|
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, ยง1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-3-412.htm - 927 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
7-9A-102
term includes: (A) proceeds to which a security interest attaches; (B) accounts, chattel paper,
payment intangibles, and promissory notes that have been sold; and (C) goods that are the
subject of a consignment. (13) "Commercial tort claim" means a claim arising in
tort with respect to which: (A) the claimant is an organization; or (B) the claimant is an
individual and the claim: (i) arose in the course of the claimant's business or profession;
and (ii) does not include damages arising out of personal injury to or the death
of an individual. (14) "Commodity account" means an account maintained by a commodity
intermediary in which a commodity contract is carried for a commodity customer. (15) "Commodity
contract" means a commodity futures contract, an option on a commodity futures contract,
a commodity option, or another contract if the contract or option is: (A) traded on or subject
to the rules of a board of trade that has been designated as a contract market for such a
contract...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-102.htm - 29K - Match Info - Similar pages
10A-1-1.03
limited liability company or association, a member; and (D) with respect to another foreign
or domestic entity, an owner of an equity interest in that entity. (69) OWNERSHIP INTEREST.
An owner's interest in an entity. The term includes the owner's share of profits and losses
or similar items and the right to receive distributions. The term does not include an owner's
right to participate in management or participate in the direction or oversight of the entity.
An ownership interest is personal property. (70) PARENT or PARENT ENTITY. An entity
that: (A) owns at least 50 percent of the ownership or membership interest of a subsidiary;
or (B) possesses at least 50 percent of the voting power of the owners or members of a subsidiary.
(71) PARTNER. A limited partner or general partner. (72) PARTNERSHIP. Includes a general partnership,
a limited liability partnership, a foreign limited liability partnership, a limited partnership,
a foreign limited partnership, a limited liability...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-1-1.03.htm - 25K - Match Info - Similar pages
7-3-118
Section 7-3-118 Statute of limitations. (a) Note payable at a definite time. Except as provided
in subsection (e), an action to enforce the obligation of a party to pay a note payable at
a definite time must be commenced within six years after the due date or dates stated in the
note or, if a due date is accelerated, within six years after the accelerated due date. (b)
Note payable on demand. Except as provided in subsection (d) or (e), if demand for payment
is made to the maker of a note payable on demand, an action to enforce the obligation of a
party to pay the note must be commenced within six years after the demand. If no demand for
payment is made to the maker, an action to enforce the note is barred if neither principal
nor interest on the note has been paid for a continuous period of 10 years. (c) Unaccepted
draft. Except as provided in subsection (d), an action to enforce the obligation of a party
to an unaccepted draft to pay the draft must be commenced within three years...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-3-118.htm - 3K - Match Info - Similar pages
7-3-413
Section 7-3-413 Obligation of acceptor. (a) The acceptor of a draft is obliged to pay the draft
(i) according to its terms at the time it was accepted, even though the acceptance states
that the draft is payable "as originally drawn" or equivalent terms, (ii) if the
acceptance varies the terms of the draft, according to the terms of the draft as varied, or
(iii) if the acceptance is of a draft that is 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 the drawer or an indorser who paid the draft
under Section 7-3-414 or 7-3-415. (b) If the certification of a check or other acceptance
of a draft states the amount certified or accepted, the obligation of the acceptor is that
amount. If (i) the certification or acceptance does not state an amount, (ii) the amount of
the instrument is subsequently raised, and (iii) the instrument is then negotiated to a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-3-413.htm - 1K - Match Info - Similar pages
7-3-415
Section 7-3-415 Obligation of indorser. (a) Subject to subsections (b), (c), and (d) and to
Section 7-3-419(d), if an instrument is dishonored, an indorser is obliged to pay the amount
due on the instrument (i) according to the terms of the instrument at the time it was indorsed,
or (ii) if the indorser indorsed an incomplete instrument, according to its terms when completed,
to the extent stated in Sections 7-3-115 and 7-3-407. The obligation of the indorser is owed
to a person entitled to enforce the instrument or to a subsequent indorser who paid the instrument
under this section. (b) If an indorsement states that it is made "without recourse"
or otherwise disclaims liability of the indorser, the indorser is not liable under subsection
(a) to pay the instrument. (c) If notice of dishonor of an instrument is required by Section
7-3-503 and notice of dishonor complying with that section is not given to an indorser, the
liability of the indorser under subsection (a) is discharged. (d)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-3-415.htm - 1K - Match Info - Similar pages
7-3-104
Section 7-3-104 Negotiable instrument. (a) Except as provided in subsections (c) and (d), "negotiable
instrument" means an unconditional promise or order to pay a fixed amount of money, with
or without interest or other charges described in the promise or order, if it: (1) Is payable
to bearer or to order at the time it is issued or first comes into possession of a holder;
(2) Is payable on demand or at a definite time; and (3) Does not state any other undertaking
or instruction by the person promising or ordering payment to do any act in addition to the
payment of money, but the promise or order may contain (i) an undertaking or power to give,
maintain, or protect collateral to secure payment, (ii) an authorization or power to the holder
to confess judgment or realize on or dispose of collateral, or (iii) a waiver of the benefit
of any law intended for the advantage or protection of an obligor. (b) "Instrument"
means a negotiable instrument. (c) An order that meets all of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-3-104.htm - 3K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-3-103.htm - 4K - Match Info - Similar pages
5-18-16
Section 5-18-16 Duties of licensees as to making and payment of loans. (a) Copy of contract
or statement; receipts; payment in advance; release of obligation and security. - Every licensee
shall: (1) At the time a loan is made deliver to the borrower or, if there are two or more
borrowers, to one of them a copy of the loan contract, executed by the borrower, in the English
language showing in clear and distinct terms: a. The name and address of the lender and one
of the primary obligors on the loan. b. The date of the loan contract. c. Schedule of installments
or description thereof. d. The cash advance. e. The face amount of the note evidencing the
loan. f. The amount collected or paid for insurance, if any. g. The amount collected or paid
for filing or other fees allowed by this chapter. h. The collateral or security for the loan.
(2) Give to the person making any cash payment on account of any loan a receipt at the time
the payment is made which receipt need only show the total...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-18-16.htm - 3K - Match Info - Similar pages
|