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7-4-105
Section 7-4-105 "Bank"; "depositary bank"; "payor bank"; "intermediary
bank"; "collecting bank"; "presenting bank." In this article: (1)
"Bank" means a person engaged in the business of banking, including a savings bank,
savings and loan association, credit union, or trust company; (2) "Depositary bank"
means the first bank to take an item even though it is also the payor bank, unless the item
is presented for immediate payment over the counter; (3) "Payor bank" means a bank
that is the drawee of a draft; (4) "Intermediary bank" means a bank to which an
item is transferred in course of collection except the depositary or payor bank; (5) "Collecting
bank" means a bank handling an item for collection except the payor bank; (6) "Presenting
bank" means a bank presenting an item except a payor bank. (Acts 1965, No. 549, p. 811;
repealed by Acts 1995, No. 95-668, p. 1381, §2; added by Acts 1995, No. 95-668, p. 1381,
§2.)...
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7-4-405
Section 7-4-405 Death or incompetence of customer. (a) A payor or collecting bank's authority
to accept, pay, or collect an item or to account for proceeds of its collection, if otherwise
effective, is not rendered ineffective by incompetence of a customer of either bank existing
at the time the item is issued or its collection is undertaken if the bank does not know of
an adjudication of incompetence. Neither death nor incompetence of a customer revokes the
authority to accept, pay, collect, or account until the bank knows of the fact of death or
of an adjudication of incompetence and has reasonable opportunity to act on it. (b) Even with
knowledge, a bank may for 10 days after the date of death pay or certify checks drawn on or
before that date unless ordered to stop payment by a person claiming an interest in the account.
(Acts 1965, No. 549, p. 811; repealed by Acts 1995, No. 95-668, p. 1381, §2; added by Acts
1995, No. 95-668, p. 1381, §2.)...
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7-4-109
Section 7-4-109 Delays. (a) Unless otherwise instructed, a collecting bank in a good faith
effort to secure payment of a specific item drawn on a payor other than a bank, and with or
without the approval of any person involved, may waive, modify, or extend time limits imposed
or permitted by this article for a period not exceeding two additional banking days without
discharge of drawers or indorsers or liability to its transferor or a prior party. (b) Delay
by a collecting bank or payor bank beyond time limits prescribed or permitted by this article
or by instructions is excused if (i) the delay is caused by interruption of communication
or computer facilities, suspension of payments by another bank, war, emergency conditions,
failure of equipment, or other circumstances beyond the control of the bank, and (ii) the
bank exercises such diligence as the circumstances require. (Acts 1995, No. 95-668, p. 1381,
§2.)...
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7-4-205
Section 7-4-205 Depositary bank holder of unindorsed item. If a customer delivers an item to
a depositary bank for collection: (1) The depositary bank becomes a holder of the item at
the time it receives the item for collection if the customer at the time of delivery was a
holder of the item, whether or not the customer indorses the item, and, if the bank satisfies
the other requirements of Section 7-3-302, it is a holder in due course; and (2) The depositary
bank warrants to collecting banks, the payor bank or other payor, and the drawer that the
amount of the item was paid to the customer or deposited to the customer's account. (Acts
1965, No. 549, p. 811; repealed by Acts 1995, No. 95-668, p. 1381, §2; added by Acts 1995,
No. 95-668, p. 1381, §2.)...
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7-4-202
Section 7-4-202 Responsibility for collection or return; when action timely. (a) A collecting
bank must exercise ordinary care in: (1) Presenting an item or sending it for presentment;
(2) Sending notice of dishonor or nonpayment or returning an item other than a documentary
draft to the bank's transferor after learning that the item has not been paid or accepted,
as the case may be; (3) Settling for an item when the bank receives final settlement; and
(4) Notifying its transferor of any loss or delay in transit within a reasonable time after
discovery thereof. (b) A collecting bank exercises ordinary care under subsection (a) by taking
proper action before its midnight deadline following receipt of an item, notice, or settlement.
Taking proper action within a reasonably longer time may constitute the exercise of ordinary
care, but the bank has the burden of establishing timeliness. (c) Subject to subsection (a)(1),
a bank is not liable for the insolvency, neglect, misconduct, mistake,...
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7-4-210
Section 7-4-210 Security interest of collecting bank in items, accompanying documents, and
proceeds. (a) A collecting bank has a security interest in an item and any accompanying documents
or the proceeds of either: (1) In case of an item deposited in an account, to the extent to
which credit given for the item has been withdrawn or applied; (2) In case of an item for
which it has given credit available for withdrawal as of right, to the extent of the credit
given, whether or not the credit is drawn upon or there is a right of charge-back; or (3)
If it makes an advance on or against the item. (b) If credit given for several items received
at one time or pursuant to a single agreement is withdrawn or applied in part, the security
interest remains upon all the items, any accompanying documents or the proceeds of either.
For the purpose of this section, credits first given are first withdrawn. (c) Receipt by a
collecting bank of a final settlement for an item is a realization on its...
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7-4-213
Section 7-4-213 Medium and time of settlement by bank. (a) With respect to settlement by a
bank, the medium and time of settlement may be prescribed by Federal Reserve regulations or
circulars, clearing-house rules, and the like, or agreement. In the absence of such prescription:
(1) The medium of settlement is cash or credit to an account in a Federal Reserve bank of
or specified by the person to receive settlement; and (2) The time of settlement, is: (i)
With respect to tender of settlement by cash, a cashier's check, or teller's check, when the
cash or check is sent or delivered; (ii) With respect to tender of settlement by credit in
an account in a Federal Reserve bank, when the credit is made; (iii) With respect to tender
of settlement by a credit or debit to an account in a bank, when the credit or debit is made
or, in the case of tender of settlement by authority to charge an account, when the authority
is sent or delivered; or (iv) With respect to tender of settlement by a...
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40-2B-2
Section 40-2B-2 Alabama Tax Tribunal. (a) Statement of Purpose. To increase public confidence
in the fairness of the state tax system, the state shall provide an independent agency with
tax expertise to resolve disputes between the Department of Revenue and taxpayers, prior to
requiring the payment of the amounts in issue or the posting of a bond, but after the taxpayer
has had a full opportunity to attempt settlement with the Department of Revenue based, among
other things, on the hazards of litigation. By establishing an independent Alabama Tax Tribunal
within the executive branch of government, this chapter provides taxpayers with a means of
resolving controversies that insures both the appearance and the reality of due process and
fundamental fairness. The tax tribunal shall provide hearings in all tax matters, except those
specified by statute, and render decisions and orders relating thereto. A tax tribunal hearing
shall be commenced by the filing of a notice of appeal protesting...
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40-29-22
Section 40-29-22 Lien for taxes - Validity and priority against certain persons. (a) Purchasers,
holders of security interests, mechanic's lienors, and judgment lien creditors. The lien imposed
by Section 40-29-20 shall not be valid as against any purchaser, holder of a security interest,
mechanic's lienor, or judgment lien creditor until notice thereof which meets the requirements
of subsection (f) has been filed by the Commissioner of Revenue or his delegate, and shall
not be perfected as against any purchaser, holder of a security interest, mechanic's lienor,
or judgment lien creditor until the date such notice is filed. (b) Protection for certain
interest even though notice filed. Even though notice of a lien imposed by Section 40-29-20
has been filed, such lien shall not be valid: (1) SECURITIES. With respect to a security (as
defined in subsection (g)(4)): a. As against a purchaser of such security who at the time
of purchase did not have actual notice or knowledge of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-29-22.htm - 17K - Match Info - Similar pages
7-4-209
Section 7-4-209 Encoding and retention warranties. (a) A person who encodes information on
or with respect to an item after issue warrants to any subsequent collecting bank and to the
payor bank or other payor that the information is correctly encoded. If the customer of a
depositary bank encodes, that bank also makes the warranty. (b) A person who undertakes to
retain an item pursuant to an agreement for electronic presentment warrants to any subsequent
collecting bank and to the payor bank or other payor that retention and presentment of the
item comply with the agreement. If a customer of a depositary bank undertakes to retain an
item, that bank also makes this warranty. (c) A person to whom warranties are made under this
section and who took the item in good faith may recover from the warrantor as damages for
breach of warranty an amount equal to the loss suffered as a result of the breach, plus expenses
and loss of interest incurred as a result of the breach. (Acts 1995, No....
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