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7-4A-403
Section 7-4A-403 Payment by sender to receiving bank. (a) Payment of the sender's obligation
under Section 7-4A-402 to pay the receiving bank occurs as follows: (1) If the sender is a
bank, payment occurs when the receiving bank receives final settlement of the obligation through
a Federal Reserve Bank or through a funds-transfer system. (2) If the sender is a bank and
the sender (i) credited an account of the receiving bank with the sender, or (ii) caused an
account of the receiving bank in another bank to be credited, payment occurs when the credit
is withdrawn, or if not withdrawn, at midnight of the day on which the credit is withdrawable
and the receiving bank learns of that fact. (3) If the receiving bank debits an account of
the sender with the receiving bank, payment occurs when the debit is made to the extent the
debit is covered by a withdrawable credit balance in the account. (b) If the sender and receiving
bank are members of a funds-transfer system that nets obligations...
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10A-5A-5.03
Section 10A-5A-5.03 Charging order. (a) On application to a court of competent jurisdiction
by any judgment creditor of a member or transferee, the court may charge the transferable
interest of the judgment debtor with payment of the unsatisfied amount of the judgment with
interest. To the extent so charged and after the limited liability company has been served
with the charging order, the judgment creditor has only the right to receive any distribution
or distributions to which the judgment debtor would otherwise be entitled in respect of the
transferable interest. (b) A limited liability company, after being served with a charging
order and its terms, shall be entitled to pay or deposit any distribution or distributions
to which the judgment debtor would otherwise be entitled in respect of the charged transferable
interest into the hands of the clerk of the court so issuing the charging order, and the payment
or deposit shall discharge the limited liability company and the judgment...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-5A-5.03.htm - 3K - Match Info - Similar pages
10A-8A-5.03
Section 10A-8A-5.03 Rights of creditor of partner or transferee. (a) On application to a court
of competent jurisdiction by any judgment creditor of a partner or transferee, the court may
charge the transferable interest of the judgment debtor with payment of the unsatisfied amount
of the judgment with interest. To the extent so charged and after the partnership has been
served with the charging order, the judgment creditor has only the right to receive any distribution
or distributions to which the judgment debtor would otherwise be entitled in respect of the
transferable interest. (b) The partnership, after being served with a charging order and its
terms, shall be entitled to pay or deposit any distribution or distributions to which the
judgment debtor would otherwise be entitled in respect of the charged transferable interest
into the hands of the clerk of the court so issuing the charging order, and the payment or
deposit shall discharge the partnership and the judgment debtor...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-8A-5.03.htm - 3K - Match Info - Similar pages
10A-9A-7.03
Section 10A-9A-7.03 Rights of creditor of partner or transferee. (a) On application to a court
of competent jurisdiction by any judgment creditor of a partner or transferee, the court may
charge the transferable interest of the judgment debtor with payment of the unsatisfied amount
of the judgment with interest. To the extent so charged and after the limited partnership
has been served with the charging order, the judgment creditor has only the right to receive
any distribution or distributions to which the judgment debtor would otherwise be entitled
in respect of the transferable interest. (b) The limited partnership, after being served with
a charging order and its terms, shall be entitled to pay or deposit any distribution or distributions
to which the judgment debtor would otherwise be entitled in respect of the charged transferable
interest into the hands of the clerk of the court so issuing the charging order, and the payment
or deposit shall discharge the limited partnership and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-9A-7.03.htm - 3K - Match Info - Similar pages
5-24-1
Section 5-24-1 Definitions. In this chapter: (1) ACCOUNT means a contract of deposit between
a depositor and a financial institution, and includes a checking account, savings account,
time deposit, certificate of deposit, and share account. (2) AGENT means a person authorized
to make account transactions for a party. (3) BENEFICIARY means a person named as one to whom
sums on deposit in an account are payable on request after death of all parties or for whom
a party is named as trustee. (4) DEVISEE means any person designated in a will to receive
a testamentary disposition of real or personal property. (5) FINANCIAL INSTITUTION means an
organization authorized to do business under state or federal laws relating to financial institutions,
and includes a bank, trust company, savings bank, building and loan association, savings and
loan company or association, and credit union. (6) HEIRS means those persons, including surviving
spouse, who are entitled under the statutes of intestate...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-24-1.htm - 4K - Match Info - Similar pages
5-18A-13
Section 5-18A-13 Duties of licensee. (a) A licensee may not knowingly enter into a deferred
presentment transaction with a customer that has outstanding deferred presentment transactions
from any lender at any location that exceeds five hundred dollars ($500) for the term of the
loan. (b) Before a licensee shall present for payment or deposit a check or debit authorization
accepted by the licensee, the check shall be endorsed with the actual name under which the
licensee is doing business. (c) Any agreement for a deferred presentment transaction shall
be in writing and signed by the checking account holder. The customer in a deferred presentment
contract shall have the right to redeem the check or debit authorization from the licensee
before the agreed date of deposit upon payment to the licensee of the amount of the contract.
A licensee shall not defer presentment of any personal check or debit authorization for less
than 10 days nor more than 31 calendar days after the date of the...
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45-37-123.103
Section 45-37-123.103 Death benefits. (a) Preretirement death benefits. A vested member's beneficiary
is entitled to a preretirement joint survivorship pension, as described below. (1) MARRIED
MEMBER. If a married, active member dies, then the beneficiary may elect, on a form provided
by the pension board, to be paid in one of the following forms: a. One Hundred Percent Preretirement
Joint Survivorship Pension. If such member was eligible for a deferred retirement benefit
at the time of the member's death, then the beneficiary may elect to be paid in the form of
a 100 percent preretirement joint survivorship pension, which is a monthly annuity paid during
the beneficiary's lifetime which is equal to the actuarial equivalent of the benefits that
would have been paid to the member if, instead of dying, the member had terminated employment;
or b. Refund. The beneficiary may elect a refund of the member's employee contributions in
accordance with Section 45-37-123.104(4)b. (2) UNMARRIED...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.103.htm - 10K - Match Info - Similar pages
19-3B-816
Section 19-3B-816 Specific powers of trustee. (a) Without limiting the authority conferred
by Section 19-3B-815, a trustee may: (1) collect trust property and accept or reject additions
to the trust property from a settlor or any other person, including, but not being limited
to, the authority to receive, collect, hold, and retain common or preferred stock or other
interests in the trustee or any related party; (2) acquire or sell property, for cash or on
credit, at public or private sale; (3) exchange, partition, or otherwise change the character
of trust property; (4) deposit trust money in an account in a regulated financial-service
institution; (5) borrow money, with or without security, and mortgage or pledge trust property
for a period within or extending beyond the duration of the trust; (6) with respect to an
interest in a proprietorship, partnership, limited liability company, business trust, corporation,
or other form of business or enterprise, continue the business or other...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-816.htm - 10K - Match Info - Similar pages
27-44-8
Section 27-44-8 Powers and duties of association. (a) If a member insurer is an impaired insurer,
the association may, in its discretion and subject to any conditions imposed by the association
that do not impair the contractual obligations of the impaired insurer, and that are approved
by the commissioner: (1) Guarantee or reinsure, or cause to be guaranteed, assumed, or reinsured,
any or all of the covered policies of the impaired insurers. (2) Provide such moneys, pledges,
notes, guarantees, or other means as are proper to effectuate subdivision (1), and assure
payment of the contractual obligations of the impaired insurer pending action under subdivision
(1). (b) If a member insurer is an insolvent insurer, the association shall, in its discretion
and subject to the approval of the commissioner, do either of the following: (1)a. Guarantee,
assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, the covered policies
of the insolvent insurer. b. Assure payment of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-8.htm - 24K - Match Info - Similar pages
35-12-72
Section 35-12-72 Presumption of abandonment. (a) Property is presumed abandoned if it is unclaimed
by the apparent owner during the time set forth below for the particular property: (1) Traveler's
checks, 15 years after issuance. (2) Money order, five years after issuance. (3) A demand,
savings, or time deposit including a deposit that is automatically renewable, three years
after the earlier of maturity, as extended from time to time, or the date of the last indication
by the apparent owner of interest in the property. (4) Tangible and intangible property held
in a safe deposit box or other safekeeping depository in this state in the ordinary course
of the holder's business and proceeds resulting from the sale of the property permitted by
other law, three years after expiration of the lease or rental period on the box or other
depository. (5) Money or credits owed to a customer as a result of a retail business transaction,
one year after the obligation accrued. (6) Property in an...
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