7-3-420
Section 7-3-420 Conversion of instrument. (a) An instrument is converted under circumstances
which would constitute conversion under personal property law. An instrument is also converted
if it is taken by transfer, other than a negotiation, from a person not entitled to enforce
the instrument or a bank makes or obtains payment with respect to the instrument for a person
not entitled to enforce the instrument or receive payment. An action for conversion of an
instrument may not be brought by (i) the issuer or acceptor of the instrument or (ii) a payee
or indorsee who did not receive delivery of the instrument either directly or through delivery
to an agent or a co-payee. (b) In an action under subsection (a), the measure of liability
is presumed to be the amount payable on the instrument, but recovery may not exceed the amount
of the plaintiff's interest in the instrument. (c) A representative, other than a depositary
bank, who has in good faith dealt with an instrument or its proceeds...
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7-4A-501
Section 7-4A-501 Variation by agreement and effect of funds-transfer system rule. (a) Except
as otherwise provided in this article, the rights and obligations of a party to a funds transfer
may be varied by agreement of the affected party. (b) "Funds-transfer system rule"
means a rule of an association of banks (i) governing transmission of payment orders by means
of a funds-transfer system of the association or rights and obligations with respect to those
orders, or (ii) to the extent the rule governs rights and obligations between banks that are
parties to a funds transfer in which a Federal Reserve Bank, acting as an intermediary bank,
sends a payment order to the beneficiary's bank. Except as otherwise provided in this article,
a funds-transfer system rule governing rights and obligations between participating banks
using the system may be effective even if the rule conflicts with this article and indirectly
affects another party to the funds transfer who does not consent to the...
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7-9A-618
Section 7-9A-618 Rights and duties of certain secondary obligors. (a) Rights and duties of
secondary obligor. A secondary obligor acquires the rights and becomes obligated to perform
the duties of the secured party after the secondary obligor: (1) receives an assignment of
a secured obligation from the secured party; (2) receives a transfer of collateral from the
secured party and agrees to accept the rights and assume the duties of the secured party;
or (3) is subrogated to the rights of a secured party with respect to collateral. (b) Effect
of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described
in subsection (a): (1) is not a disposition of collateral under Section 7-9A-610; and (2)
relieves the secured party of further duties under this article. (Act 2001-481, p. 647, §1.)...

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8-6-72
Section 8-6-72 (Repealed effective January 1, 1997) Registration and transfer governed by state
of incorporation; applicability of article. (a) The rights and duties of a corporation and
its transfer agents in registering a security in the name of a fiduciary or in making a transfer
of a security pursuant to an assignment by a fiduciary are governed by the law of the jurisdiction
under whose laws the corporation is organized. (b) This article applies to the rights and
duties of a person other than the corporation and its transfer agents with regard to acts
and omissions in this state in connection with the acquisition, disposition, assignment, or
transfer of a security by, or to, a fiduciary and of a person who guarantees in this state
the signature of a fiduciary in connection with such a transaction. (Acts 1961, No. 1016,
p. 1593, §8.)...
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18-1A-29
Section 18-1A-29 Compensation for tenant-owned improvements. (a) If a building, structure,
or other improvement to be acquired by a condemnor under Section 18-1A-28 is owned by a tenant:
(1) It shall be deemed for the purpose of determining compensation to be a part of the real
property to be acquired notwithstanding the right or obligation of the tenant, as against
the owner of any other interest in the real property, to remove it at the expiration of his
term; and (2) The compensation awarded shall include an amount sufficient to pay the tenant
the larger of (i) the enhancement to the fair market value of the real property contributed
by the improvement, or (ii) the fair market value of the improvement assuming its removal
from the real property. (b) Payment under this section shall not duplicate any payment authorized
by law, and may be made only if the owner of the real property disclaims any interest in the
improvement. In consideration for the payment, the tenant shall assign,...
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41-10-273
Section 41-10-273 Security for bonds; collection and application of revenues pledged to payment
of bonds; terms of leases of judicial facilities; maintenance and insurance of judicial facilities;
reserve and other funds; rights of holders of bonds upon default. Any resolution of the board
of directors authorizing the issuance of bonds may contain any provision or agreement customarily
contained in instruments securing evidences of indebtedness, including, without limiting the
generality of the foregoing, a pledge, transfer or assignment of any leases of any judicial
facilities out of the revenues from which such bonds are payable and a pledge of such revenues.
Any such resolution may also contain provisions respecting the collection and application
of any revenues pledged to the payment of the authority's bonds, the terms to be incorporated
in lease agreements respecting judicial facilities out of the revenues from which such bonds
are payable, the maintenance of and insurance on such...
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7-4A-406
Section 7-4A-406 Payment by originator to beneficiary; discharge of underlying obligation.
(a) Subject to Sections 7-4A-211(e), 7-4A-405(d), and 7-4A-405(e), the originator of a funds
transfer pays the beneficiary of the originator's payment order (i) at the time a payment
order for the benefit of the beneficiary is accepted by the beneficiary's bank in the funds
transfer and (ii) in an amount equal to the amount of the order accepted by the beneficiary's
bank, but not more than the amount of the originator's order. (b) If payment under subsection
(a) is made to satisfy an obligation, the obligation is discharged to the same extent discharge
would result from payment to the beneficiary of the same amount in money, unless (i) the payment
under subsection (a) was made by a means prohibited by the contract of the beneficiary with
respect to the obligation, (ii) the beneficiary, within a reasonable time after receiving
notice of receipt of the order by the beneficiary's bank, notified the...
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5-24-26
Section 5-24-26 Discharge. (a) Payment made pursuant to this chapter in accordance with the
type of account discharges the financial institution from all claims for amounts so paid,
whether or not the payment is consistent with the beneficial ownership of the account as between
parties, beneficiaries, or their successors. Payment may be made whether or not a party, beneficiary,
or agent is disabled, incapacitated, or deceased when payment is requested, received, or made.
(b) Protection of a financial institution under this section does not affect the rights of
parties in disputes between themselves or their successors concerning the beneficial ownership
of sums on deposit in accounts or payments made from accounts. (Acts 1997, No. 97-644, p.
1177, §1.)...
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7-3-605
Section 7-3-605 Discharge of indorsers and accommodation parties. (a) In this section, the
term "indorser" includes a drawer having the obligation described in Section 7-3-414(d).
(b) Discharge, under Section 7-3-604, of the obligation of a party to pay an instrument does
not discharge the obligation of an indorser or accommodation party having a right of recourse
against the discharged party. (c) If a person entitled to enforce an instrument agrees, with
or without consideration, to an extension of the due date of the obligation of a party to
pay the instrument, the extension discharges an indorser or accommodation party having a right
of recourse against the party whose obligation is extended to the extent the indorser or accommodation
party proves that the extension caused loss to the indorser or accommodation party with respect
to the right of recourse. (d) If a person entitled to enforce an instrument agrees, with or
without consideration, to a material modification of the...
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7-4-407
Section 7-4-407 Payor bank's right to subrogation on improper payment. If a payor bank has
paid an item over the order of the drawer or maker to stop payment, or after an account has
been closed, or otherwise under circumstances giving a basis for objection by the drawer or
maker, to prevent unjust enrichment and only to the extent necessary to prevent loss to the
bank by reason of its payment of the item, the payor bank is subrogated to the rights (1)
of any holder in due course on the item against the drawer or maker; (2) of the payee or any
other holder of the item against the drawer or maker either on the item or under the transaction
out of which the item arose; and (3) of the drawer or maker against the payee or any other
holder of the item with respect to the transaction out of which the item arose. (Acts 1965,
No. 549, p. 811; repealed by Acts 1995, No. 95-668, p. 1381, §2; added by Acts 1995, No.
95-668, p. 1381, §2.)...
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