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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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7-4A-210
Section 7-4A-210 Rejection of payment order. (a) A payment order is rejected by the receiving
bank by a notice of rejection transmitted to the sender orally, electronically, or in writing.
A notice of rejection need not use any particular words and is sufficient if it indicates
that the receiving bank is rejecting the order or will not execute or pay the order. Rejection
is effective when the notice is given if transmission is by a means that is reasonable in
the circumstances. If notice of rejection is given by a means that is not reasonable, rejection
is effective when the notice is received. If an agreement of the sender and receiving bank
establishes the means to be used to reject a payment order, (i) any means complying with the
agreement is reasonable, and (ii) any means not complying is not reasonable unless no significant
delay in receipt of the notice resulted from the use of the noncomplying means. (b) This subsection
applies if a receiving bank other than the beneficiary's...
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7-4A-105
Section 7-4A-105 Other definitions. (a) In this article: (1) "Authorized account"
means a deposit account of a customer in a bank designated by the customer as a source of
payment of payment orders issued by the customer to the bank. If a customer does not so designate
an account, any account of the customer is an authorized account if payment of a payment order
from that account is not inconsistent with a restriction on the use of that account. (2) "Bank"
means a person engaged in the business of banking and includes a savings bank, savings and
loan association, credit union, and trust company. A branch or separate office of a bank is
a separate bank for purposes of this article. (3) "Customer" means a person, including
a bank, having an account with a bank, or from whom a bank has agreed to receive payment orders.
(4) "Funds-transfer business day" of a receiving bank means the part of a day during
which the receiving bank is open for the receipt, processing, and transmittal of...
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12-22-21
Section 12-22-21 Other orders, judgments, or decrees. Appeal from the order, judgment or decree
of the probate court may be taken by the party aggrieved to the circuit court or Supreme Court
in the cases hereinafter specified. Appeals to the Supreme Court shall be governed by the
Alabama Rules of Appellate Procedure, including the time for taking an appeal. Appeal to the
circuit court in such cases shall be within the time hereinafter specified: (1) From the decree,
judgment or order on a contest as to the validity of a will, to be taken within 42 days after
the determination of the contest; (2) From the decree, judgment or order on an application
claiming the right to execute a will or administer an estate, to be taken within 42 days after
the hearing and decision of such application, unless the application was denied because the
applicant was deemed unfit to serve by reason of a conviction of an infamous crime or by reason
of improvidence, intemperance or want of understanding, in...
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16-13B-1
Section 16-13B-1 Applicability; local preference zone; joint agreement; bid bond. (a) This
chapter shall apply to county boards of education and city boards of education, or any combination
of city and county boards of education as herein provided for the competitive bidding of certain
contracts. With the exception of contracts for public works whose competitive bidding requirements
are governed exclusively by Title 39, all expenditure of funds of whatever nature for labor,
services, work, or for the purchase of materials, equipment, supplies, or other personal property
involving fifteen thousand dollars ($15,000) or more, and the lease of materials, equipment,
supplies, or other personal property where the lessee is, or becomes legally and contractually,
bound under the terms of the lease, to pay a total amount of fifteen thousand dollars ($15,000)
or more, made by or on behalf of any city or county board of education, except as hereinafter
provided, shall be made under contractual...
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41-16-50
Section 41-16-50 Contracts for which competitive bidding required. (a) With the exception of
contracts for public works whose competitive bidding requirements are governed exclusively
by Title 39, all expenditure of funds of whatever nature for labor, services, work, or for
the purchase of materials, equipment, supplies, or other personal property involving fifteen
thousand dollars ($15,000) or more, and the lease of materials, equipment, supplies, or other
personal property where the lessee is, or becomes legally and contractually, bound under the
terms of the lease, to pay a total amount of fifteen thousand dollars ($15,000) or more, made
by or on behalf of any state trade school, state junior college, state college, or university
under the supervision and control of the Alabama Community College System, the Alabama Fire
College, the district boards of education of independent school districts, the county commissions,
the governing bodies of the municipalities of the state, and the...
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40-5-44
Section 40-5-44 Final settlements and payments by collectors. (a) On or before July 1 in each
year, the tax collector must make final settlement, under oath, with the Comptroller, of all
matters pertaining to the office of tax collector and pay over to the State Treasurer the
balance which may be found due from him or her for taxes with which he or she is chargeable
under the laws of the state, and at that time the tax collector must also account to the Comptroller
and pay over to the proper governmental authorities and any holder of a tax lien certificate
issued pursuant to Acts 1995, No. 95-408 all money received by the tax collector for the sale
of lands and other property which may have been sold for payment of taxes and also account
to the Comptroller for all lands bought by the state. The tax collector must also report under
oath to the Comptroller and pay over to the State Treasurer all escaped taxes assessed and
collected. For failure of any tax collector to make any of the...
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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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10A-2A-14.14
Section 10A-2A-14.14 Election to purchase in lieu of dissolution. (a) In a proceeding under
Section 10A-2A-14.10(a)(2) to dissolve a corporation, the corporation may elect or, if it
fails to elect, one or more stockholders may elect to purchase all stock owned by the petitioning
stockholder at the fair value of the stock. An election pursuant to this section shall be
irrevocable unless the court determines that it is equitable to set aside or modify the election.
(b) An election to purchase pursuant to this section may be filed with the court at any time
within 90 days after the filing of the petition under Section 10A-2A-14.10(a)(2) or at a later
time as the court in its discretion may allow. If the election to purchase is filed by one
or more stockholders, the corporation shall, within 10 days thereafter, give written notice
to all stockholders, other than the petitioner. The notice must state the name and number
of shares of stock owned by the petitioner and the name and number of...
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27-34-30
Section 27-34-30 Life benefit certificate - Filing with commissioner; standard provisions.
(a) After January 1, 1973, no life benefit certificate shall be delivered, or issued for delivery,
in this state unless a copy of the form has been filed with the commissioner. (b) The certificate
shall contain in substance the following standard provisions or, in lieu thereof, provisions
which are more favorable to the member: (1) Title on the face and filing page of the certificate
clearly and correctly describing its form; (2) A provision stating the amount of rates, premiums,
or other required contributions, by whatever name known, which are payable by the insured
under the certificate; (3) A provision that the member is entitled to a grace period of not
less than a full month, or 30 days at the option of the society, in which the payment of any
premium after the first may be made. During such grace period the certificate shall continue
in full force, but in case the certificate becomes a...
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