5-8A-46
Section 5-8A-46 Final distribution, termination of receivership and dissolution of bank. Whenever
the receiver shall have paid to each and every depositor and creditor of such bank whose claim
or claims as such creditor or depositor shall have been duly proven and allowed the full amount
of such claims and shall have made proper provision for the unclaimed and unpaid deposits
or dividends the receiver shall make application for final settlement including expenses of
liquidation, to be approved by the receivership court and shall distribute the balance of
any assets remaining ratably to the stockholders. Creditors shall not receive interest after
the date of taking of possession by the superintendent. The receiver shall in said final settlement
order be directed to file in the office of the judge of probate of the county in which the
principal place of business of the bank was located and in the office of Secretary of State
a certificate of dissolution and the written approval of the...
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7-4-216
Section 7-4-216 Insolvency and preference. (a) If an item is in or comes into the possession
of a payor or collecting bank that suspends payment and the item has not been finally paid,
the item must be returned by the receiver, trustee, or agent in charge of the closed bank
to the presenting bank or the closed bank's customer. (b) If a payor bank finally pays an
item and suspends payments without making a settlement for the item with its customer or the
presenting bank which settlement is or becomes final, the owner of the item has a preferred
claim against the payor bank. (c) If a payor bank gives or a collecting bank gives or receives
a provisional settlement for an item and thereafter suspends payments, the suspension does
not prevent or interfere with the settlement's becoming final if the finality occurs automatically
upon the lapse of certain time or the happening of certain events. (d) If a collecting bank
receives from subsequent parties settlement for an item, which settlement...
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7-9A-102
term includes: (A) proceeds to which a security interest attaches; (B) accounts, chattel paper,
payment intangibles, and promissory notes that have been sold; and (C) goods that are the
subject of a consignment. (13) "Commercial tort claim" means a claim arising in
tort with respect to which: (A) the claimant is an organization; or (B) the claimant is an
individual and the claim: (i) arose in the course of the claimant's business or profession;
and (ii) does not include damages arising out of personal injury to or the death
of an individual. (14) "Commodity account" means an account maintained by a commodity
intermediary in which a commodity contract is carried for a commodity customer. (15) "Commodity
contract" means a commodity futures contract, an option on a commodity futures contract,
a commodity option, or another contract if the contract or option is: (A) traded on or subject
to the rules of a board of trade that has been designated as a contract market for such a
contract...
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27-60-2
committees as its bylaws may provide for the carrying out of its functions. 4. Corporate records
of the commission. The commission shall maintain its corporate books and records in accordance
with the bylaws. 5. Qualified immunity, defense, and indemnification. a. The members, officers,
executive director, employees, and representatives of the commission shall be immune from
suit and liability, either personally or in their official capacity, for any claim for damage
to or loss of property or personal injury or other civil liability caused by
or arising out of any actual or alleged act, error, or omission that occurred, or that the
person against whom the claim is made had a reasonable basis for believing occurred within
the scope of commission employment, duties, or responsibilities. Nothing in this paragraph
shall be construed to protect any such person from suit or liability, or both, for any damage,
loss, injury, or liability caused by the intentional or willful and wanton...
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5-8A-39
Section 5-8A-39 Notice for and filing of claims against bank. The receiver shall cause notice
to be given by advertisement in such newspaper as he may direct, once a week for six consecutive
weeks, calling all persons who may have claims, but not including deposits or certificates
of deposit shown by the books of the bank which shall be a prima facie proven claim against
the bank, against such bank to present the same to the receiver and make legal proof thereof
at a place and within a time to be specified in the notice, not less than 90 days from the
day of the first publication of the notice. The receiver shall mail a similar notice to all
persons whose names appear as creditors upon the books of the bank. (Acts 1980, No. 80-658,
§5-8-39.)...
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7-4-214
Section 7-4-214 Right of charge-back or refund; liability of collecting bank; return of item.
(a) If a collecting bank has made provisional settlement with its customer for an item and
fails by reason of dishonor, suspension of payments by a bank, or otherwise to receive settlement
for the item which is or becomes final, the bank may revoke the settlement given by it, charge
back the amount of any credit given for the item to its customer's account, or obtain refund
from its customer, whether or not it is able to return the item, if by its midnight deadline
or within a longer reasonable time after it learns the facts it returns the item or sends
notification of the facts. If the return or notice is delayed beyond the bank's midnight deadline
or a longer reasonable time after it learns the facts, the bank may revoke the settlement,
charge back the credit, or obtain refund from its customer, but it is liable for any loss
resulting from the delay. These rights to revoke, charge back, and...
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5-11A-5
Section 5-11A-5 Deposit of security for operation of trust business - Amount required and form;
charges against deposit. Any corporation organized and operating as a trust company or as
a bank authorized by law to do a trust business may deposit with the State Treasurer or elsewhere
United States bonds, bonds, notes or debentures of any federal agency such as a federal land
bank, banks for cooperatives, Farm Home Administration, Federal National Mortgage Association,
etc., Alabama bonds, bonds of any city or county in the State of Alabama or mortgages which
are first liens on real estate, worth in each case double the face of the mortgage, situated
in this state, to an amount not less than $25,000.00, and may increase said deposit from time
to time or reduce the same to an amount not less than $25,000.00, or may withdraw the deposit
entirely, provided such trust companies or banks have made final settlement and accounted
for all assets in their possession and under their control by...
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5-8A-32
Section 5-8A-32 Sale, etc., of bad debts and property of bank. The receiver, by making application
to the receivership court, may procure an order to sell or compound all bad or doubtful debts
and on like order may sell all real and personal property of such bank on such terms
as the court shall direct; provided, however, that the receiver shall have the right to ask
for a blanket order from the receivership court for the settlement of all debts, claims of
any and all nature, and deposits and for the sale of real and personal property wherein
no single item exceeds the value of $10,000.00. In all or any of such court proceedings, the
bank shall be made a party by proper service of process issued from the court, and the hearing
of any such application or petition of the superintendent may be had at any time after the
bank has had five days' notice of the application; provided, however, the court may ex parte
approve a purchase and assumption transaction as provided for in 12 U.S.C....
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6-6-624
Section 6-6-624 Appointment - Dissolution of attachments and levies of executions against corporations
or partnerships. The commencement of proceedings for the appointment of a receiver of a corporation
or a partnership shall dissolve all attachments and all levies of executions not completed
made within 60 days next preceding on the property of such corporation or partnership; but
if the property is subsequently taken from the receiver so that it cannot be made subject
to the orders of the court in the settlement of the affairs of said corporation or partnership
or if the receivership shall be terminated by order of the court pending the settlement of
the affairs of the corporation or partnership, said attachments and levies of execution shall
revive, and the time from the commencement of such proceedings to the time when the receiver
shall be dispossessed of the property, or the finding of the court that said property is not
subject to the orders of said court or when said trust...
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27-42-8
an amount as follows: 1. The full amount of a covered claim for benefits under workers' compensation
insurance coverage. 2. An amount not exceeding ten thousand dollars ($10,000) per policy for
a covered claim for the return of unearned premium. 3. An amount not exceeding three hundred
thousand dollars ($300,000) or the policy limits, whichever is less, per claim for all covered
claims. For purposes of this limitation, all claims of any kind whatsoever arising out of,
or related to, bodily injury or death to any one person shall constitute a single claim,
regardless of the number of claims made or the number of claimants. b. In no event shall the
association be obligated to pay a claimant an amount in excess of the obligation of the insolvent
insurer under the policy or coverage from which the claim arises. c. Notwithstanding any other
provisions of this chapter, a covered claim shall not include any claim filed with the association
after the earlier of: 1. Twenty-five months...
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