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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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7-8-102
Section 7-8-102 Definitions. (a) In this article: (1) "Adverse claim" means
a claim that a claimant has a property interest in a financial asset and that it is a violation
of the rights of the claimant for another person to hold, transfer, or deal with the financial
asset. (2) "Bearer form," as applied to a certificated security, means a form in
which the security is payable to the bearer of the security certificate according to its terms
but not by reason of an indorsement. (3) "Broker" means a person defined as a broker
or dealer under the federal securities laws, but without excluding a bank acting in that capacity.
(4) "Certificated security" means a security that is represented by a certificate.
(5) "Clearing corporation" means: (i) a person that is registered as a "clearing
agency" under the federal securities laws; (ii) a federal reserve bank; or (iii) any
other person that provides clearance or settlement services with respect to financial assets
that would require it to...
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7-2-104
Section 7-2-104 Definitions: "Merchant"; "between merchants"; "financing
agency." (1) "Merchant" means a person who deals in goods of the kind or otherwise
by his occupation holds himself out as having knowledge or skill peculiar to the practices
or goods involved in the transaction or to whom such knowledge or skill may be attributed
by his employment of an agent or broker or other intermediary who by his occupation holds
himself out as having such knowledge or skill. (2) "Financing agency" means a bank,
finance company or other person who in the ordinary course of business makes advances against
goods or documents of title or who by arrangement with either the seller or the buyer intervenes
in ordinary course to make or collect payment due or claimed under the contract for sale,
as by purchasing or paying the seller's draft or making advances against it or by merely taking
it for collection whether or not documents of title accompany or are associated with the draft.
"Financing...
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7-5-102
Section 7-5-102 Definitions. (a) In this article: (1) "Adviser" means a person
who, at the request of the issuer, a confirmer, or another adviser, notifies, or requests
another adviser to notify, the beneficiary that a letter of credit has been issued, confirmed,
or amended. (2) "Applicant" means a person at whose request or for whose account
a letter of credit is issued. The term includes a person who requests an issuer to issue a
letter of credit on behalf of another if the person making the request undertakes an obligation
to reimburse the issuer. (3) "Beneficiary" means a person who under the terms of
a letter of credit is entitled to have its complying presentation honored. The term includes
a person to whom drawing rights have been transferred under a transferable letter of credit.
(4) "Confirmer" means a nominated person who undertakes, at the request or with
the consent of the issuer, to honor a presentation under a letter of credit issued by another.
(5) "Dishonor" of a letter...
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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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8-1-120
Section 8-1-120 Definitions. For the purposes of this article, the following terms shall
have the meanings respectively ascribed to them by this section: (1) CONTRACT OF SALE.
Such term shall include sales, agreements of sale, and agreements to sell. (2) PERSON. Such
term shall be construed to import the plural or singular, as the case demands, and shall include
individuals, associations, partnerships, and corporations. (Acts 1915, No. 791, p. 913; Code
1923, §6815; Code 1940, T. 9, §29.)...
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27-19-103
Section 27-19-103 Definitions. Unless the context requires otherwise, the definitions
in this section apply throughout this article. (1) APPLICANT. In the case of: a. An
individual long-term care insurance policy, the person who seeks to contract for benefits.
b. A group long-term care insurance policy, the proposed certificate holder. (2) CERTIFICATE.
Any certificate issued under a group long-term care insurance policy, which policy has been
delivered or issued for delivery in this state. (3) COMMISSIONER. The Alabama Commissioner
of Insurance. (4) GROUP LONG-TERM CARE INSURANCE. A long-term care insurance policy which
is delivered or issued for delivery in this state and issued to any of the following: a. One
or more employers or labor organizations, or to a trust or to the trustees of a fund established
by one or more employers or labor organizations, or a combination thereof, for employees or
former employees or a combination thereof, or for members or former members or a...
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13A-8-75
Section 13A-8-75 Consigned motor fuels defined. As used in this article, the term consigned
motor fuels means all grades of gasoline including gasohol or any gasoline blend, number 1
diesel, number 2 diesel, kerosene, and all aviation fuels delivered to a merchant by another
for the purpose of sale and the merchant deals in goods of that kind. Consigned motor fuels
are not owned by the party to whom the fuels are delivered for sale, but remain the property
of the company delivering or having the motor fuels delivered. The merchant agrees to sell
the consigned motor fuels belonging to another for a commission or other compensation. (Act
2015-439, §1.)...
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7-2-402
Section 7-2-402 Rights of seller's creditors against sold goods. (1) Except as provided
in subsections (2) and (3), rights of unsecured creditors of the seller with respect to goods
which have been identified to a contract for sale are subject to the buyer's rights to recover
the goods under this article (Sections 7-2-502 and 7-2-716). (2) A creditor of the seller
may treat a sale or an identification of goods to a contract for sale as void if as against
him a retention of possession by the seller is fraudulent under any rule of law of the state
where the goods are situated, except that retention of possession in good faith and current
course of trade by a merchant-seller for a commercially reasonable time after a sale or identification
is not fraudulent. (3) Nothing in this article shall be deemed to impair the rights of creditors
of the seller: (a) Under the provisions of the article on secured transactions (Article 9);
or (b) Where identification to the contract or delivery is made...
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7-2-312
Section 7-2-312 Warranty of title and against infringement; buyer's obligation against
infringement. (1) Subject to subsection (2) there is in a contract for sale a warranty by
the seller that: (a) The title conveyed shall be good, and its transfer rightful; and (b)
The goods shall be delivered free from any security interest or other lien or encumbrance
of which the buyer at the time of contracting has no knowledge. (2) A warranty under subsection
(1) will be excluded or modified only by specific language or by circumstances which give
the buyer reason to know that the person selling does not claim title in himself or that he
is purporting to sell only such right or title as he or a third person may have. (3) Unless
otherwise agreed a seller who is a merchant regularly dealing in goods of the kind warrants
that the goods shall be delivered free of the rightful claim of any third person by way of
infringement or the like, but a buyer who furnishes specifications to the seller must hold...
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