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5-24-4
Section 5-24-4 Forms. (a) A contract of deposit may contain provisions in substantially the
following form to establish the type of account provided, and the account shall be governed
by the provisions of this chapter applicable to an account of that type: UNIFORM SINGLE- OR
MULTIPLE-PARTY ACCOUNT FORM PARTIES [Name One Or More Parties]: ___ ___ OWNERSHIP [Select
One]: ___ SINGLE-PARTY ACCOUNT ___ MULTIPLE-PARTY ACCOUNT Parties own account during the lifetime
of all parties in proportion to net contributions unless there is clear and convincing evidence
of a different intent. RIGHTS AT DEATH [Select One]: ___ SINGLE-PARTY ACCOUNT At death of
party, ownership passes as part of party's estate. ___ SINGLE-PARTY ACCOUNT WITH POD (PAY
ON DEATH) DESIGNATION [Name One Or More Beneficiaries]: ___ ___ At death of party, ownership
passes to POD beneficiaries and is not part of party's estate....
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5-24-12
Section 5-24-12 Rights at death. (a) Except as otherwise provided in this chapter, on death
of a party sums on deposit in a multiple-party account belong to the surviving party or parties.
If two or more parties survive and one is the surviving spouse of the decedent, the amount
to which the decedent, immediately before death, was beneficially entitled under Section 5-24-11
belongs to the surviving spouse. If two or more parties survive and none is the surviving
spouse of the decedent, the amount to which the decedent, immediately before death, was beneficially
entitled under Section 5-24-11 belongs to the surviving parties in equal shares, and augments
the proportion to which each survivor, immediately before the decedent's death, was beneficially
entitled under Section 5-24-11, and the right of survivorship continues between the surviving
parties. (b) In an account with a POD designation: (1) On death of one of two or more parties,
the rights in sums on deposit are governed by...
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40-27-1
Section 40-27-1 Compact adopted; terms. The following Multistate Tax Compact is hereby approved,
adopted and enacted into law by the State of Alabama: Multistate Tax Compact Article I. Purposes.
The purposes of this compact are to: 1. Facilitate proper determination of state and local
tax liability of multistate taxpayers, including the equitable apportionment of tax bases
and settlement of apportionment disputes. 2. Promote uniformity or compatibility in significant
components of tax systems. 3. Facilitate taxpayer convenience and compliance in the filing
of tax returns and in other phases of tax administration. 4. Avoid duplicative taxation. Article
II. Definitions. As used in this compact: 1. "State" means a state of the United
States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession
of the United States. 2. "Subdivision" means any governmental unit or special district
of a state. 3. "Taxpayer" means any corporation, partnership, firm,...
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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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32-7-22
Section 32-7-22 Motor vehicle liability policy defined; policy provisions. (a) A motor vehicle
liability policy, as the term is used in this chapter, means an owner's or an operator's policy
of liability insurance, certified as provided in Section 32-7-20 or Section 32-7-21 as proof
of financial responsibility, and issued, except as otherwise provided in Section 32-7-21,
by an insurance carrier duly authorized to transact business in this state, to or for the
benefit of the person named in the policy as insured. (b) The owner's policy of liability
insurance: (1) Shall designate by explicit description or by appropriate reference all motor
vehicles to be insured; and (2) Shall insure the person named in the policy and any other
person, as insured, using any motor vehicle or motor vehicles designated in the policy with
the express or implied permission of the named insured, against loss from the liability imposed
by law for damages arising out of the ownership, maintenance, or use of...
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8-6-146
Section 8-6-146 Death of owner. On death of a sole owner or the last to die of all multiple
owners, ownership of securities registered in beneficiary form passes to the beneficiary or
beneficiaries who survive all owners. On proof of death of all owners and compliance with
any applicable requirements of the registering entity, a security registered in beneficiary
form may be reregistered in the name of the beneficiary or beneficiaries who survived the
death of all owners. Until division of the security after the death of all owners, multiple
beneficiaries surviving the death of all owners hold their interests as tenants in common.
If no beneficiary survives the death of all owners, the security belongs to the estate of
the deceased sole owner or the estate of the last to die of all multiple owners. (Acts 1997,
No. 97-703, p. 1451, §7; Act 98-279, p. 1451, §1.)...
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8-6-143
Section 8-6-143 Registration - Designation of a beneficiary. A security, whether evidenced
by certificate or account, is registered in beneficiary form when the registration includes
a designation of a beneficiary to take the ownership at the death of the owner or the deaths
of all multiple owners. (Acts 1997, No. 97-703, p. 1451, §4.)...
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12-18-156
Section 12-18-156 Payments from plan; optional allowances; replacement beneficiaries. (a) Should
a member cease to be a judge or clerk except by death or by retirement under the provisions
of this article, the contributions standing to the credit of his or her individual account
in the fund shall be paid to him or her upon demand and, in addition to such payment, there
shall be paid five-tenths of the interest accumulations standing to the credit of his or her
individual account if he or she shall have not less than three but less than 16 years of membership
service, six-tenths of such interest accumulations if he or she shall have not less than 16
but less than 21 years of membership service, seven-tenths of such interest accumulations
if he or she shall have not less than 21 but less than 26 years of membership service and
eight-tenths of such interest accumulations if he or she shall have not less than 26 years
of membership service. (b) In case of the death of a member eligible for...
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12-17-227.6
Section 12-17-227.6 (Effective November 8, 2016, subject to contingencies) Payments from plan;
optional allowances; replacement beneficiaries. (a) Should a member cease to be a district
attorney except by death or by retirement under the provisions of this division, the contributions
standing to the credit of his or her individual account in the fund shall be paid to him or
her upon demand and, in addition to such payment, there shall be paid five-tenths of the interest
accumulations standing to the credit of his or her individual account if he or she shall have
not less than three but less than 16 years of membership service, six-tenths of such interest
accumulations if he or she shall have not less than 16 but less than 21 years of membership
service, seven-tenths of such interest accumulations if he or she shall have not less than
21 but less than 26 years of membership service and eight-tenths of such interest accumulations
if he or she shall have not less than 26 years of...
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5-24-6
Section 5-24-6 Applicability of chapter. The provisions of Article 2 concerning beneficial
ownership as between parties or as between parties and beneficiaries apply only to controversies
between those persons and their creditors and other successors, and do not apply to the right
of those persons to payment as determined by the terms of the account. Article 3 governs the
liability and set-off rights of financial institutions that make payments pursuant to it.
(Acts 1997, No. 97-644, p. 1177, §1.)...
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