|
5-19-5
Section 5-19-5 Acceptance of negotiable instruments as evidence of consumer debt. In a consumer
credit sale, the seller may not take as evidence of the obligation of the buyer, a negotiable
instrument other than (1) a check; or (2) a promise or order containing a statement, required
by applicable statutory or administrative law, to the effect that the rights of a holder or
transferee are subject to claims or defenses that the issuer could assert against the original
payee. A holder is not a holder in due course if the holder takes a negotiable instrument
with notice that it is issued in violation of this section. A holder in due course is not
subject to the liabilities prescribed in this chapter. (Acts 1971, No. 2052, p. 3290, §4;
Acts 1995, No. 95-668, p. 1381, §4; Acts 1996, No. 96-576, p. 887, §2.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-19-5.htm - 1K - Match Info - Similar pages
7-3-106
Section 7-3-106 Unconditional promise or order. (a) Except as provided in this section, for
the purposes of Section 7-3-104(a), a promise or order is unconditional unless it states (i)
an express condition to payment, (ii) that the promise or order is subject to or governed
by another writing, or (iii) that rights or obligations with respect to the promise or order
are stated in another writing. A reference to another writing does not of itself make the
promise or order conditional. (b) A promise or order is not made conditional (i) by a reference
to another writing for a statement of rights with respect to collateral, prepayment, or acceleration,
or (ii) because payment is limited to resort to a particular fund or source. (c) If a promise
or order requires, as a condition to payment, a countersignature by a person whose specimen
signature appears on the promise or order, the condition does not make the promise or order
conditional for the purposes of Section 7-3-104(a). If the person...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-3-106.htm - 2K - Match Info - Similar pages
7-3-204
Section 7-3-204 Indorsement. (a) "Indorsement" means a signature, other than that
of a signer as maker, drawer, or acceptor, that alone or accompanied by other words is made
on an instrument for the purpose of (i) negotiating the instrument, (ii) restricting payment
of the instrument, or (iii) incurring indorser's liability on the instrument, but regardless
of the intent of the signer, a signature and its accompanying words is an indorsement unless
the accompanying words, terms of the instrument, place of the signature, or other circumstances
unambiguously indicate that the signature was made for a purpose other than indorsement. For
the purpose of determining whether a signature is made on an instrument, a paper affixed to
the instrument is a part of the instrument. (b) "Indorser" means a person who makes
an indorsement. (c) For the purpose of determining whether the transferee of an instrument
is a holder, an indorsement that transfers a security interest in the instrument is...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-3-204.htm - 1K - Match Info - Similar pages
7-9A-312
Section 7-9A-312 Perfection of certain security interests by filing; temporary perfection.
(a) Perfection by filing permitted. A security interest in chattel paper, negotiable documents,
instruments, or investment property may be perfected by filing. (b) Control or possession
of certain collateral. Except as otherwise provided in Section 7-9A-315(c) and (d) for proceeds:
(1) a security interest in a deposit account may be perfected only by control under Section
7-9A-314; (2) and except as otherwise provided in Section 7-9A-308(d), a security interest
in a letter-of-credit right may be perfected only by control under Section 7-9A-314; and (3)
a security interest in money may be perfected only by the secured party's taking possession
under Section 7-9A-313. (c) Goods covered by negotiable document. While goods are in the possession
of a bailee that has issued a negotiable document covering the goods: (1) a security interest
in the goods may be perfected by perfecting a security interest...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-312.htm - 3K - Match Info - Similar pages
8-6-147
Section 8-6-147 Assent of owner; discharge from claims. (a) A registering entity is not required
to offer or to accept a request for security registration in beneficiary form. If a registration
in beneficiary form is offered by a registering entity, the owner requesting registration
in beneficiary form assents to the protections given to the registering entity by this article.
(b) By accepting a request for registration of a security in beneficiary form, the registering
entity agrees that the registration will be implemented on death of the deceased owner as
provided in this article. (c) A registering entity is discharged from all claims to a security
by the estate, creditors, heirs, or devisees of a deceased owner if it registers a transfer
of a security in accordance with Section 8-6-146 and does so in good faith reliance (1) on
the registration, (2) on this article, and (3) on information provided to it by affidavit
of the personal representative of the deceased owner, or by the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-147.htm - 2K - Match Info - Similar pages
11-50-211
Section 11-50-211 Conveyance authorized; terms and conditions; ordinances and resolutions.
Every municipality shall have the power, without the necessity of an election of the qualified
voters of such municipality, to transfer and convey to any regulated utility any gas system,
or part thereof, owned by the said municipality; and any public gas corporation shall have
the power, without the necessity of an election of the qualified voters of any authorizing
municipality, to transfer and convey to any regulated utility any gas system, or part thereof,
owned by the said public gas corporation; provided, that: (1) Prior to any such transfer or
conveyance by a municipality, its governing body must have adopted an ordinance authorizing
such transfer and conveyance; (2) Prior to any such transfer and conveyance by a public gas
corporation, its board of directors must have adopted a resolution authorizing such transfer
and conveyance, and each authorizing municipality with respect to that...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-50-211.htm - 1K - Match Info - Similar pages
6-11-51
Section 6-11-51 Definitions. As used in this article the following words and terms shall have
the following meanings: (1) ANNUITY ISSUER. An insurer that has issued a contract to fund
periodic payments under a structured settlement. (2) DEPENDENTS. A payee's spouse and minor
children and all other persons for whom the payee is legally obligated to provide support,
including alimony. (3) DISCOUNTED PRESENT VALUE. The present value of future payments determined
by discounting the payments to the present using the most recently published applicable federal
rate for determining the present value of an annuity, as issued by the United States Internal
Revenue Service. (4) GROSS ADVANCE AMOUNT. The sum payable to the payee or for the payee's
account as consideration for a transfer of structured settlement payment rights before any
reductions for transfer expenses or other deductions to be made from the consideration. (5)
INDEPENDENT PROFESSIONAL ADVICE. Advice of an attorney, certified public...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/6-11-51.htm - 5K - Match Info - Similar pages
19-1-4
Section 19-1-4 Transfer of negotiable instrument by fiduciary. If any negotiable instrument
payable or indorsed to a fiduciary as such is indorsed by the fiduciary, or if any negotiable
instrument payable or indorsed to his principal is indorsed by a fiduciary, or if any negotiable
instrument payable or indorsed to his principal is indorsed by a fiduciary empowered to indorse
such instrument on behalf of his principal, the indorsee is not bound to inquire whether the
fiduciary is committing a breach of his obligation as fiduciary in indorsing 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 transferred by the fiduciary in payment of or as
security for a personal debt of the fiduciary to the actual knowledge...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-1-4.htm - 1K - Match Info - Similar pages
7-3-605
Section 7-3-605 Discharge of indorsers and accommodation parties. (a) In this section, the
term "indorser" includes a drawer having the obligation described in Section 7-3-414(d).
(b) Discharge, under Section 7-3-604, of the obligation of a party to pay an instrument does
not discharge the obligation of an indorser or accommodation party having a right of recourse
against the discharged party. (c) If a person entitled to enforce an instrument agrees, with
or without consideration, to an extension of the due date of the obligation of a party to
pay the instrument, the extension discharges an indorser or accommodation party having a right
of recourse against the party whose obligation is extended to the extent the indorser or accommodation
party proves that the extension caused loss to the indorser or accommodation party with respect
to the right of recourse. (d) If a person entitled to enforce an instrument agrees, with or
without consideration, to a material modification of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-3-605.htm - 4K - Match Info - Similar pages
8-6-8
Section 8-6-8 Registration of securities - Registration statement; conditions precedent; bond;
notice of action; fees; quarterly reports and financial statements; discharge from supervision.
(a) A registration statement on securities may be filed by the issuer, any other person on
whose behalf the offering is to be made, or a registered dealer. Any document filed under
this article within five years preceding the filing of a registration statement may be incorporated
by reference in the registration statement to the extent that the document is currently accurate.
The commission may permit, by rule or otherwise, the omission of any item of information or
document from any registration statement. (b) The Securities Commission may require as a condition
of registration by qualification or coordination that: (1) proceeds from the sale of the registered
security be impounded until the issuer receives a specified amount, or (2) any security issued
within the past three years, or to be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-8.htm - 8K - Match Info - Similar pages
|