to or establishment of a suitable trust. (b) If it is established in a proper proceeding
that a basis exists for the appointment of a conservator or...
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27-42-8
Section 27-42-8 Powers and duties. (a) The association shall: (1)a. Be obligated to pay covered
claims existing prior to the order of liquidation arising within 30 days after the order of
liquidation, or before the policy expiration date if less than 30 days after the order of
liquidation, or before the insured replaces the policy or causes its cancellation, if he or
she does so within 30 days of the order of liquidation. The obligation shall be satisfied
by paying to the claimant an amount as follows: 1. The full amount of a covered claim for
benefits under workers' compensation insurance coverage. 2. An amount not exceeding ten thousand
dollars ($10,000) per policy for a covered claim for the return of unearned premium. 3. An
amount not exceeding three hundred thousand dollars ($300,000) or the policy limits, whichever
is less, per claim for all covered claims. For purposes of this limitation, all claims of
any kind whatsoever arising out of, or related to, bodily injury or death to...
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41-22-3
Section 41-22-3 Definitions. The following words and phrases when used in this chapter shall
have the meanings respectively ascribed to them in this section, except when the context otherwise
requires: (1) AGENCY. Every board, bureau, commission, department, officer, or other administrative
office or unit of the state, including the Alabama Department of Environmental Management,
other than the Legislature and its agencies, the Alabama State Port Authority, the courts,
the Alabama Public Service Commission, or the State Banking Department, whose administrative
procedures are governed by Sections 5-2A-8 and 5-2A-9. The term does not include boards of
trustees of postsecondary institutions, boards of plans administered by public pension systems,
counties, municipalities, or any agencies of local governmental units, unless they are expressly
made subject to this chapter by general or special law. (2) COMMITTEE. The Joint Committee
on Administrative Rule Review, comprised of the members of...
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5-17-22
Section 5-17-22 Merger and conversion procedures. Any credit union, with the approval of the
Administrator of the Alabama Credit Union Administration, may merge with another credit union,
under the existing certificate of organization of the other credit union, pursuant to any
plan agreed upon by the majority of each board of directors of each credit union joining in
the merger. In addition to approval by the administrator and each board of directors, the
membership of the merging credit union must also approve the merger plan in the following
manner: (1) At a meeting called for that purpose, notice of which purpose must be contained
in the call, two-thirds of those voting may vote to approve the merger plan. Voting must be
conducted in accordance with the bylaws of the credit union. The notice must be provided to
the members at least 45 calendar days, but no more than 90 calendar days, prior to the date
of the meeting. (2) After agreement by the directors and approval by the members...
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