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5-27-1
Section 5-27-1 (Effective January 1, 2018) Legislative findings. The Legislature finds
and declares the following: (1) Federal law allows both depository financial institutions
and credit unions to hold savings promotion contests, subject to certain conditions and authorization
under state law. (2) Savings promotion contests in other states and countries have led to
an increase in the number and amount of funds in personal savings accounts. (3) Savings promotion
contests encourage people to save money by adding a feature to personal savings accounts that
includes a chance to win prizes. (4) Savings promotion contests are not lotteries because
they do not require individuals to pay consideration for a chance to win a prize, and the
individual maintains ownership of the money that is deposited into a savings account or other
qualifying account. (5) The prizes are funded through the interest that accrues across the
pool of savings accounts participating in the promotion contest. (6) It is...
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5-27-2
Section 5-27-2 (Effective January 1, 2018) Definitions. When used in this chapter, the
following words and phrases shall have the following meanings: (1) APPROPRIATE STATE OR FEDERAL
REGULATORY AGENCY. The state or federal agency that is statutorily responsible for the supervision
of all or part of the operations of a participating financial institution. (2) DEPOSITOR.
An individual member or customer of a financial institution who meets all of the following
requirements: a. Maintains a qualifying account at a financial institution participating in
a savings promotion contest. b. Is in good standing at a financial institution authorized
to do business in Alabama. c. Is 18 years of age or older. (3) ENTRY. A chance or chances
obtained by a depositor to win a designated prize or prizes in a savings promotion contest
by complying with the terms and conditions of a savings promotion contest. (4) FINANCIAL INSTITUTION.
A bank, savings institution, or credit union authorized to do business...
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5-27-3
Section 5-27-3 (Effective January 1, 2018) Savings promotion contest authorized; conditions.
(a) Subject to supervision by the appropriate federal or state regulatory agency, a financial
institution may conduct a savings promotion contest in accordance with this chapter for the
purposes of encouraging depositors to maintain savings accounts and increase personal savings.
The financial institution may join with other financial institutions to participate in a savings
promotion or contest. (b) A savings promotion contest shall be subject to all of the following
conditions: (1) Subject to any limits the financial institution may place on the number of
entries that may be placed by the depositor, it is structured such that a depositor may place
an entry to win a prize or prizes by doing either of the following: a. Depositing a minimum
specified amount of money or making a specified number of deposits into a qualifying account
in accordance with the terms and conditions of the specific...
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8-6-140
Section 8-6-140 Definitions. For the purposes of this article, the following words have
the following meanings unless the context otherwise requires: (1) BENEFICIARY FORM. A registration
of a security which indicates the present owner of the security and the intention of the owner
regarding the person who will become the owner of the security upon the death of the owner.
(2) DEVISEE. Any person designated in a will to receive a disposition of real or personal
property. (3) HEIRS. Those persons, including the surviving spouse, who are entitled under
the statutes of intestate succession to the property of a decedent. (4) PERSON. An individual,
a corporation, an organization, or other legal entity. (5) PERSONAL REPRESENTATIVE. Includes
executor, administrator, successor personal representative, special administrator, and persons
who perform substantially the same function under the law governing their status. (6) PROPERTY.
Includes both real and personal property or any interest therein...
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35-12-72
Section 35-12-72 Presumption of abandonment. (a) Property is presumed abandoned if it
is unclaimed by the apparent owner during the time set forth below for the particular property:
(1) Traveler's checks, 15 years after issuance. (2) Money order, five years after issuance.
(3) A demand, savings, or time deposit including a deposit that is automatically renewable,
three years after the earlier of maturity, as extended from time to time, or the date of the
last indication by the apparent owner of interest in the property. (4) Tangible and intangible
property held in a safe deposit box or other safekeeping depository in this state in the ordinary
course of the holder's business and proceeds resulting from the sale of the property permitted
by other law, three years after expiration of the lease or rental period on the box or other
depository. (5) Money or credits owed to a customer as a result of a retail business transaction,
one year after the obligation accrued. (6) Property in an...
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35-5A-2
Section 35-5A-2 Definitions. As used in this chapter, the following terms shall have
the following meanings, respectively, unless the context clearly indicates otherwise: (1)
ADULT. An individual who has attained the age of 21 years. (2) BENEFIT PLAN. An employer's
plan for the benefit of an employee or partner, or an individual retirement account. (3) BROKER.
A person lawfully engaged in the business of effecting transactions in securities or commodities
for the person's own account or for the account of others. (4) CONSERVATOR. A person appointed
or qualified by a court to act as general, limited, or temporary guardian of a minor's property
or a person legally authorized to perform substantially the same functions. (5) COURT. Circuit
court. (6) CUSTODIAL PROPERTY. a. Any interest in property transferred to a custodian under
this chapter and b. The income from and proceeds of that interest in property. (7) CUSTODIAN.
A person so designated under Section 35-5A-10 or a successor or...
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7-9A-102
Section 7-9A-102 Definitions and index of definitions. (a) Article 9A definitions. In
this article: (1) "Accession" means goods that are physically united with other
goods in such a manner that the identity of the original goods is not lost. (2) "Account,"
except as used in "account for," means a right to payment of a monetary obligation,
whether or not earned by performance, (i) for property that has been or is to be sold, leased,
licensed, assigned, or otherwise disposed of, (ii) for services rendered or to be rendered,
(iii) for a policy of insurance issued or to be issued, (iv) for a secondary obligation incurred
or to be incurred, (v) for energy provided or to be provided, (vi) for the use or hire of
a vessel under a charter or other contract, (vii) arising out of the use of a credit or charge
card or information contained on or for use with the card, or (viii) as winnings in a lottery
or other game of chance operated or sponsored by a State, governmental unit of a State, or...
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11-3-60
Section 11-3-60 Use of credit or debit cards issued to county commission for certain
purchases; rewards or rebates. (a) For the purposes of this article, the following words shall
have the following meanings: (1) CHIEF ADMINISTRATIVE OFFICER. A person employed by the county
commission of a county pursuant to Section 11-3-18. (2) CREDIT CARD. A line of credit
issued by a domestic lender or credit card bank. (3) DEBIT CARD. A card issued by a bank in
relation to a checking or savings account held by the county commission. (b) To provide for
convenience in making purchases of tangible personal property or services approved by the
county commission, the county commission of a county may establish procedures for the chief
administrative officer to make certain purchases through use of a credit or debit card issued
to the county commission. The county commission shall promulgate written policy and procedures
governing the utilization of credit or debit cards which, at a minimum, shall...
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45-1-236
Section 45-1-236 Purchasing procedures using credit or debit card. (a) For purposes
of this section, the following words have the following meanings: (1) CREDIT CARD.
A line of credit issued by a domestic lender or credit card bank. (2) DEBIT CARD. A card issued
by a bank in relation to a checking or savings account held by the Autauga County Sheriff's
Office. (b) To provide for convenience in making purchases of tangible personal property or
services approved by the sheriff, the Sheriff of Autauga County may establish procedures to
make certain purchases through use of a credit or debit card issued to the Autauga County
Sheriff's Office. The sheriff may promulgate written policy and procedures governing the utilization
of credit or debit cards which, at a minimum, shall include each of the following: (1) A monetary
limit on the amount of any individual purchase which may be made with a credit or debit card.
(2) A monetary limit on the total monthly amount that may be purchased with a...
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45-19-237
Section 45-19-237 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018
REGULAR SESSION, EFFECTIVE FEBRUARY 14, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
(a) For purposes of this section, the following words have the following meanings:
(1) CREDIT CARD. A line of credit issued by a domestic lender or credit card bank. (2) DEBIT
CARD. A card issued by a bank in relation to a checking or savings account authorized by law
to be expended at the discretion of the Coosa County Sheriff's Office. (b) To provide for
convenience in making purchases of tangible personal property or services approved by the
sheriff, the Sheriff of Coosa County may establish procedures to make certain purchases through
use of a credit or debit card issued to the Coosa County Sheriff's Office. The sheriff shall
adopt written policy and procedures governing the utilization of credit or debit cards which,
at a minimum, shall include each of the following: (1) A monetary limit on the amount of any...
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