7-3-412
Section 7-3-412 Obligation of issuer of note or cashier's check. The issuer of a note or cashier's
check or other draft drawn on the drawer is obliged to pay the instrument (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 issuer 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 instrument or to an indorser who paid the instrument under
Section 7-3-415. (Acts 1995, No. 95-668, p. 1381, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-3-412.htm - 927 bytes - Match Info - Similar pages

9-15-79
Section 9-15-79 Negotiation where no bids received or bids rejected; no sale or lease at price
less than highest bid or minimum; payment; closing. In the event no bids are received or all
the bids are rejected by the chief executive officer of the department, board, bureau, commission,
institution, corporation, or agency selling or leasing the property after the approval of
the Governor, the sale or lease of the real property may be negotiated. No sale or lease may
be made at a price less than the highest bid received or the published minimum, whichever
is highest, and the sale or lease shall require the approval of the Governor. All real property
sold or leased under this article shall be paid for by the purchaser or his or her representative
by cashier's check or certified check, and the sale or lease shall be closed not later than
30 days after the written notice of acceptance of the bid. (Acts 1995, No. 95-280, p. 507,
§10.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/9-15-79.htm - 1K - Match Info - Similar pages

19-1-7
Section 19-1-7 Deposit in name of fiduciary as such. If a deposit is made in a bank to the
credit of a fiduciary as such, the bank is authorized to pay the amount of the deposit or
any part thereof upon the check of the fiduciary, signed with the name in which such deposit
is entered without being liable to the principal, unless the bank pays the check with actual
knowledge that the fiduciary is committing a breach of his obligation as fiduciary in drawing
the check or with knowledge of such facts that its action in paying the check amounts to bad
faith. If, however, such a check is payable to the drawee bank and is delivered to it in payment
of or as security for a personal debt of the fiduciary to it, the bank is liable to the principal
if the fiduciary in fact commits a breach of his obligation as fiduciary in drawing or delivering
the check. (Acts 1943, No. 557, p. 544, §7.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-1-7.htm - 1K - Match Info - Similar pages

7-4A-204
Section 7-4A-204 Refund of payment and duty of customer to report with respect to unauthorized
payment order. (a) If a receiving bank accepts a payment order issued in the name of its customer
as sender which is (i) not authorized and not effective as the order of the customer under
Section 7-4A-202, or (ii) not enforceable, in whole or in part, against the customer under
Section 7-4A-203, the bank shall refund any payment of the payment order received from the
customer to the extent the bank is not entitled to enforce payment and shall pay interest
on the refundable amount calculated from the date the bank received payment to the date of
the refund. However, the customer is not entitled to interest from the bank on the amount
to be refunded if the customer fails to exercise ordinary care to determine that the order
was not authorized by the customer and to notify the bank of the relevant facts within a reasonable
time not exceeding 90 days after the date the customer received...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-4A-204.htm - 1K - Match Info - Similar pages

7-4A-402
Section 7-4A-402 Obligation of sender to pay receiving bank. (a) This section is subject to
Sections 7-4A-205 and 7-4A-207. (b) With respect to a payment order issued to the beneficiary's
bank, acceptance of the order by the bank obliges the sender to pay the bank the amount of
the order, but payment is not due until the payment date of the order. (c) This subsection
is subject to subsection (e) and to Section 7-4A-303. With respect to a payment order issued
to a receiving bank other than the beneficiary's bank, acceptance of the order by the receiving
bank obliges the sender to pay the bank the amount of the sender's order. Payment by the sender
is not due until the execution date of the sender's order. The obligation of that sender to
pay its payment order is excused if the funds transfer is not completed by acceptance by the
beneficiary's bank of a payment order instructing payment to the beneficiary of that sender's
payment order. (d) If the sender of payment order pays the order...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-4A-402.htm - 2K - Match Info - Similar pages

5-5A-42
Section 5-5A-42 Adverse claims to deposits. Notice to any bank of an adverse claim to a deposit
standing on its books to the credit of any person shall not be effectual to cause said bank
to recognize said adverse claimant unless said adverse claimant shall also either procure
a restraining order, injunction or other appropriate process against said bank from a court
of competent jurisdiction in a civil action therein instituted by such claimant wherein the
person to whose credit the deposit stands is made a party and served with summons or shall
execute to said bank in form and with sureties acceptable to it, a bond indemnifying said
bank from any and all liability, loss, damage, costs and expenses for and on account of the
payment or recognition of such adverse claim or the dishonor of or failure to pay the check
or failure to comply with other order of the person to whose credit the deposit stands on
the books of said bank; provided, that this section shall not apply in any instance...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-5A-42.htm - 1K - Match Info - Similar pages

7-4A-205
Section 7-4A-205 Erroneous payment orders. (a) If an accepted payment order was transmitted
pursuant to a security procedure for the detection of error and the payment order (i) erroneously
instructed payment to a beneficiary not intended by the sender, (ii) erroneously instructed
payment in an amount greater than the amount intended by the sender, or (iii) was an erroneously
transmitted duplicate of a payment order previously sent by the sender, the following rules
apply: (1) If the sender proves that the sender or a person acting on behalf of the sender
pursuant to Section 7-4A-206 complied with the security procedure and that the error would
have been detected if the receiving bank had also complied, the sender is not obliged to pay
the order to the extent stated in paragraphs (2) and (3). (2) If the funds transfer is completed
on the basis of an erroneous payment order described in clause (i) or (iii) of subsection
(a), the sender is not obliged to pay the order and the receiving...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-4A-205.htm - 2K - Match Info - Similar pages

7-4A-207
Section 7-4A-207 Misdescription of beneficiary. (a) Subject to subsection (b), if, in a payment
order received by the beneficiary's bank, the name, bank account number, or other identification
of the beneficiary refers to a nonexistent or unidentifiable person or account, no person
has rights as a beneficiary of the order and acceptance of the order cannot occur. (b) If
a payment order received by the beneficiary's bank identifies the beneficiary both by name
and by an identifying or bank account number and the name and number identify different persons,
the following rules apply: (1) Except as otherwise provided in subsection (c), if the beneficiary's
bank does not know that the name and number refer to different persons, it may rely on the
number as the proper identification of the beneficiary of the order. The beneficiary's bank
need not determine whether the name and number refer to the same person. (2) If the beneficiary's
bank pays the person identified by name or knows that the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-4A-207.htm - 3K - Match Info - Similar pages

7-4A-303
Section 7-4A-303 Erroneous execution of payment order. (a) A receiving bank that (i) executes
the payment order of the sender by issuing a payment order in an amount greater than the amount
of the sender's order, or (ii) issues a payment order in execution of the sender's order and
then issues a duplicate order, is entitled to payment of the amount of the sender's order
under Section 7-4A-402(c) if that subsection is otherwise satisfied. The bank is entitled
to recover from the beneficiary of the erroneous order the excess payment received to the
extent allowed by the law governing mistake and restitution. (b) A receiving bank that executes
the payment order of the sender by issuing a payment order in an amount less than the amount
of the sender's order is entitled to payment of the amount of the sender's order under Section
7-4A-402(c) if (i) that subsection is otherwise satisfied and (ii) the bank corrects its mistake
by issuing an additional payment order for the benefit of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-4A-303.htm - 2K - Match Info - Similar pages

7-4A-406
Section 7-4A-406 Payment by originator to beneficiary; discharge of underlying obligation.
(a) Subject to Sections 7-4A-211(e), 7-4A-405(d), and 7-4A-405(e), the originator of a funds
transfer pays the beneficiary of the originator's payment order (i) at the time a payment
order for the benefit of the beneficiary is accepted by the beneficiary's bank in the funds
transfer and (ii) in an amount equal to the amount of the order accepted by the beneficiary's
bank, but not more than the amount of the originator's order. (b) If payment under subsection
(a) is made to satisfy an obligation, the obligation is discharged to the same extent discharge
would result from payment to the beneficiary of the same amount in money, unless (i) the payment
under subsection (a) was made by a means prohibited by the contract of the beneficiary with
respect to the obligation, (ii) the beneficiary, within a reasonable time after receiving
notice of receipt of the order by the beneficiary's bank, notified the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-4A-406.htm - 2K - Match Info - Similar pages