7-2-702
Section 7-2-702 Seller's remedies on discovery of buyer's insolvency. (1) Where the seller discovers the buyer to be insolvent he may refuse delivery except for cash, including payment for all goods theretofore delivered under the contract, and stop delivery under this article (Section 7-2-705). (2) Where the seller discovers that the buyer has received goods on credit while insolvent he may reclaim the goods upon demand made within 10 days after the receipt, but if misrepresentation of solvency has been made to the particular seller in writing within three months before delivery the 10-day limitation does not apply. Except as provided in this subsection the seller may not base a right to reclaim goods on the buyer's fraudulent or innocent misrepresentation of solvency or of intent to pay. (3) The seller's right to reclaim under subsection (2) is subject to the rights of a buyer in ordinary course or other good faith purchaser or lien creditor under this article (Section 7-2-403)....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-2-702.htm - 1K - Match Info - Similar pages
7-9A-108
Section 7-9A-108 Sufficiency of description. (a) Sufficiency of description. Except as otherwise provided in subsections (c), (d), and (e), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described. (b) Examples of reasonable identification. Except as otherwise provided in subsection (d), a description of collateral reasonably identifies the collateral if it identifies the collateral by: (1) specific listing; (2) category; (3) except as otherwise provided in subsection (e), a type of collateral defined in the Uniform Commercial Code; (4) quantity; (5) computational or allocational formula or procedure; or (6) except as otherwise provided in subsection (c), any other method, if the identity of the collateral is objectively determinable. (c) Supergeneric description not sufficient. A description of collateral as "all the debtor's assets" or "all the debtor's personal property" or using words of similar import...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-108.htm - 2K - Match Info - Similar pages
7-9A-525
Section 7-9A-525 Fees. (a) Initial financing statement or other record: General rule. Except as otherwise provided in subsection (e), and except that no filing fee is required for the filing of a termination statement pursuant to Section 7-9A-513, the fee for filing and indexing a record under this part is: (1) $20.00 if the record is communicated in writing and consists of one or two pages; (2) $20.00 plus $2.00 for each page more than two if the record is communicated in writing and consists of more than two pages; and (3) $15.00 if the record is communicated by another medium authorized by filing-office rule. (b) Initial financing statement: Manufactured-housing transactions: Section 7-9A-502(c). Except as otherwise provided in subsection (c), the fee for filing and indexing an initial financing statement of the kind described in Section 7-9A-502(c) is $10.00 if the financing statement indicates that it is filed in connection with a manufactured-home transaction. (c) Number of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-525.htm - 5K - Match Info - Similar pages
8-37-5
Section 8-37-5 (Effective January 1, 2018) Disclosure requirements. Subject to Section 8-37-7, a creditor that offers a GAP waiver shall disclose, as applicable, in writing and in clear, understandable language that is easy to read, all of the following: (1) The name and address of the initial creditor and the borrower at the time of sale and the identity of any administrator if different from the creditor. (2) The purchase price and the terms of the GAP waiver, including without limitation, the requirements for protection, conditions, or exclusions associated with the GAP waiver. (3) That the borrower may cancel the GAP waiver within a Free Look Period as specified in the waiver, and will be entitled to a full refund of the purchase price, so long as no benefits have been provided. If cancelled after the Free Look Period and no benefits have been provided, the borrower shall receive a pro rata refund less a cancellation fee no greater than fifty dollars ($50) in accordance with the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-37-5.htm - 2K - Match Info - Similar pages
7-9A-626
Section 7-9A-626 Action in which deficiency or surplus is in issue. (a) Applicable rules if amount of deficiency or surplus in issue. In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply: (1) A secured party need not prove compliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor places the secured party's compliance in issue. (2) If the secured party's compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with this part. (3) Except as otherwise provided in Section 7-9A-628, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in accordance with the provisions of this part relating to collection, enforcement, disposition,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-626.htm - 2K - Match Info - Similar pages
34-27-82
Section 34-27-82 Roles and duties of licensees; written disclosure documents; exceptions; brokerage agreements. (a) When engaged in any real estate transaction, the licensee may act as a single agent, sub-agent, a limited consensual dual agent, or as a transaction broker. (b) At the initial contact between a licensee and the consumer and until such time a broker enters into a specific written agreement to establish an agency relationship with one or more of the parties to a transaction, the licensee shall not be considered an agent of that consumer. An agency relationship shall not be assumed, implied, or created without a written bilateral agreement establishing the terms of the agency relationship. (c) As soon as reasonably possible and before any confidential information is disclosed to any other person by a licensee, the licensee shall provide a written disclosure form to a consumer for signature describing the alternative types of brokerage services, as identified in subsection...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-82.htm - 3K - Match Info - Similar pages
10A-2A-7.22
Section 10A-2A-7.22 Proxies. (a) A stockholder may vote the stockholder's stock in person or by proxy. (b) A stockholder, or the stockholder's agent or attorney-in-fact, may appoint a proxy to vote or otherwise act for the stockholder by signing an appointment form, or by an electronic transmission. An electronic transmission must contain or be accompanied by information from which the recipient can determine the date of the transmission and that the transmission was authorized by the sender or the sender's agent or attorney-in-fact. (c) An appointment of a proxy is effective when a signed appointment form or an electronic transmission of the appointment is received by the inspector of election or the officer or agent of the corporation authorized to count votes. An appointment is valid for the term provided in the appointment form, and, if no term is provided, is valid for 11 months unless the appointment is irrevocable under subsection (d). (d) An appointment of a proxy is revocable...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2A-7.22.htm - 3K - Match Info - Similar pages
5-5A-30
Section 5-5A-30 Transactions of business on legal holidays; use of automated teller machine or other instrumentality, transaction fees, disclosure; limitation on contractual fee restrictions, intent of limitation, applicability. (a) Any bank may lawfully receive deposits or paychecks or sight drafts and transact any other business on any legal holiday, excepting Sunday, in the same manner and way that it is authorized to do on any legal banking day. (b) Nothing in this section, nor any other law of this state, shall be construed to prohibit a bank the use of an automated teller machine, or other instrumentality as authorized by Section 5-2A-7 and Section 5-2A-8, 24 hours each day of the week including Sunday, and the use of the machine or other instrumentality by any bank is hereby authorized, provided the machine or other instrumentality and the use thereof is first approved by the appropriate bank regulatory authority, if the approval is required. A bank owning or operating a machine...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-5A-30.htm - 2K - Match Info - Similar pages
7-2A-103
Section 7-2A-103 Definitions and index of definitions. (1) In this article unless the context otherwise requires: (a) "Buyer in ordinary course of business" means a person who in good faith and without knowledge that the sale to him or her is in violation of the ownership rights or security interest or leasehold interest of a third party in the goods, buys in ordinary course from a person in the business of selling goods of that kind but does not include a pawnbroker. "Buying" may be for cash or by exchange of other property or on secured or unsecured credit and includes receiving goods or documents of title under a pre-existing contract for sale but does not include a transfer in bulk or as security for or in total or partial satisfaction of a money debt. (b) "Cancellation" occurs when either party puts an end to the lease contract for default by the other party. (c) "Commercial unit" means such a unit of goods as by commercial usage is a single whole for purposes of lease and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-2A-103.htm - 10K - Match Info - Similar pages
7-9A-320
Section 7-9A-320 Buyer of goods; Alabama Farmers Credit Protection Fund. (a) Buyer in ordinary course of business. Except as otherwise provided in subsection (e), a buyer in ordinary course of business, other than a person buying farm products from a person engaged in farming operations, takes free of a security interest created by the buyer's seller, even if the security interest is perfected and the buyer knows of its existence. (b) Buyer of consumer goods. Except as otherwise provided in subsection (e), a buyer of goods from a person who used or bought the goods for use primarily for personal, family, or household purposes takes free of a security interest, even if perfected, if the buyer buys: (1) without knowledge of the security interest; (2) for value; (3) primarily for the buyer's personal, family, or household purposes; and (4) before the filing of a financing statement covering the goods. (c) Effectiveness of filing for subsection (b). To the extent that it affects the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-320.htm - 6K - Match Info - Similar pages
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