7-3-410
Section 7-3-410 Acceptance varying draft. (a) If the terms of a drawee's acceptance vary from
the terms of the draft as presented, the holder may refuse the acceptance and treat the draft
as dishonored. In that case, the drawee may cancel the acceptance. (b) The terms of a draft
are not varied by an acceptance to pay at a particular bank or place in the United States,
unless the acceptance states that the draft is to be paid only at that bank or place. (c)
If the holder assents to an acceptance varying the terms of a draft, the obligation of each
drawer and indorser that does not expressly assent to the acceptance is discharged. (Acts
1995, No. 95-668, p. 1381, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-3-410.htm - 1001 bytes - Match Info - Similar pages

7-3-414
Section 7-3-414 Obligation of drawer. (a) This section does not apply to cashier's checks or
other drafts drawn on the drawer. (b) If an unaccepted draft is dishonored, the drawer is
obliged to pay the draft (i) according to its terms at the time it was issued or, if not issued,
at the time it first came into possession of a holder, or (ii) if the drawer signed an incomplete
instrument, according to its terms when completed, to the extent stated in Sections 7-3-115
and 7-3-407. The obligation is owed to a person entitled to enforce the draft or to an indorser
who paid the draft under Section 7-3-415. (c) If a draft is accepted by a bank, the drawer
is discharged, regardless of when or by whom acceptance was obtained. (d) If a draft is accepted
and the acceptor is not a bank, the obligation of the drawer to pay the draft if the draft
is dishonored by the acceptor is the same as the obligation of an indorser under Section 7-3-415(a)
and (c). (e) If a draft states that it is drawn...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-3-414.htm - 2K - Match Info - Similar pages

7-3-501
Section 7-3-501 Presentment. (a) "Presentment" means a demand made by or on behalf
of a person entitled to enforce an instrument (i) to pay the instrument made to the drawee
or a party obliged to pay the instrument or, in the case of a note or accepted draft payable
at a bank, to the bank, or (ii) to accept a draft made to the drawee. (b) The following rules
are subject to Article 4, agreement of the parties, and clearing-house rules and the like:
(1) Presentment may be made at the place of payment of the instrument and must be made at
the place of payment if the instrument is payable at a bank in the United States; may be made
by any commercially reasonable means, including an oral, written, or electronic communication;
is effective when the demand for payment or acceptance is received by the person to whom presentment
is made; and is effective if made to any one of two or more makers, acceptors, drawees, or
other payors. (2) Upon demand of the person to whom presentment is made, the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-3-501.htm - 2K - Match Info - Similar pages

7-3-409
Section 7-3-409 Acceptance of draft; certified check. (a) "Acceptance" means the
drawee's signed agreement to pay a draft as presented. It must be written on the draft and
may consist of the drawee's signature alone. Acceptance may be made at any time and becomes
effective when notification pursuant to instructions is given or the accepted draft is delivered
for the purpose of giving rights on the acceptance to any person. (b) A draft may be accepted
although it has not been signed by the drawer, is otherwise incomplete, is overdue, or has
been dishonored. (c) If a draft is payable at a fixed period after sight and the acceptor
fails to date the acceptance, the holder may complete the acceptance by supplying a date in
good faith. (d) "Certified check" means a check accepted by the bank on which it
is drawn. Acceptance may be made as stated in subsection (a) or by a writing on the check
which indicates that the check is certified. The drawee of a check has no obligation to certify
the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-3-409.htm - 1K - Match Info - Similar pages

7-3-502
Section 7-3-502 Dishonor. (a) Dishonor of a note is governed by the following rules: (1) If
the note is payable on demand, the note is dishonored if presentment is duly made to the maker
and the note is not paid on the day of presentment. (2) If the note is not payable on demand
and is payable at or through a bank or the terms of the note require presentment, the note
is dishonored if presentment is duly made and the note is not paid on the day it becomes payable
or the day of presentment, whichever is later. (3) If the note is not payable on demand and
paragraph (2) does not apply, the note is dishonored if it is not paid on the day it becomes
payable. (b) Dishonor of an unaccepted draft other than a documentary draft is governed by
the following rules: (1) If a check is duly presented for payment to the payor bank otherwise
than for immediate payment over the counter, the check is dishonored if the payor bank makes
timely return of the check or sends timely notice of dishonor or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-3-502.htm - 3K - Match Info - Similar pages

7-3-505
Section 7-3-505 Evidence of dishonor. (a) The following are admissible as evidence and create
a presumption of dishonor and of any notice of dishonor stated: (1) A document regular in
form as provided in subsection (b) which purports to be a protest; (2) A purported stamp or
writing of the drawee, payor bank, or presenting bank on or accompanying the instrument stating
that acceptance or payment has been refused unless reasons for the refusal are stated and
the reasons are not consistent with dishonor; (3) A book or record of the drawee, payor bank,
or collecting bank, kept in the usual course of business which shows dishonor, even if there
is no evidence of who made the entry. (b) A protest is a certificate of dishonor made by a
United States consul or vice consul, or a notary public or other person authorized to administer
oaths by the law of the place where dishonor occurs. It may be made upon information satisfactory
to that person. The protest must identify the instrument and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-3-505.htm - 1K - Match Info - Similar pages

32-2-83
Section 32-2-83 Disposal of vehicles. (a) Any other provisions to the law contrary notwithstanding,
the Secretary of the Alabama State Law Enforcement Agency shall be responsible for the disposal
of any agency vehicles or property. Such vehicles or property shall be sold by the Secretary
or his or her designee either at public auction or by a negotiated sale by the Alabama State
Law Enforcement Agency to any other state department or agency. The Alabama State Law Enforcement
Agency may sell vehicles and property under this subsection to any county or municipal law
enforcement agency or any county or municipal entity. Any state department or agency may negotiate
for the purchase of the vehicle or property for their use in compliance with state law. (b)
Every proposal to make a sale at public auction shall be advertised for at least two weeks
in advance of the date fixed for the auction. Such advertisement shall appear at least once
a week for two consecutive weeks in a newspaper of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/32-2-83.htm - 3K - Match Info - Similar pages

23-1-66
Section 23-1-66 Disposal of surplus personal property - Sale procedures. (a) This section shall
apply only to the property which has been held by the State Department of Transportation for
a period of not less than 60 days from the date the property is first published in the list
of surplus personal property, as set out in subsection (b) of Section 23-1-65 and not purchased
by any agency as set out in subsection (c) of Section 23-1-64. (b) All contracts made by,
or on behalf of, the State Department of Transportation for the sale or disposal of tangible
personal property owned by the State Department of Transportation, other than types of property,
the disposal of which is otherwise provided for by law, or which, by nature, are incapable
of sale by auction or bid, shall be let by free and open competitive public auction or sealed
bids. (c) Every proposal to make a sale covered by this section shall be advertised for at
least two weeks in advance of the date fixed for receiving bids....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-1-66.htm - 4K - Match Info - Similar pages

35-12-71
Section 35-12-71 Definitions. As used in this article, unless the context otherwise requires,
the following terms shall have the meanings respectively ascribed to them by this section:
(1) APPARENT OWNER. A person whose name appears on the records of a holder as the person entitled
to property held, issued, or owing by the holder. (2) BUSINESS ASSOCIATION. A corporation,
joint stock company, investment company, partnership, unincorporated association, joint venture,
limited liability company, business trust, trust company, safe deposit company, financial
organization, insurance company, mutual fund, utility, or other business entity consisting
of one or more persons, whether or not for profit. (3) DOMICILE. The state of incorporation
of a corporation and the state of the principal place of business of a holder other than a
corporation. (4) FINANCIAL ORGANIZATION. A savings and loan association, building and loan
association, industrial loan organization, credit union, cooperative bank,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-12-71.htm - 6K - Match Info - Similar pages

41-16-123
Section 41-16-123 Provisions applicable to certain property held by division. This section
shall apply only to that property that has been held by the division for a period of not less
than 60 days from the date the property is first published in the list of surplus property,
as set out in subsection (b) of Section 41-16-121, and not purchased by any eligible entity
as set out in subsection (e) of Section 41-16-120 as follows: (1) All contracts made by or
on behalf of the State of Alabama or a department, board, bureau, commission, institution,
corporation, or agency thereof, of whatever nature for the sale or disposal of tangible personal
property owned by the State of Alabama, other than the following: a. Alcoholic beverages.
b. Products of the Alabama Institute for Deaf and Blind. c. Barter arrangements of the state
prison system. d. Books. e. School supplies. f. Food. g. Property used in vocational projects.
h. Livestock. i. Property owned by any state college or university,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-16-123.htm - 9K - Match Info - Similar pages