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5-24-24
Section 5-24-24 Payment to designated agent. A financial institution, on request of an agent
under an agency designation for an account, may pay to the agent sums on deposit in the account,
whether or not a party is disabled, incompetent, incapacitated, or deceased when the request
is made or received, and whether or not the authority of the agent terminates on the death,
disability, incompetency, or incapacity of a party. (Acts 1997, No. 97-644, p. 1177, §1.)...
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5-24-5
Section 5-24-5 Designation of agent. (a) By a signed writing, a party may designate one or
more persons other than a party as his or her agent on an account. Unless the terms of the
agency designation provide otherwise, the agency designation may be revoked or amended only
by the party making the designation or by a guardian, conservator, or other fiduciary appointed
by a court of the party's domicile and charged with the management of the account. (b) Unless
the terms of an agency designation provide otherwise, the agent's authority survives disability,
incompetency, and incapacity of the party making the agency designation. The agent may act
for a disabled, incompetent, or incapacitated party until the authority of the agent is revoked.
(c) Death of the party making the agency designation terminates the authority of an agent.
(Acts 1997, No. 97-644, p. 1177, §1.)...
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5-24-1
Section 5-24-1 Definitions. In this chapter: (1) ACCOUNT means a contract of deposit between
a depositor and a financial institution, and includes a checking account, savings account,
time deposit, certificate of deposit, and share account. (2) AGENT means a person authorized
to make account transactions for a party. (3) BENEFICIARY means a person named as one to whom
sums on deposit in an account are payable on request after death of all parties or for whom
a party is named as trustee. (4) DEVISEE means any person designated in a will to receive
a testamentary disposition of real or personal property. (5) FINANCIAL INSTITUTION means an
organization authorized to do business under state or federal laws relating to financial institutions,
and includes a bank, trust company, savings bank, building and loan association, savings and
loan company or association, and credit union. (6) HEIRS means those persons, including surviving
spouse, who are entitled under the statutes of intestate...
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40-29-23.1
Section 40-29-23.1 Development and operation of financial institution data match program. (a)
For purposes of this section the following terms shall have the following meanings: (1) ACCOUNT.
A demand deposit account, checking account, negotiable withdrawal order account, savings account,
time deposit account, or money-market mutual fund account. (2) ACCOUNT HOLDER. A person or
persons authorized to perform transactions on behalf of an account. (3) DELINQUENT TAXPAYER.
A taxpayer with an outstanding tax liability for which a final assessment has been entered
that is no longer subject to appeal under the Alabama Taxpayer's Bill of Rights, so that the
assessment is final, due, and owing, and for whom both of the following conditions are true:
a. The tax liability remains unpaid after 10 days from the issuance of a final notice before
seizure by the department. b. The person is not making current timely installment payments
on the tax liability under agreement with the department. (4)...
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26-1-2
Death Act, if in the opinion of the principal's attending physician the principal is no longer
able to give directions to health care providers. Subject to the express limitation on the
authority of the attorney in fact contained in the durable power of attorney, the attorney
in fact may make any health care decision on behalf of the principal that the principal could
make but for the lack of capacity of the principal to make a decision, but not including psychosurgery,
sterilization, abortion when not necessary to preserve the life of the principal, or
involuntary hospitalization or treatment covered by Subtitle 2 of Title 22. A durable power
of attorney executed pursuant to this section may be revoked by written revocation signed
and dated by the principal or person acting at the direction of the principal, or being obliterated,
burnt, torn, or otherwise destroyed or defaced in a manner indicating intention to cancel
or by a verbal expression of intent to revoke made in the...
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39-2-12
Section 39-2-12 Partial and final payments of contractors by awarding authorities. (a) As used
in this section the following words shall have the meanings ascribed to them as follows: (1)
CONTRACTOR. Any natural person, partnership, company, firm, corporation, association, limited
liability company, cooperative, or other legal entity licensed by the Alabama State Licensing
Board for General Contractors. (2) NONRESIDENT CONTRACTOR. A contractor which is neither a.
organized and existing under the laws of the State of Alabama, nor b. maintains its principal
place of business in the State of Alabama. A nonresident contractor which has maintained a
permanent branch office within the State of Alabama for at least five continuous years shall
not thereafter be deemed to be a nonresident contractor so long as the contractor continues
to maintain a branch office within Alabama. (3) RETAINAGE. That money belonging to the contractor
which has been retained by the awarding authority conditioned on...
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19-3B-816
Section 19-3B-816 Specific powers of trustee. (a) Without limiting the authority conferred
by Section 19-3B-815, a trustee may: (1) collect trust property and accept or reject additions
to the trust property from a settlor or any other person, including, but not being limited
to, the authority to receive, collect, hold, and retain common or preferred stock or other
interests in the trustee or any related party; (2) acquire or sell property, for cash or on
credit, at public or private sale; (3) exchange, partition, or otherwise change the character
of trust property; (4) deposit trust money in an account in a regulated financial-service
institution; (5) borrow money, with or without security, and mortgage or pledge trust property
for a period within or extending beyond the duration of the trust; (6) with respect to an
interest in a proprietorship, partnership, limited liability company, business trust, corporation,
or other form of business or enterprise, continue the business or other...
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5-17-8
Section 5-17-8 Reports to Administrator of Alabama Credit Union Administration; powers of administrator.
(a) Credit unions shall report to the Administrator of the Alabama Credit Union Administration
at least annually on or before January 31 in such manner and form as required by the administrator
for that purpose. Additional reports may be required. Credit unions shall be examined at least
every 18 months by employees of the administration or by other persons designated by the administrator.
For failure to file reports when due, unless excused for cause by the administrator, the credit
union shall pay to the State Treasurer five dollars ($5) for each day of its delinquency.
(b) If the administrator determines that the credit union is violating this chapter, or is
insolvent, the administrator may suspend operations of the credit union by issuing an order
requiring that the credit union cease operations pending a hearing on the revocation of the
certificate of approval, or the...
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5-24-22
Section 5-24-22 Payment on multiple-party account. A financial institution, on request, may
pay sums on deposit in a multiple-party account to: (1) One or more of the parties, whether
or not another party is disabled, incapacitated, or deceased when payment is requested and
whether or not the party making the request survives another party; or (2) The personal representative,
if any, of a deceased party if proof of death is presented to the financial institution showing
that the deceased party was the survivor of all other persons named on the account either
as a party or beneficiary, unless the account is without right of survivorship under Section
5-24-12; or (3) The persons named in Section 5-5A-38, in accordance with the procedures set
forth in Sections 5-5A-38 and 5-5A-39. (Acts 1997, No. 97-644, p. 1177, §1.)...
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5-24-23
Section 5-24-23 Payment on POD designation. A financial institution, on request, may pay sums
on deposit in an account with a POD designation to: (1) One or more of the parties, whether
or not another party is disabled, incapacitated, or deceased when the payment is requested
and whether or not a party survives another party; (2) The beneficiary or beneficiaries, if
proof of death is presented to the financial institution showing that the beneficiary or beneficiaries
survived all persons named as parties; or (3) The personal representative, if any, if proof
of death is presented to the financial institution showing that the deceased party was the
survivor of all other persons named on the account either as a party or beneficiary; or (4)
The persons named in Section 5-5A-38, in accordance with the procedures in Sections 5-5A-38
and 5-5A-39. (Acts 1997, No. 97-644, p. 1177, §1.)...
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