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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...
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7-8-109
Section 7-8-109 Warranties in indirect holding. (a) A person who originates an entitlement
order to a securities intermediary warrants to the securities intermediary that: (1) the entitlement
order is made by an appropriate person, or if the entitlement order is by an agent, the agent
has actual authority to act on behalf of the appropriate person; and (2) there is no adverse
claim to the security entitlement. (b) A person who delivers a security certificate to a securities
intermediary for credit to a securities account or originates an instruction with respect
to an uncertificated security directing that the uncertificated security be credited to a
securities account makes to the securities intermediary the warranties specified in Section
7-8-108(a) or (b). (c) If a securities intermediary delivers a security certificate to its
entitlement holder or causes its entitlement holder to be registered as the owner of an uncertificated
security, the securities intermediary makes to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-109.htm - 1K - Match Info - Similar pages
27-38-1
Section 27-38-1 Establishment of separate accounts by life insurers to provide for life insurance
or annuities and benefits incidental thereto. A life insurer organized under the laws of this
state may, by or pursuant to a resolution of its board of directors, establish one or more
separate accounts and may allocate thereto amounts, including without limitation proceeds
applied under optional modes of settlement or under dividend options, to provide for life
insurance or annuities, and benefits incidental thereto, payable in fixed or variable amounts
or both, subject to the following: (1) The income, gains, and losses, realized or unrealized,
from assets allocated to a separate account shall be credited to, or charged against, the
account, without regard to other income, gains, or losses of the insurer; (2) Except as provided
in this section, amounts allocated to any separate account, and accumulations thereon, may
be invested and reinvested without regard to any requirements or...
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35-12-79
Section 35-12-79 Custody by state; recovery by holder; defense of holder. (a) In this article,
good faith means honesty in fact in the conduct or transaction concerned. (b) Upon payment
or delivery of property to the Treasurer, the state assumes custody and responsibility for
the safekeeping of the property. A holder who pays or delivers property to the Treasurer in
good faith is relieved of all liability arising thereafter with respect to the property. The
payment or delivery of property to the Treasurer shall operate as a full, absolute and unconditional
release and discharge of the holder from any and all claims or demands of or liability to
any person entitled thereto, or to any other claimant or state, and the payment or delivery
may be pleaded as an absolute bar to any action brought against the holder by any other person
entitled thereto, or by any other claimant or state. Once properly pleaded, the holder shall
immediately and thereafter be relieved of and held harmless from...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-12-79.htm - 4K - Match Info - Similar pages
7-3-402
Section 7-3-402 Signature by representative. (a) If a person acting, or purporting to act,
as a representative signs an instrument by signing either the name of the represented person
or the name of the signer, the represented person is bound by the signature to the same extent
the represented person would be bound if the signature were on a simple contract. If the represented
person is bound, the signature of the representative is the "authorized signature of
the represented person" and the represented person is liable on the instrument, whether
or not identified in the instrument. (b) If a representative signs the name of the representative
to an instrument and the signature is an authorized signature of the represented person, the
following rules apply: (1) If the form of the signature shows unambiguously that the signature
is made on behalf of the represented person who is identified in the instrument, the representative
is not liable on the instrument. (2) Subject to subsection...
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7-9A-607
Section 7-9A-607 Collection and enforcement by secured party. (a) Collection and enforcement
generally. If so agreed, and in any event after default, a secured party: (1) may notify an
account debtor or other person obligated on collateral to make payment or otherwise render
performance to or for the benefit of the secured party; (2) may take any proceeds to which
the secured party is entitled under Section 7-9A-315; (3) may enforce the obligations of an
account debtor or other person obligated on collateral and exercise the rights of the debtor
with respect to the obligation of the account debtor or other person obligated on collateral
to make payment or otherwise render performance to the debtor, and with respect to any property
that secures the obligations of the account debtor or other person obligated on the collateral;
(4) if it holds a security interest in a deposit account perfected by control under Section
7-9A-104(a)(1), may apply the balance of the deposit account to the...
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25-4-16
Section 25-4-16 Wages. (a) Prior to January 1, 1983, "wages," as used in this chapter,
shall mean such remuneration as was defined in this section prior to such date. (b) On and
after January 1, 1983, "wages," as used in this chapter, shall mean every form of
remuneration paid or received for personal services, including the cash value of any remuneration
paid in any medium other than cash. The reasonable cash value of remuneration paid in any
medium other than cash shall be determined in accordance with rules prescribed by the director;
except that effective on May 28, 1980, and for the purposes of reporting and computing the
amount of contributions due, back pay awarded as the result of an agreement, arbitration,
or order of a court of competent jurisdiction on a retroactive basis shall be considered "wages"
during the calendar quarter in which such retroactive payments are made. The term "wages,"
however, shall not include: (1) That part of remuneration, which after remuneration...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/25-4-16.htm - 6K - Match Info - Similar pages
40-23-1
Section 40-23-1 Definitions; transactions considered or not considered sales. (a) For the purpose
of this division, the following terms shall have the respective meanings ascribed by this
section: (1) PERSON or COMPANY. Used interchangeably, includes any individual, firm, copartnership,
association, corporation, receiver, trustee, or any other group or combination acting as a
unit and the plural as well as the singular number, unless the intention to give a more limited
meaning is disclosed by the context. (2) DEPARTMENT. The Department of Revenue of the State
of Alabama. (3) COMMISSIONER. The Commissioner of Revenue of the State of Alabama. (4) TAX
YEAR or TAXABLE YEAR. The calendar year. (5) SALE or SALES. Installment and credit sales and
the exchange of properties as well as the sale thereof for money, every closed transaction
constituting a sale. Provided, however, a transaction shall not be closed or a sale completed
until the time and place when and where title is transferred by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-23-1.htm - 20K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-3-206.htm - 3K - Match Info - Similar pages
7-9A-203
Section 7-9A-203 Attachment and enforceability of security interest; proceeds; supporting obligations;
formal requisites. (a) Attachment. A security interest attaches to collateral when it becomes
enforceable against the debtor with respect to the collateral, unless an agreement expressly
postpones the time of attachment. (b) Enforceability. Except as otherwise provided in subsections
(c) through (i), a security interest is enforceable against the debtor and third parties with
respect to the collateral only if: (1) value has been given; (2) the debtor has rights in
the collateral or the power to transfer rights in the collateral to a secured party; and (3)
one of the following conditions is met: (A) the debtor has authenticated a security agreement
that provides a description of the collateral and, if the security interest covers timber
to be cut, a description of the land concerned; (B) the collateral is not a certificated security
and is in the possession of the secured party under...
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