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7-4A-505
Section 7-4A-505 Preclusion of objection to debit of customer's account. If a receiving bank
has received payment from its customer with respect to a payment order issued in the name
of the customer as sender and accepted by the bank, and the customer received notification
reasonably identifying the order, the customer is precluded from asserting that the bank is
not entitled to retain the payment unless the customer notifies the bank of the customer's
objection to the payment within one year after the notification was received by the customer.
(Acts 1992, 2nd Ex. Sess., No. 92-701, p. 145, §1.)...
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7-4A-303
Section 7-4A-303 Erroneous execution of payment order. (a) A receiving bank that (i) executes
the payment order of the sender by issuing a payment order in an amount greater than the amount
of the sender's order, or (ii) issues a payment order in execution of the sender's order and
then issues a duplicate order, is entitled to payment of the amount of the sender's order
under Section 7-4A-402(c) if that subsection is otherwise satisfied. The bank is entitled
to recover from the beneficiary of the erroneous order the excess payment received to the
extent allowed by the law governing mistake and restitution. (b) A receiving bank that executes
the payment order of the sender by issuing a payment order in an amount less than the amount
of the sender's order is entitled to payment of the amount of the sender's order under Section
7-4A-402(c) if (i) that subsection is otherwise satisfied and (ii) the bank corrects its mistake
by issuing an additional payment order for the benefit of the...
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7-4A-201
Section 7-4A-201 Security procedure. "Security procedure" means a procedure established
by agreement of a customer and a receiving bank for the purpose of (i) verifying that a payment
order or communication amending or cancelling a payment order is that of the customer, or
(ii) detecting error in the transmission or the content of the payment order or communication.
A security procedure may require the use of algorithms or other codes, identifying words or
numbers, encryption, callback procedures, or similar security devices. Comparison of a signature
on a payment order or communication with an authorized specimen signature of the customer
is not by itself a security procedure. (Acts 1992, 2nd Ex. Sess., No. 92-701, p. 145, §1.)...
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7-4-406
Section 7-4-406 Customer's duty to discover and report unauthorized signature or alteration.
(a) A bank that sends or makes available to a customer a statement of account showing payment
of items for the account shall either return or make available to the customer the items paid
or provide information in the statement of account sufficient to allow the customer reasonably
to identify the items paid. The statement of account provides sufficient information if the
item is described by item number, amount, and date of payment. (b) If the items are not returned
to the customer, the person retaining the items shall either retain the items or, if the items
are destroyed, maintain the capacity to furnish legible copies of the items until the expiration
of seven years after receipt of the items. A customer may request an item from the bank that
paid the item, and that bank must provide in a reasonable time either the item or, if the
item has been destroyed or is not otherwise obtainable, a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-4-406.htm - 4K - Match Info - Similar pages
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-211
Section 7-4A-211 Cancellation and amendment of payment order. (a) A communication of the sender
of a payment order cancelling or amending the order may be transmitted to the receiving bank
orally, electronically, or in writing. If a security procedure is in effect between the sender
and the receiving bank, the communication is not effective to cancel or amend the order unless
the communication is verified pursuant to the security procedure or the bank agrees to the
cancellation or amendment. (b) Subject to subsection (a), a communication by the sender cancelling
or amending a payment order is effective to cancel or amend the order if notice of the communication
is received at a time and in a manner affording the receiving bank a reasonable opportunity
to act on the communication before the bank accepts the payment order. (c) After a payment
order has been accepted, cancellation or amendment of the order is not effective unless the
receiving bank agrees or a funds-transfer system rule...
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7-4A-206
Section 7-4A-206 Transmission of payment order through funds-transfer or other communication
system. (a) If a payment order addressed to a receiving bank is transmitted to a funds-transfer
system or other third-party communication system for transmittal to the bank, the system is
deemed to be an agent of the sender for the purpose of transmitting the payment order to the
bank. If there is a discrepancy between the terms of the payment order transmitted to the
system and the terms of the payment order transmitted by the system to the bank, the terms
of the payment order of the sender are those transmitted by the system. This section does
not apply to a funds-transfer system of the Federal Reserve Banks. (b) This section applies
to cancellations and amendments of payment orders to the same extent it applies to payment
orders. (Acts 1992, 2nd Ex. Sess., No. 92-701, p. 145, §1.)...
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7-4A-507
Section 7-4A-507 Choice of law. (a) The following rules apply unless the affected parties otherwise
agree or subsection (c) applies: (1) The rights and obligations between the sender of a payment
order and the receiving bank are governed by the law of the jurisdiction in which the receiving
bank is located. (2) The rights and obligations between the beneficiary's bank and the beneficiary
are governed by the law of the jurisdiction in which the beneficiary's bank is located. (3)
The issue of when payment is made pursuant to a funds transfer by the originator to the beneficiary
is governed by the law of the jurisdiction in which the beneficiary's bank is located. (b)
If the parties described in each paragraph of subsection (a) have made an agreement selecting
the law of a particular jurisdiction to govern rights and obligations between each other,
the law of that jurisdiction governs those rights and obligations, whether or not the payment
order or the funds transfer bears a reasonable...
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40-21-100
Section 40-21-100 Definitions. (a) For the purpose of this article, the following terms shall
have the respective meanings ascribed by this section: (1) BUSINESS. All activities relating
to the furnishing of utility services. (2) DEPARTMENT. The Department of Revenue of the State
of Alabama. (3) DOMESTIC WATER. All water except water that is sold to persons for use or
consumption in industrial processes and not primarily for human consumption. (4) GROSS RECEIPTS.
The value proceeding or accruing from the furnishing of utility services, all receipts actual
and accrued, without any deduction on account of the cost of the utility services sold, the
cost of the materials used, labor or service cost, interest paid, or any other expense whatever,
and without any deductions on account of losses. (5) GROSS SALES. The value proceeding or
accruing from the furnishing of utility services, and including the proceeds from the sale
of any utility services handled on consignment by the taxpayer,...
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40-21-80
Section 40-21-80 Definitions. (a) For the purpose of this article, the following terms shall
have the respective meanings ascribed by this section: (1) DEPARTMENT. The Department of Revenue
of the State of Alabama. (2) DOMESTIC WATER. All water except water that is sold to persons
for use or consumption in industrial processes and not primarily for human consumption. (3)
GROSS RECEIPTS. The value proceeding or accruing from the furnishing of utility services,
all receipts actual and accrued, without any deduction on account of the cost of the utility
services sold, the cost of the materials used, labor or service cost, interest paid, or any
other expenses whatever, and without any deductions on account of losses. (4) GROSS SALES.
The value proceeding or accruing from the furnishing of utility services, and including the
proceeds from the sale of any utility services handled on consignment by the taxpayer, without
any deduction on account of the cost of the utility services sold, the...
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