40-2B-2
Section 40-2B-2 Alabama Tax Tribunal. (a) Statement of Purpose. To increase public confidence
in the fairness of the state tax system, the state shall provide an independent agency with
tax expertise to resolve disputes between the Department of Revenue and taxpayers, prior to
requiring the payment of the amounts in issue or the posting of a bond, but after the taxpayer
has had a full opportunity to attempt settlement with the Department of Revenue based, among
other things, on the hazards of litigation. By establishing an independent Alabama Tax Tribunal
within the executive branch of government, this chapter provides taxpayers with a means of
resolving controversies that insures both the appearance and the reality of due process and
fundamental fairness. The tax tribunal shall provide hearings in all tax matters, except those
specified by statute, and render decisions and orders relating thereto. A tax tribunal hearing
shall be commenced by the filing of a notice of appeal protesting...
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8-6-77
Section 8-6-77 (Repealed effective January 1, 1997) Adverse claims. (a) A person asserting
a claim of beneficial interest adverse to the transfer of a security pursuant to an assignment
by a fiduciary may give the corporation or transfer agent written notice of the claim. The
corporation or transfer agent is not put on notice unless the written notice identifies the
claimant, the registered owner, and the issue of which the security is a part, provides an
address for communications directed to the claimant, and is received before the transfer.
Nothing in this article relieves the corporation or transfer agent of any liability for making
or refusing to make the transfer after it is so put on notice, unless it proceeds in the manner
authorized in subsection (b) of this section. (b) As soon as practicable after the presentation
of a security for transfer pursuant to an assignment by a fiduciary, a corporation or transfer
agent which has received notice of a claim of beneficial interest...
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7-4-104
Section 7-4-104 Definitions and index of definitions. (a) In this article, unless the context
otherwise requires: (1) "Account" means any deposit or credit account with a bank,
including a demand, time, savings, passbook, share draft, or like account, other than an account
evidenced by a certificate of deposit; (2) "Afternoon" means the period of a day
between noon and midnight; (3) "Banking day" means the part of a day on which a
bank is open to the public for carrying on substantially all of its banking functions; (4)
"Clearing house" means an association of banks or other payors regularly clearing
items; (5) "Customer" means a person having an account with a bank or for whom a
bank has agreed to collect items, including a bank that maintains an account at another bank;
(6) "Documentary draft" means a draft to be presented for acceptance or payment
if specified documents, certificated securities (Section 7-8-102) or instructions for uncertificated
securities (Section 7-8-308), or...
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7-8-115
Section 7-8-115 Securities intermediary and others not liable to adverse claimant. A securities
intermediary that has transferred a financial asset pursuant to an effective entitlement order,
or a broker or other agent or bailee that has dealt with a financial asset at the direction
of its customer or principal, is not liable to a person having an adverse claim to the financial
asset, unless the securities intermediary, or broker or other agent or bailee: (1) took the
action after it had been served with an injunction, restraining order, or other legal process
enjoining it from doing so, issued by a court of competent jurisdiction, and had a reasonable
opportunity to act on the injunction, restraining order, or other legal process; or (2) acted
in collusion with the wrongdoer in violating the rights of the adverse claimant; or (3) in
the case of a security certificate that has been stolen, acted with notice of the adverse
claim. (Acts 1996, No. 96-742, p. 1241, §1.)...
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7-3-312
Section 7-3-312 Lost, destroyed, or stolen cashier's check, teller's check, or certified check.
(a) In this section: (1) "Check" means a cashier's check, teller's check, or certified
check. (2) "Claimant" means a person who claims the right to receive the amount
of a cashier's check, teller's check, or certified check that was lost, destroyed, or stolen.
(3) "Declaration of loss" means a written statement, made under penalty of perjury,
to the effect that (i) the declarer lost possession of a check, (ii) the declarer is the drawer
or payee of the check, in the case of a certified check, or the remitter or payee of the check,
in the case of a cashier's check or teller's check, (iii) the loss of possession was not the
result of a transfer by the declarer or a lawful seizure, and (iv) the declarer cannot reasonably
obtain possession of the check because the check was destroyed, its whereabouts cannot be
determined, or it is in the wrongful possession of an unknown person or a person that...
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5-5A-44
Section 5-5A-44 Acquisition of majority of voting shares of a bank; procedure. (a) No person,
acting directly or indirectly or through or in concert with one or more persons, may acquire
control of a state bank or of any corporation or other entity having control of a state bank,
unless an application is filed with the superintendent for review of the proposed transaction
and for his or her action, if any, as provided in this section. (b) The application shall
be on a form prescribed by the superintendent and shall be made under oath. The application
must contain all information that the superintendent by regulation requires to be furnished
in an application, as well as any information that the superintendent orders to be included
in the particular application being filed and shall be accompanied by the filing fee prescribed
by the Banking Board. For the purposes of this section, the Banking Board may reduce or waive
any prescribed fees for applications where a change of control...
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7-4A-105
Section 7-4A-105 Other definitions. (a) In this article: (1) "Authorized account"
means a deposit account of a customer in a bank designated by the customer as a source of
payment of payment orders issued by the customer to the bank. If a customer does not so designate
an account, any account of the customer is an authorized account if payment of a payment order
from that account is not inconsistent with a restriction on the use of that account. (2) "Bank"
means a person engaged in the business of banking and includes a savings bank, savings and
loan association, credit union, and trust company. A branch or separate office of a bank is
a separate bank for purposes of this article. (3) "Customer" means a person, including
a bank, having an account with a bank, or from whom a bank has agreed to receive payment orders.
(4) "Funds-transfer business day" of a receiving bank means the part of a day during
which the receiving bank is open for the receipt, processing, and transmittal of...
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5-17-15
Section 5-17-15 Deposits for minor or trust beneficiaries; deposits in names of two persons.
(a) A minor, in his or her own name, may make a general or special deposit in any credit union.
The deposit shall be paid only to the minor, or upon his or her order, and not to the parents
or guardians of the minor, and the payment shall be valid as against the minor child and his
or her parents or guardian. (b) Shares may be issued and withdrawn and deposits received and
paid out in the name of a minor or in trust in such manner as the bylaws may provide. The
name of the beneficiary must be disclosed to the credit union. If no other notice of the existence
and terms of such trust has been given in writing to the corporation, such shares or deposits
may, upon the death of the trustee, be transferred to or withdrawn by the person who was named
by the trustee as the beneficiary or by his or her legal representative, and such transfer
or withdrawal shall release the corporation from liability to...
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7-8-110
Section 7-8-110 Applicability; choice of law. (a) The local law of the issuer's jurisdiction,
as specified in subsection (d), governs: (1) the validity of a security; (2) the rights and
duties of the issuer with respect to registration of transfer; (3) the effectiveness of registration
of transfer by the issuer; (4) whether the issuer owes any duties to an adverse claimant to
a security; and (5) whether an adverse claim can be asserted against a person to whom transfer
of a certificated or uncertificated security is registered or a person who obtains control
of an uncertificated security. (b) The local law of the securities intermediary's jurisdiction,
as specified in subsection (e), governs: (1) acquisition of a security entitlement from the
securities intermediary; (2) the rights and duties of the securities intermediary and entitlement
holder arising out of a security entitlement; (3) whether the securities intermediary owes
any duties to an adverse claimant to a security...
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27-42-12
Section 27-42-12 Exhaustion of rights; nonduplication of recovery. (a) Any person having a
claim under an insurance policy, whether or not it is a policy issued by a member insurer,
where the claim under the other policy arises from the same facts, injury, or loss that gave
rise to the covered claim against the association, shall be required first to exhaust all
coverage provided by any such policy. Any amount payable on a covered claim under this chapter
shall be reduced by the full applicable limits stated in the other insurance policy and the
association shall receive a full credit for the stated limits, or, where there are no applicable
stated limits, the claim shall be reduced by the total recovery. Notwithstanding the foregoing,
no person shall be required to exhaust any right under the policy of an insolvent insurer.
(1) A claim under a policy providing liability coverage to a person who may be jointly and
severally liable with, or a joint tortfeasor with, the person covered...
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