7-3-401
Section 7-3-401 Signature. (a) A person is not liable on an instrument unless (i) the person
signed the instrument, or (ii) the person is represented by an agent or representative who
signed the instrument and the signature is binding on the represented person under Section
7-3-402. (b) A signature may be made (i) manually or by means of a device or machine, and
(ii) by the use of any name, including a trade or assumed name, or by a word, mark, or symbol
executed or adopted by a person with present intention to authenticate a writing. (Acts 1965,
No. 549, p. 811; repealed by Acts 1995, No. 95-668, p. 1381, §1; added by Acts 1995, No.
95-668, p. 1381, §1.)...
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7-3-103
Section 7-3-103 Definitions. (a) In this article: (1) "Acceptor" means a drawee who
has accepted a draft. (2) "Drawee" means a person ordered in a draft to make payment.
(3) "Drawer" means a person who signs or is identified in a draft as a person ordering
payment. (4) "Good faith" means honesty in fact in the conduct or transaction concerned.
(5) "Maker" means a person who signs or is identified in a note as a person undertaking
to pay. (6) "Order" means a written instruction to pay money signed by the person
giving the instruction. The instruction may be addressed to any person, including the person
giving the instruction, or to one or more persons jointly or in the alternative but not in
succession. An authorization to pay is not an order unless the person authorized to pay is
also instructed to pay. (7) "Ordinary care" in the case of a person engaged in business
means observance of reasonable commercial standards, prevailing in the area in which the person
is located, with respect...
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7-3-307
Section 7-3-307 Notice of breach of fiduciary duty. (a) In this section: (1) "Fiduciary"
means an agent, trustee, partner, corporate officer or director, or other representative owing
a fiduciary duty with respect to an instrument. (2) "Represented person" means the
principal, beneficiary, partnership, corporation, or other person to whom the duty stated
in subdivision (1) is owed. (b) If (i) an instrument is taken from a fiduciary for payment
or collection or for value, (ii) the taker has knowledge of the fiduciary status of the fiduciary,
and (iii) the represented person makes a claim to the instrument or its proceeds on the basis
that the transaction of the fiduciary is a breach of fiduciary duty, the following rules apply:
(1) Notice of breach of fiduciary duty by the fiduciary is notice of the claim of the represented
person. (2) In the case of an instrument payable to the represented person or the fiduciary
as such, the taker has notice of the breach of fiduciary duty if the...
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19-1-5
Section 19-1-5 Check drawn by fiduciary payable to third person. If a check or other bill of
exchange is drawn by a fiduciary as such, or in the name of his principal by a fiduciary empowered
to draw such instrument in the name of his principal, the payee is not bound to inquire whether
the fiduciary is committing a breach of his obligation as fiduciary in drawing or delivering
the instrument, and is not chargeable with notice that the fiduciary is committing a breach
of his obligation as fiduciary unless he takes the instrument with actual knowledge of such
breach or with knowledge of such facts that his action in taking the instrument amounts to
bad faith. If, however, such instrument is payable to a personal creditor of the fiduciary
and delivered to the creditor in payment of or as security for a personal debt of the fiduciary
to the actual knowledge of the creditor, or is drawn and delivered in any transaction known
by the payee to be for the personal benefit of the fiduciary, the...
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5-19A-9
Section 5-19A-9 Pledgor presenting pawn ticket entitled to redeem or repurchase goods; lost
or damaged pledged goods in possession of pawnbroker; lost, destroyed, or stolen pawn ticket.
(a) Any person properly identified as pledgor or as authorized representative of the pledgor
and presenting a pawn ticket to the pawnbroker shall be entitled to redeem or repurchase the
pledged goods described in the ticket. In the event pledged goods are lost or damaged while
in the possession of the pawnbroker, it shall be the responsibility of the pawnbroker to replace
the lost or damaged goods with like kinds of merchandise and proof of replacement shall be
a defense to any prosecution. For the purposes of this subsection, "lost" includes
pledged goods that have been destroyed or have disappeared due to willful neglect that results
in the pledged goods being unavailable for return to the pledgor. (b) If the pawn ticket is
lost, destroyed, or stolen, the pledgor shall so notify the pawnbroker in...
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35-11-213
Section 35-11-213 Verified statement - Duty to file; contents; form. It shall be the duty of
every person entitled to such lien to file in the office of the judge of probate of the county
in which the property upon which the lien is sought to be established is situated, a statement
in writing, verified by the oath of the person claiming the lien, or of some other person
having knowledge of the facts, containing the amount of the demand secured by the lien, after
all just credits have been given, a description of the property on which the lien is claimed
in such a manner that same may be located or identified, a description by house number, name
of street, and name of city or town being a sufficient description where the property is located
in a city or town, and the name of the owner or proprietor thereof; but no error in the amount
of the demand or in the name of the owner or proprietor, shall affect the lien. Unless such
statement is so filed the lien shall be lost. Said verified...
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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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10A-8A-3.03
Section 10A-8A-3.03 Statement of authority. (a) A partnership may deliver to the Secretary
of State for filing a statement of authority, which: (1) must include the name of the partnership
and: (A) if the partnership has not filed a statement of partnership, a statement of not for
profit partnership, or a statement of limited liability partnership, (i) the street and mailing
addresses of its principal office and (ii) if the Secretary of State has assigned a unique
identifying number or other designation to the partnership, that number or designation; or
(B) if the partnership has filed a statement of partnership, a statement of not for profit
partnership, or a statement of limited liability partnership, (i) the street address and mailing
address of its principal office, (ii) the name, street address, and mailing address of its
registered agent, and (iii) the unique identifying number or other designation assigned to
the partnership by the Secretary of State. (2) with respect to any...
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13A-9-13.2
Section 13A-9-13.2 Negotiating worthless negotiable instrument - Notice of refusal of payment
upon instrument. For purposes of Section 13A-9-13.1: (1) Notice mailed by certified or registered
mail, evidenced by return receipt, to the address printed on the instrument or given at the
time of issuance shall be deemed sufficient and equivalent to notice having been received
by the person making, drawing, uttering, or delivering the instrument. (2) The form of notice
shall be substantially as follows: "This statutory notice is provided pursuant to Section
13A-9-13.2 of the Alabama Code. You are hereby notified that a check or instrument numbered
_____, apparently issued by you on ___ (date), drawn upon ___ (name of bank), and payable
to ___, has been dishonored. Pursuant to Alabama law, you have 10 days from receipt of this
notice to tender payment of the full amount of the check or instrument plus a service charge
of not more than (fill in appropriate amount provided by...
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7-4A-208
Section 7-4A-208 Misdescription of intermediary bank or beneficiary's bank. (a) This subsection
applies to a payment order identifying an intermediary bank or the beneficiary's bank only
by an identifying number. (1) The receiving bank may rely on the number as the proper identification
of the intermediary or beneficiary's bank and need not determine whether the number identifies
a bank. (2) The sender is obliged to compensate the receiving bank for any loss and expenses
incurred by the receiving bank as a result of its reliance on the number in executing or attempting
to execute the order. (b) This subsection applies to a payment order identifying an intermediary
bank or the beneficiary's bank both by name and an identifying number if the name and number
identify different persons. (1) If the sender is a bank, the receiving bank may rely on the
number as the proper identification of the intermediary or beneficiary's bank if the receiving
bank, when it executes the sender's order, does...
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