7-2A-506
Section 7-2A-506 Statute of limitations. (1) An action for default under a lease contract, including breach of warranty or indemnity, must be commenced within 4 years after the cause of action accrued. By the original lease contract the parties may reduce the period of limitation to not less than one year. (2) A cause of action for default accrues when the act or omission on which the default or breach of warranty is based is or should have been discovered by the aggrieved party, or when the default occurs, whichever is later. A cause of action for indemnity accrues (a) in the case of an indemnity against liability, when the act or omission on which the claim for indemnity is based is or should have been discovered by the indemnified party, or when the default occurs, whichever is later, (b) in the case of an indemnity against loss or damage, when the person indemnified makes payment thereof. A cause of action for damages for injury to the person in the case of consumer goods accrues...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-2A-506.htm - 1K - Match Info - Similar pages
7-9A-407
Section 7-9A-407 Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest. (a) Term restricting assignment generally ineffective. Except as otherwise provided in subsection (b), a term in a lease agreement is ineffective to the extent that it: (1) prohibits, restricts, or requires the consent of a party to the lease to the assignment or transfer of, or the creation, attachment, perfection, or enforcement of a security interest in, an interest of a party under the lease contract or in the lessor's residual interest in the goods; or (2) provides that the assignment or transfer or the creation, attachment, perfection, or enforcement of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the lease. (b) Effectiveness of certain terms. Except as otherwise provided in Section 7-2A-303(7), a term described in subsection (a)(2) is effective to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-407.htm - 2K - Match Info - Similar pages
7-2A-214
Section 7-2A-214 Exclusion or modification of warranties. (1) Words or conduct relevant to the creation of an express warranty and words or conduct tending to negate or limit a warranty must be construed wherever reasonable as consistent with each other; but, subject to the provisions of Section 7-2A-202 on parol or extrinsic evidence, negation or limitation is inoperative to the extent that the construction is unreasonable. (2) Subject to subsection (3): (a) to exclude or modify the implied warranty of "merchantability," or any part of it the language must mention merchantability, be by a writing, and be conspicuous. Language to exclude the implied warranty of merchantability is sufficient if it is in writing, is conspicuous and states, for example, "There is no warranty that the goods will be merchantable." (b) to exclude or modify any implied warranty of fitness the exclusion must be by a writing and be conspicuous. Language to exclude all implied warranties of fitness is sufficient...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-2A-214.htm - 2K - Match Info - Similar pages
7-9A-323
Section 7-9A-323 Future advances. (a) When priority based on time of advance. Except as otherwise provided in subsection (c), for purposes of determining the priority of a perfected security interest under Section 7-9A-322(a)(1), perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that: (1) is made while the security interest is perfected only: (A) under Section 7-9A-309 when it attaches; or (B) temporarily under Section 7-9A-312(e), (f), or (g); and (2) is not made pursuant to a commitment entered into before or while the security interest is perfected by a method other than under Section 7-9A-309 or 7-9A-312(e), (f), or (g). (b) Lien creditor. Except as otherwise provided in subsection (c), a security interest is subordinate to the rights of a person that becomes a lien creditor to the extent that the security interest secures an advance made more than 45 days after the person becomes a lien creditor...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-323.htm - 2K - Match Info - Similar pages
41-16-57
Section 41-16-57 Municipal or county contracts for certain services exempt from competitive bid requirements. (a) When purchases are required to be made through competitive bidding, awards shall be made to the lowest responsible bidder taking into consideration the qualities of the commodities proposed to be supplied, their conformity with specifications, the purposes for which required, the terms of delivery, transportation charges, and the dates of delivery. If at any time after the award has been made the lowest responsible bidder notifies the awarding authority in writing that the bidder will no longer comply with the terms of the award to provide the goods or services to the awarding authority under the terms and conditions of the original award, or the awarding authority documents that the lowest responsible bidder defaults under the terms of the original award, the awarding authority may terminate the award to the defaulting bidder and make an award to the second lowest...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-16-57.htm - 5K - Match Info - Similar pages
8-37-2
Section 8-37-2 (Effective January 1, 2018) Definitions. For the purposes of this chapter, the following words have the following meanings: (1) ADMINISTRATOR. A person, other than an insurer or creditor, that performs administrative or operational functions pursuant to guaranteed asset protection waiver programs. (2) BORROWER. A debtor, retail buyer or lessee, under a finance agreement. (3) CREDITOR means any of the following: a. The lender in a loan or credit transaction. b. The lessor in a lease transaction. c. Any retail seller of motor vehicles in a retail installment transaction. d. The seller in commercial retail installment transactions. e. The assignees of any of the foregoing to whom the credit or lease obligation is payable. (4) FINANCE AGREEMENT. A loan, lease, or retail installment sales contract for the purchase or lease of a motor vehicle. (5) FREE LOOK PERIOD. The period of time from the effective date of the GAP waiver until the date the borrower may cancel the GAP...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-37-2.htm - 2K - Match Info - Similar pages
7-1-201
Section 7-1-201 General definitions. (a) [Reserved]. (b) Subject to additional definitions contained in the subsequent articles of this title which are applicable to specific articles or parts thereof, and unless the context otherwise requires, in this title: (1) "Action," in the sense of a judicial proceeding, includes recoupment, counterclaim, set-off, suit in equity, and any other proceeding in which rights are determined. (2) "Aggrieved party" means a party entitled to pursue a remedy. (3) "Agreement," as distinguished from "contract," means the bargain of the parties in fact, as found in their language or inferred from other circumstances, including course of performance, course of dealing, or usage of trade as provided in Section 7-1-303. (4) "Bank" means a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union, and trust company. (5) "Bearer" means a person in possession of a negotiable instrument, document of title, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-1-201.htm - 11K - Match Info - Similar pages
16-13B-7
Section 16-13B-7 Defaulting bidder; award to second lowest responsible bidder; preferences; sole source specification; life cycle costs; rejection of bids; lease-purchase contracts. (a) When purchases are required to be made through competitive bidding, awards shall be made to the lowest responsible bidder taking into consideration the qualities of the commodities proposed to be supplied, their conformity with specifications, the purposes for which required, the terms of delivery, transportation charges, and the dates of delivery. If at any time after the award has been made the lowest responsible bidder notifies the awarding authority in writing that the bidder will no longer comply with the terms of the award to provide the goods or services to the awarding authority under the terms and conditions of the original award, or the awarding authority documents that the lowest responsible bidder defaults under the terms of the original award, the awarding authority may terminate the award...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-13B-7.htm - 4K - Match Info - Similar pages
27-12-14
Section 27-12-14 Inducements as to property, casualty, or surety insurance. (a) No property, casualty, or surety insurer, or any employee thereof, and no broker, agent, or solicitor shall pay, allow, or give, or offer to pay, allow, or give, directly or indirectly, as an inducement to insurance or after insurance has been effected, any rebate, discount, abatement, credit, or reduction of the premium named in a policy of insurance, or any special favor or advantage in the dividends or other benefits to accrue thereon or any valuable consideration or inducement whatever not specified in the policy except to the extent provided for in rating systems filed with the commissioner by, or on behalf of, the insurer and approved by the commissioner. (b) No insured named in a policy nor any employee of such insured shall knowingly receive or accept, directly or indirectly, any such rebate, discount, abatement, credit, or reduction of premium. (c) Nothing in this section shall be construed as...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-12-14.htm - 4K - Match Info - Similar pages
26-1A-204
Section 26-1A-204 Real property. (a) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to real property authorizes the agent to: (1) demand, buy, lease, receive, accept as a gift or as security for an extension of credit, or otherwise acquire or reject an interest in real property or a right incident to real property; (2) sell; exchange; convey with or without covenants, representations, or warranties; quitclaim; release; surrender; retain title for security; encumber; partition; consent to partitioning; subject to an easement or covenant; subdivide; apply for zoning or other governmental permits; plat or consent to platting; develop; grant an option concerning; lease; sublease; contribute to an entity in exchange for an interest in that entity; or otherwise grant or dispose of an interest in real property or a right incident to real property; (3) pledge or mortgage an interest in real property or right incident to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/26-1A-204.htm - 3K - Match Info - Similar pages
|