7-3-307
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 instrument is (i) taken in payment of or as security for a debt known
by the taker to be the personal debt of the fiduciary, or (ii) taken in a transaction
known by the taker to be for the personal benefit of the fiduciary. (3) If an instrument
is issued by the represented person or the fiduciary as such, and made payable to the fiduciary
personally, the taker does not have notice of the breach of fiduciary duty unless the taker
knows of the breach of fiduciary duty. (4) If an instrument is issued by the represented person
or the fiduciary as such, to the taker as payee, the taker has...
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7-3-206
Section 7-3-206 Restrictive indorsement. (a) An indorsement limiting payment to a particular
person or otherwise prohibiting further transfer or negotiation of the instrument is not effective
to prevent further transfer or negotiation of the instrument. (b) An indorsement stating a
condition to the right of the indorsee to receive payment does not affect the right of the
indorsee to enforce the instrument. A person paying the instrument or taking it for value
or collection may disregard the condition, and the rights and liabilities of that person are
not affected by whether the condition has been fulfilled. (c) If an instrument bears an indorsement
(i) described in Section 7-4-201(b), or (ii) in blank or to a particular bank using the words
"for deposit," "for collection," or other words indicating a purpose of
having the instrument collected by a bank for the indorser or for a particular account, the
following rules apply: (1) A person, other than a bank, who purchases the instrument...
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19-1-5
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 creditor or other payee
is liable to the principal if the fiduciary in fact commits a breach of his obligation as
fiduciary in drawing or delivering the instrument. (Acts 1943, No. 557, p. 544, §5.)...
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19-1-6
Section 19-1-6 Check drawn by and payable to fiduciary. 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, payable to the fiduciary personally, or
payable to a third person and by him transferred to the fiduciary, and is thereafter transferred
by the fiduciary, whether in payment of a personal debt of the fiduciary or otherwise,
the transferee is not bound to inquire whether the fiduciary is committing a breach of his
obligation as fiduciary in transferring 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. (Acts 1943, No. 557, p. 544, §6.)...
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5-17-8
Section 5-17-8 Reports to Administrator of Alabama Credit Union Administration; powers of administrator.
(a) Credit unions shall report to the Administrator of the Alabama Credit Union Administration
at least annually on or before January 31 in such manner and form as required by the administrator
for that purpose. Additional reports may be required. Credit unions shall be examined at least
every 18 months by employees of the administration or by other persons designated by the administrator.
For failure to file reports when due, unless excused for cause by the administrator, the credit
union shall pay to the State Treasurer five dollars ($5) for each day of its delinquency.
(b) If the administrator determines that the credit union is violating this chapter, or is
insolvent, the administrator may suspend operations of the credit union by issuing an order
requiring that the credit union cease operations pending a hearing on the revocation of the
certificate of approval, or the...
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30-4-17
governing instrument to a relative of the divorced individual's former spouse; b. provision
in a governing instrument conferring a general or nongeneral power of appointment on the divorced
individual's former spouse or on a relative of the divorced individual's former spouse; and
c. nomination in a governing instrument, nominating a divorced individual's former spouse
or a relative of the divorced individual's former spouse to serve in any fiduciary or representative
capacity, including a personal representative, executor, trustee, conservator, agent,
or guardian; and (2) severs the interests of the former spouses in property held by them at
the time of the divorce or annulment as joint tenants with the right of survivorship transforming
the interests of the former spouses into equal tenancies in common. (c) A severance under
subdivision (2) of subsection (b) does not affect any third-party interest in property acquired
for value and in good faith reliance on an apparent title by...
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16-1-41.1
local board of education, and in addition to all other requirements imposed by law, prospective
members shall be required for each term of office to affirm publicly and in writing all of
the following principles of educational governance: a. That each decision, action, and vote
taken or made as a member of a local board of education shall be based solely on the needs
and interests of students or the system. b. That no decision, action, or vote shall be taken
or made to serve or promote the personal, political, or pecuniary interests of the
member. c. That each decision, action, and vote shall be based on the interests of the school
system as a whole. d. That the views of all members of the local board of education and of
the local superintendent of education shall be considered before making a decision or taking
an action on any measure or proposal before the local board of education. e. That, except
to the extent otherwise provided by law, each member of a local board of education...
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7-1-201
in size than the surrounding text, or in contrasting type, font, or color to the surrounding
text of the same or lesser size; and (B) Language in the body of a record or display in larger
type than the surrounding text, or in contrasting type, font, or color to the surrounding
text of the same size, or set off from surrounding text of the same size by symbols or other
marks that call attention to the language. (11) "Consumer" means an individual who
enters into a transaction primarily for personal, family, or household purposes. (12)
"Contract," as distinguished from "agreement," means the total legal obligation
that results from the parties' agreement as determined by this title as supplemented by any
other applicable laws. (13) "Creditor" includes a general creditor, a secured creditor,
a lien creditor, and any representative of creditors, including an assignee for the benefit
of creditors, a trustee in bankruptcy, a receiver in equity, and an executor or administrator
of an...
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40-2A-7
years from the date the return is filed with the department, whichever is later. This subparagraph
shall not apply to any corporation unless dissolution is completed within 18 months of the
date of the written notice. e. If a taxpayer has made the election provided in subsection
(d) or (e) of Section 40-18-8, a preliminary assessment based on the gain realized as a result
of the involuntary conversion [in the case of subsection (d) of Section 40-18-8] or a rollover
of gain on the sale of a personal residence [as provided in subsection (e) of Section
40-18-8] may be entered within three years from the date the taxpayer notified the department
of the replacement of the property in accordance with subsection (d) or (e) of Section 40-18-8,
as the case may be, or of his or her intention not to replace the property. f. If a taxpayer
has validly elected to have the provisions of subdivision (a) (7) of Section 40-18-6 and subsection
(l) of Section 40-18-8 apply to an acquisition of stock...
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27-60-2
committees as its bylaws may provide for the carrying out of its functions. 4. Corporate records
of the commission. The commission shall maintain its corporate books and records in accordance
with the bylaws. 5. Qualified immunity, defense, and indemnification. a. The members, officers,
executive director, employees, and representatives of the commission shall be immune from
suit and liability, either personally or in their official capacity, for any claim for damage
to or loss of property or personal injury or other civil liability caused by
or arising out of any actual or alleged act, error, or omission that occurred, or that the
person against whom the claim is made had a reasonable basis for believing occurred within
the scope of commission employment, duties, or responsibilities. Nothing in this paragraph
shall be construed to protect any such person from suit or liability, or both, for any damage,
loss, injury, or liability caused by the intentional or willful and wanton...
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