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40-23-4
Section 40-23-4 Exemptions. (a) There are exempted from the provisions of this division and
from the computation of the amount of the tax levied, assessed, or payable under this division
the following: (1) The gross proceeds of the sales of lubricating oil and gasoline as defined
in Sections 40-17-30 and 40-17-170 and the gross proceeds from those sales of lubricating
oil destined for out-of-state use which are transacted in a manner whereby an out-of-state
purchaser takes delivery of such oil at a distributor's plant within this state and transports
it out-of-state, which are otherwise taxed. (2) The gross proceeds of the sale, or sales,
of fertilizer when used for agricultural purposes. The word "fertilizer" shall not
be construed to include cottonseed meal, when not in combination with other materials. (3)
The gross proceeds of the sale, or sales, of seeds for planting purposes and baby chicks and
poults. Nothing herein shall be construed to exempt or exclude from the computation of...
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7-4A-406
Section 7-4A-406 Payment by originator to beneficiary; discharge of underlying obligation.
(a) Subject to Sections 7-4A-211(e), 7-4A-405(d), and 7-4A-405(e), the originator of a funds
transfer pays the beneficiary of the originator's payment order (i) at the time a payment
order for the benefit of the beneficiary is accepted by the beneficiary's bank in the funds
transfer and (ii) in an amount equal to the amount of the order accepted by the beneficiary's
bank, but not more than the amount of the originator's order. (b) If payment under subsection
(a) is made to satisfy an obligation, the obligation is discharged to the same extent discharge
would result from payment to the beneficiary of the same amount in money, unless (i) the payment
under subsection (a) was made by a means prohibited by the contract of the beneficiary with
respect to the obligation, (ii) the beneficiary, within a reasonable time after receiving
notice of receipt of the order by the beneficiary's bank, notified the...
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7-4A-506
Section 7-4A-506 Rate of interest. (a) If, under this article, a receiving bank is obliged
to pay interest with respect to a payment order issued to the bank, the amount payable may
be determined (i) by agreement of the sender and receiving bank, or (ii) by a funds-transfer
system rule if the payment order is transmitted through a funds-transfer system. (b) If the
amount of interest is not determined by an agreement or rule as stated in subsection (a),
the amount is calculated by multiplying the applicable federal funds rate by the amount on
which interest is payable, and then multiplying the product by the number of days for which
interest is payable. The applicable federal funds rate is the average of the federal funds
rates published by the Federal Reserve Bank of New York for each of the days for which interest
is payable divided by 360. The federal funds rate for any day on which a published rate is
not available is the same as the published rate for the next preceding day for...
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7-4A-405
Section 7-4A-405 Payment by beneficiary's bank to beneficiary. (a) If the beneficiary's bank
credits an account of the beneficiary of a payment order, payment of the bank's obligation
under Section 7-4A-404(a) occurs when and to the extent (i) the beneficiary is notified of
the right to withdraw the credit, (ii) the bank lawfully applies the credit to a debt of the
beneficiary, or (iii) funds with respect to the order are otherwise made available to the
beneficiary by the bank. (b) If the beneficiary's bank does not credit an account of the beneficiary
of a payment order, the time when payment of the bank's obligation under Section 7-4A-404(a)
occurs is governed by principles of law that determine when an obligation is satisfied. (c)
Except as stated in subsections (d) and (e), if the beneficiary's bank pays the beneficiary
of a payment order under a condition to payment or agreement of the beneficiary giving the
bank the right to recover payment from the beneficiary if the bank does...
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7-4A-302
Section 7-4A-302 Obligations of receiving bank in execution of payment order. (a) Except as
provided in subsections (b) through (d), if the receiving bank accepts a payment order pursuant
to Section 7-4A-209(a), the bank has the following obligations in executing the order: (1)
The receiving bank is obliged to issue, on the execution date, a payment order complying with
the sender's order and to follow the sender's instructions concerning (i) any intermediary
bank or funds-transfer system to be used in carrying out the funds transfer, or (ii) the means
by which payment orders are to be transmitted in the funds transfer. If the originator's bank
issues a payment order to an intermediary bank, the originator's bank is obliged to instruct
the intermediary bank according to the instruction of the originator. An intermediary bank
in the funds transfer is similarly bound by an instruction given to it by the sender of the
payment order it accepts. (2) If the sender's instruction states that...
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30-3-191
Section 30-3-191 Definitions. When used in Sections 30-3-191 to 30-3-199, inclusive, the following
words shall have the following meanings: (1) ACCOUNT. A demand deposit account, checking or
negotiable withdrawal order account, savings account, time deposit account, or money-market
mutual fund account. (2) BUSINESS DAY. A day on which state offices are open for regular business.
(3) COMMERCIAL DRIVER LICENSE. A license issued to an individual that authorizes the individual
to drive a motor vehicle as part of conducting business. (4) CONFIDENTIAL INFORMATION. Information
provided by a service applicant or recipient or obtained from other sources about him or her
which may be released only as required by court order or state or federal law. (5) COURT.
A court of competent jurisdiction or administrative agency having the authority to issue and
enforce support orders. (6) DATA MATCH. An automated process of matching specified information
from the financial records of financial institutions...
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41-10-654
Section 41-10-654 Bonds of the authority. (a) General authorization to issue bonds. The authority
is authorized from time to time to sell and issue the bonds in one or more series in an aggregate
principal amount of up to fifty million dollars ($50,000,000) in order to provide the funds
to pay project costs, ancillary costs, and training costs. (b) Source of payment. The bonds
authorized herein shall be solely and exclusively an obligation of the authority and shall
not create an obligation or debt of the state. Such bonds shall not be general obligations
of the authority but shall be payable solely from the pledged revenues. (c) Security for the
bonds. The principal of and interest on the bonds shall be secured by a pledge of the pledged
revenues and, if necessary and desirable in the authority's sole discretion, a mortgage on
any part of the project. The resolution under which the bonds are authorized by the authority
to be issued and any trust indenture or mortgage may contain any...
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7-4A-205
Section 7-4A-205 Erroneous payment orders. (a) If an accepted payment order was transmitted
pursuant to a security procedure for the detection of error and the payment order (i) erroneously
instructed payment to a beneficiary not intended by the sender, (ii) erroneously instructed
payment in an amount greater than the amount intended by the sender, or (iii) was an erroneously
transmitted duplicate of a payment order previously sent by the sender, the following rules
apply: (1) If the sender proves that the sender or a person acting on behalf of the sender
pursuant to Section 7-4A-206 complied with the security procedure and that the error would
have been detected if the receiving bank had also complied, the sender is not obliged to pay
the order to the extent stated in paragraphs (2) and (3). (2) If the funds transfer is completed
on the basis of an erroneous payment order described in clause (i) or (iii) of subsection
(a), the sender is not obliged to pay the order and the receiving...
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7-4A-502
Section 7-4A-502 Creditor process served on receiving bank; setoff by beneficiary's bank. (a)
As used in this section, "creditor process" means levy, attachment, garnishment,
notice of lien, sequestration, or similar process issued by, or on behalf of a creditor or
other claimant with respect to an account. (b) This subsection applies to creditor process
with respect to an authorized account of the sender of a payment order if the creditor process
is served on the receiving bank. For the purpose of determining rights with respect to the
creditor process, if the receiving bank accepts the payment order the balance in the authorized
account is deemed to be reduced by the amount of the payment order to the extent the bank
did not otherwise receive payment of the order, unless the creditor process is served at a
time and in a manner affording the bank a reasonable opportunity to act on it before the bank
accepts the payment order. (c) If a beneficiary's bank has received a payment order...
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26-1A-208
Section 26-1A-208 Banks and other financial institutions. Unless the power of attorney otherwise
provides, language in a power of attorney granting general authority with respect to banks
and other financial institutions authorizes the agent to: (1) continue, modify, and terminate
an account or other banking arrangement made by or on behalf of the principal; (2) establish,
modify, and terminate an account or other banking arrangement with a bank, trust company,
savings and loan association, credit union, thrift company, brokerage firm, or other financial
institution selected by the agent; (3) contract for services available from a financial institution,
including renting a safe deposit box or space in a vault; (4) withdraw, by check, order, electronic
funds transfer, or otherwise, money or property of the principal deposited with or left in
the custody of a financial institution; (5) receive statements of account, vouchers, notices,
and similar documents from a financial institution...
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