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19-3B-1002
Section 19-3B-1002 Damages for breach of trust. (a) A trustee who commits a breach of trust
is liable to the beneficiaries affected for: (1) the greater of: (i) the amount required to
restore the value of the trust property and trust distributions to what they would have been
had the breach not occurred; or (ii) the profit the trustee made by reason of the breach;
(2) any measure of damage otherwise provided by law. (b) Except as otherwise provided in this
subsection, if more than one trustee is liable to the beneficiaries for a breach of trust,
a trustee is entitled to contribution from the other trustee or trustees. A trustee is not
entitled to contribution if the trustee was substantially more at fault than another trustee
or if the trustee committed the breach of trust in bad faith or with reckless indifference
to the purposes of the trust or the interests of the beneficiaries. A trustee who received
a benefit from the breach of trust is not entitled to contribution from another...
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7-5-111
Section 7-5-111 Remedies. (a) If an issuer wrongfully dishonors or repudiates its obligation
to pay money under a letter of credit before presentation, the beneficiary, successor, or
nominated person presenting on its own behalf may recover from the issuer the amount that
is the subject of the dishonor or repudiation. If the issuer's obligation under the letter
of credit is not for the payment of money, the claimant may obtain specific performance or,
at the claimant's election, recover an amount equal to the value of performance from the issuer.
In either case, the claimant may also recover incidental but not consequential damages. The
claimant is not obligated to take action to avoid damages that might be due from the issuer
under this subsection. If, although not obligated to do so, the claimant avoids damages, the
claimant's recovery from the issuer must be reduced by the amount of damages avoided. The
issuer has the burden of proving the amount of damages avoided. In the case of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-5-111.htm - 2K - Match Info - Similar pages
7-2A-504
Section 7-2A-504 Liquidation of damages. (1) Damages payable by either party for default, or
any other act or omission, including indemnity for loss or diminution of anticipated tax benefits
or loss or damage to lessor's residual interest, may be liquidated in the lease agreement
but only at an amount or by a formula that is reasonable in light of the then anticipated
harm caused by the default or other act or omission. (2) If the lease agreement provides for
liquidation of damages, and such provision does not comply with subsection (1), or such provision
is an exclusive or limited remedy that circumstances cause to fail of its essential purpose,
remedy may be had as provided in this article. (3) If the lessor justifiably withholds or
stops delivery of goods because of the lessee's default or insolvency (Section 7-2A-525 or
7-2A-526), the lessee is entitled to restitution of any amount by which the sum of his or
her payments exceeds: (a) the amount to which the lessor is entitled by...
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34-27-58
Section 34-27-58 Acts constituting violation of article - Failure to place 50 percent of cash,
etc., received in escrow; failure to provide liability insurance, etc. (a) It shall be a violation
of this article for a seller of vacation time-sharing lease plans to fail to: (1) Place in
escrow 50 percent of the cash and receivables received from the purchasers of such plans,
such receivables to be assessed at net principal value. a. The purpose of such escrow account
is to protect the purchaser's right to a refund if at any time the accommodations and facilities
are no longer available as provided in the contract; provided however, nothing contained in
this section shall operate to deny the seller the option to repair, replace, or reconstruct,
within a reasonable time, the accommodations or facilities, if destroyed or damaged. b. The
purchaser shall be entitled to a refund from the escrow account upon the conditions described
above in an amount which represents the buyer's pro rata share...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-58.htm - 8K - Match Info - Similar pages
7-2A-527
Section 7-2A-527 Lessor's rights to dispose of goods. (1) After a default by a lessee under
the lease contract of the type described in Section 7-2A-523(1) or 7-2A-523(3)(a) or after
the lessor refuses to deliver or takes possession of goods (Section 7-2A-525 or 7-2A-526),
or, if agreed, after other default by a lessee, the lessor may dispose of the goods concerned
or the undelivered balance thereof by lease, sale, or otherwise. (2) Except as otherwise provided
with respect to damages liquidated in the lease agreement (Section 7-2A-504) or otherwise
determined pursuant to agreement of the parties (Sections 7-1-302 and 7-2A-503), if the disposition
is by lease agreement substantially similar to the original lease agreement and the new lease
agreement is made in good faith and in a commercially reasonable manner, the lessor may recover
from the lessee as damages (i) accrued and unpaid rent as of the date of the commencement
of the term of the new lease agreement, (ii) the present value,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-2A-527.htm - 2K - Match Info - Similar pages
40-18-86
Section 40-18-86 Sale or transfer of real property and associated tangible property by nonresidents.
(a) As used in this section, the term nonresident of Alabama shall include individuals, trusts,
partnerships, corporations, and unincorporated organizations. Any seller or transferor who
meets all of the following conditions and who provides the buyer or transferee with an affidavit
signed under oath swearing or affirming that all of the following conditions are met will
be deemed a resident for purposes of this section: (1) The seller or transferor has filed
Alabama income tax returns or appropriate extensions have been received for the two income
tax years immediately preceding the year of sale. (2) The seller or transferor is in business
in Alabama and will continue substantially the same business in Alabama after the sale or
the seller or transferor has real property remaining in the state at the time of closing of
equal or greater value than the withholding tax liability as...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-86.htm - 6K - Match Info - Similar pages
7-2-201
Section 7-2-201 Formal requirements; statute of frauds. (1) Except as otherwise provided in
this section a contract for the sale of goods for the price of $500 or more is not enforceable
by way of action or defense unless there is some writing sufficient to indicate that a contract
for sale has been made between the parties and signed by the party against whom enforcement
is sought or by his authorized agent or broker. A writing is not insufficient because it omits
or incorrectly states a term agreed upon, but the contract is not enforceable under this paragraph
beyond the quantity of goods shown in such writing. (2) Between merchants if within a reasonable
time a writing in confirmation of the contract and sufficient against the sender is received
and the party receiving it has reason to know its contents, it satisfies the requirements
of subsection (1) against such party unless written notice of objection to its contents is
given within 10 days after it is received. (3) A contract...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-2-201.htm - 2K - Match Info - Similar pages
7-9A-406
Section 7-9A-406 Discharge of account debtor; notification of assignment; identification and
proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles,
and promissory notes ineffective. (a) Discharge of account debtor; effect of notification.
Subject to subsections (b) through (i), an account debtor on an account, chattel paper, or
a payment intangible may discharge its obligation by paying the assignor until, but not after,
the account debtor receives a notification, authenticated by the assignor or the assignee,
that the amount due or to become due has been assigned and that payment is to be made to the
assignee. After receipt of the notification, the account debtor may discharge its obligation
by paying the assignee and may not discharge the obligation by paying the assignor. (b) When
notification ineffective. Subject to subsection (h), notification is ineffective under subsection
(a): (1) if it does not reasonably identify the rights assigned;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-406.htm - 5K - Match Info - Similar pages
3-2-4
Section 3-2-4 Publication and posting of notice as to estrayed animal where owner not located;
return to owner or sale of estray generally; procedure for sale of unclaimed estray and disposition
of proceeds thereof. (a) If the owner of an estrayed animal seized as provided under Section
3-2-2 is not found after an investigation is conducted by the Department of Agriculture and
Industries for the purpose of locating the owner thereof, a notice fully describing the estrayed
animal shall be posted by the Department of Agriculture and Industries in at least three conspicuous
public places in or near the vicinity where the animal was seized and such a notice shall
also be published one time in a newspaper with general circulation in the county where the
animal was seized. The posted and published notices of the estrayed animal shall describe
such animal by kind, size, sex, markings, brands, color, stature and age. (b) If the owner
of the estrayed animal does not file a claim for possession...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/3-2-4.htm - 3K - Match Info - Similar pages
7-4-406
Section 7-4-406 Customer's duty to discover and report unauthorized signature or alteration.
(a) A bank that sends or makes available to a customer a statement of account showing payment
of items for the account shall either return or make available to the customer the items paid
or provide information in the statement of account sufficient to allow the customer reasonably
to identify the items paid. The statement of account provides sufficient information if the
item is described by item number, amount, and date of payment. (b) If the items are not returned
to the customer, the person retaining the items shall either retain the items or, if the items
are destroyed, maintain the capacity to furnish legible copies of the items until the expiration
of seven years after receipt of the items. A customer may request an item from the bank that
paid the item, and that bank must provide in a reasonable time either the item or, if the
item has been destroyed or is not otherwise obtainable, a...
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