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7-4-407
Section 7-4-407 Payor bank's right to subrogation on improper payment. If a payor bank has
paid an item over the order of the drawer or maker to stop payment, or after an account has
been closed, or otherwise under circumstances giving a basis for objection by the drawer or
maker, to prevent unjust enrichment and only to the extent necessary to prevent loss to the
bank by reason of its payment of the item, the payor bank is subrogated to the rights (1)
of any holder in due course on the item against the drawer or maker; (2) of the payee or any
other holder of the item against the drawer or maker either on the item or under the transaction
out of which the item arose; and (3) of the drawer or maker against the payee or any other
holder of the item with respect to the transaction out of which the item arose. (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No. 549, p. 811; repealed by Acts 1995, No. 95-668, p. 1381, §2; added by Acts 1995, No.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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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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7-4-403
Section 7-4-403 Customer's right to stop payment; burden of proof of loss. (a) A customer or
any person authorized to draw on the account if there is more than one person may stop payment
of any item drawn on the customer's account or close the account by an order to the bank describing
the item or account with reasonable certainty received at a time and in a manner that affords
the bank a reasonable opportunity to act on it before any action by the bank with respect
to the item described in Section 7-4-303. If the signature of more than one person is required
to draw on an account, any of these persons may stop payment or close the account. (b) A stop-payment
order is effective for six months, but it lapses after 14 calendar days if the original order
was oral and was not confirmed in writing within that period. A stop-payment order may be
renewed for additional six-month periods by a writing given to the bank within a period during
which the stop-payment order is effective. (c) The...
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16-25-151
Section 16-25-151 Withdrawal from service; death of participant. (a) On withdrawing from service
pursuant to Section 16-25-14, a member who participated in DROP: (1) Who fulfilled his or
her contractual obligation pursuant to DROP shall receive a lump-sum payment from his or her
DROP account equal to the payments made to that account on his or her behalf plus interest.
Further, the member shall receive his or her accumulated contribution made during participation
in DROP, together with interest for the period of DROP participation as provided in subdivision
(1) of subsection (g) of Section 16-25-14. In lieu of a lump-sum payment from the DROP account,
to the extent eligible under applicable tax laws, the member's total accrued benefit may be
"rolled over" directly to the custodian of an eligible retirement plan. The member
shall also begin receiving his or her monthly benefit which had been paid directly into the
DROP account during his or her participation in DROP. However, the...
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36-27-171
Section 36-27-171 Withdrawal from service; death of participant. (a) On withdrawing from service
pursuant to Section 36-27-16, a member who participated in DROP: (1) Who fulfilled his or
her contractual obligation pursuant to DROP shall receive a lump-sum payment from his or her
DROP account equal to the payments made to that account on his or her behalf plus interest.
Further, the member shall receive his or her accumulated contribution made during participation
in DROP, together with interest for the period of DROP participation as provided in subdivision
(1) of subsection (c) of Section 36-27-16. In lieu of a lump-sum payment from the DROP account,
to the extent eligible under applicable tax laws, the member's total accrued benefit may be
"rolled over" directly to the custodian of an eligible retirement plan. The member
shall also begin receiving his or her monthly benefit which had been paid directly into the
DROP account during his or her participation in DROP. However, if...
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7-4-104
Section 7-4-104 Definitions and index of definitions. (a) In this article, unless the context
otherwise requires: (1) "Account" means any deposit or credit account with a bank,
including a demand, time, savings, passbook, share draft, or like account, other than an account
evidenced by a certificate of deposit; (2) "Afternoon" means the period of a day
between noon and midnight; (3) "Banking day" means the part of a day on which a
bank is open to the public for carrying on substantially all of its banking functions; (4)
"Clearing house" means an association of banks or other payors regularly clearing
items; (5) "Customer" means a person having an account with a bank or for whom a
bank has agreed to collect items, including a bank that maintains an account at another bank;
(6) "Documentary draft" means a draft to be presented for acceptance or payment
if specified documents, certificated securities (Section 7-8-102) or instructions for uncertificated
securities (Section 7-8-308), or...
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45-27A-60
Section 45-27A-60 Town of Pollard Trust Account. (a)(1) There is hereby established a trust
account for the Town of Pollard, Alabama, for the exclusive benefit of the Town of Pollard
and its citizens. The name of the trust fund shall be the Town of Pollard Trust Account. (2)
In order to preserve for future generations the Town of Pollard Trust Account and to ensure
water service, garbage pickup, grass mowing, and general maintenance of public property, expenditures
from the income of the trust are authorized only for the following uses: a. Maintenance and
replacement of water system equipment and property. b. The payment of utility charges incurred
by the town. c. Purchase and maintenance of insurance for the water system, other town property,
and bonding fees required by law for the mayor, the town clerk, and any other person authorized
to sign checks for the Town of Pollard. d. Repair and replacement of town equipment. e. Employment
of two permanent employees to perform garbage...
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5-24-15
Section 5-24-15 Rights of creditors and others. (a) If other assets of the estate are insufficient,
a transfer resulting from a right of survivorship or POD designation under this chapter is
not effective against the estate of a deceased party to the extent needed to pay claims against
the estate and statutory allowances to the surviving spouse and children. (b) A surviving
party or beneficiary who receives payment from an account after death of a party is liable
to account to the personal representative of the decedent for a proportionate share of the
amount received to which the decedent, immediately before death, was beneficially entitled
under Section 5-24-11, to the extent necessary to discharge the claims and allowances described
in subsection (a) remaining unpaid after application of the decedent's estate. A proceeding
to assert the liability may not be commenced unless the personal representative has received
a written demand by the surviving spouse, a creditor, a child, or a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-24-15.htm - 2K - Match Info - Similar pages
35-5A-4
Section 35-5A-4 Nomination of custodian. (a) A person having the right to designate the recipient
of property transferable upon the occurrence of a future event may revocably nominate a custodian
to receive the property for a minor beneficiary upon the occurrence of the event by naming
the custodian followed in substance by the words: "as custodian for ___ (name of minor)
under the Alabama Uniform Transfers to Minors Act." The nomination may name one or more
persons as substitute custodians to whom the property must be transferred, in the order named,
if the first nominated custodian dies before the transfer or is unable, declines, or is ineligible
to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising
a power of appointment, or in a writing designating a beneficiary of contractual rights which
is registered with or delivered to the payor, issuer, or other obligor of the contractual
rights. (b) A custodian nominated under this section must be a...
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41-1-60
Section 41-1-60 Acceptance of credit card payment. (a) Notwithstanding any other provision
of law to the contrary, any officer or unit of state government required or authorized to
receive or collect any payments to state government may accept a credit card payment of the
amount that is due. This section shall only apply to departments, agencies, boards, bureaus,
commissions, and authorities which are units of state government, and shall not apply to any
departments, agencies, boards, bureaus, commissions, or authorities which are units of county
or municipal government and come under the provisions of Chapter 103 of Title 11. (b) This
section shall be broadly construed to authorize acceptance of credit card payments by: (1)
All departments, agencies, boards, bureaus, commissions, authorities, and other units of state
government. (2) All officers, officials, employees, and agents of the state and units of state
government. (c) This section shall be broadly construed to authorize...
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