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7-4A-305
Section 7-4A-305 Liability for late or improper execution or failure to execute payment order.
(a) If a funds transfer is completed but execution of a payment order by the receiving bank
in breach of Section 7-4A-302 results in delay in payment to the beneficiary, the bank is
obliged to pay interest to either the originator or the beneficiary of the funds transfer
for the period of delay caused by the improper execution. Except as provided in subsection
(c), additional damages are not recoverable. (b) If execution of a payment order by a receiving
bank in breach of Section 7-4A-302 results in (i) noncompletion of the funds transfer, (ii)
failure to use an intermediary bank designated by the originator, or (iii) issuance of a payment
order that does not comply with the terms of the payment order of the originator, the bank
is liable to the originator for its expenses in the funds transfer and for incidental expenses
and interest losses, to the extent not covered by subsection (a),...
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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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10A-2A-13.26
Section 10A-2A-13.26 Procedure if stockholder dissatisfied with payment or offer. (a) A stockholder
paid pursuant to Section 10A-2A-13.24 who is dissatisfied with the amount of the payment shall
notify the corporation in writing of that stockholder's estimate of the fair value of the
stock and demand payment of that estimate (less any payment under Section 10A-2A-13.24) plus
interest. A stockholder offered payment under Section 10A-2A-13.25 who is dissatisfied with
that offer shall reject the offer and demand payment of the stockholder's stated estimate
of the fair value of the stock plus interest. (b) A stockholder who fails to notify the corporation
in writing of that stockholder's demand to be paid the stockholder's stated estimate of the
fair value plus interest under subsection (a) within 30 days after receiving the corporation's
payment or offer of payment under Section 10A-2A-13.24 or Section 10A-2A-13.25, respectively,
waives the right to demand payment under this section and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2A-13.26.htm - 1K - Match Info - Similar pages
12-15-109
Section 12-15-109 Issuance of orders to parents for payment of court costs, fees of attorneys,
and expenses for support, treatment of children under the jurisdiction of the juvenile court
pursuant to this chapter; manner of payment; proceedings upon failure of parents to pay amounts
directed. If, after making a parent, or other person legally obligated to care for and support
a child, a party to the action pursuant to this chapter and the Alabama Rules of Juvenile
Procedure and after a hearing, the juvenile court finds that the parent or other person is
financially able to pay all or part of the court costs, as provided by law, attorney fees,
and expenses with respect to examination, treatment, care, detention, or support of the child
incurred from the commencement of the proceeding in carrying out this chapter, the juvenile
court shall order them to pay the same and may prescribe the manner of payment. Unless otherwise
ordered, payment shall be made to the clerk of the juvenile court...
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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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25-5-85
Section 25-5-85 Procedure for and effect of payment of compensation to court appointed trustee.
At any time after the amount of an award has been agreed upon by the parties or found and
ordered by the court, a sum equal to the present value of all future installments of compensation
calculated on a six percent basis may, where death or the nature of the injury renders the
amount of future payments certain, by leave of court, be paid by the employer to a bank or
trust company of this state or a national bank doing business in this state to be approved
and designated by the court, and the sum, together with all interest thereon, shall thereafter
be held in trust for the employee or dependent of the employee, who shall have no further
recourse against the employer. The payment of the sum by the employer, evidenced by the receipts
in duplicate of the trustees, one of which shall be filed with the probate judge of the county
in which the injury or death occurred and the other filed with the...
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7-4-216
Section 7-4-216 Insolvency and preference. (a) If an item is in or comes into the possession
of a payor or collecting bank that suspends payment and the item has not been finally paid,
the item must be returned by the receiver, trustee, or agent in charge of the closed bank
to the presenting bank or the closed bank's customer. (b) If a payor bank finally pays an
item and suspends payments without making a settlement for the item with its customer or the
presenting bank which settlement is or becomes final, the owner of the item has a preferred
claim against the payor bank. (c) If a payor bank gives or a collecting bank gives or receives
a provisional settlement for an item and thereafter suspends payments, the suspension does
not prevent or interfere with the settlement's becoming final if the finality occurs automatically
upon the lapse of certain time or the happening of certain events. (d) If a collecting bank
receives from subsequent parties settlement for an item, which settlement...
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5-7A-20
Section 5-7A-20 Conversion of national bank, etc., into state bank - Procedure. Any bank organized
under the laws of the United States may, by the vote of the stockholders owning not less than
a majority of the capital stock of such bank with the approval of the superintendent and upon
the payment by it to the superintendent of a fee prescribed by the Banking Board under Section
5-5A-13, be converted into a state bank with any name approved by the superintendent. (Acts
1980, No. 80-658, §5-7-20.)...
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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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7-4-214
Section 7-4-214 Right of charge-back or refund; liability of collecting bank; return of item.
(a) If a collecting bank has made provisional settlement with its customer for an item and
fails by reason of dishonor, suspension of payments by a bank, or otherwise to receive settlement
for the item which is or becomes final, the bank may revoke the settlement given by it, charge
back the amount of any credit given for the item to its customer's account, or obtain refund
from its customer, whether or not it is able to return the item, if by its midnight deadline
or within a longer reasonable time after it learns the facts it returns the item or sends
notification of the facts. If the return or notice is delayed beyond the bank's midnight deadline
or a longer reasonable time after it learns the facts, the bank may revoke the settlement,
charge back the credit, or obtain refund from its customer, but it is liable for any loss
resulting from the delay. These rights to revoke, charge back, and...
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