|
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-4-214.htm - 2K - Match Info - Similar pages
5-17-4
Section 5-17-4 Powers generally. (a) A credit union shall have all of the following powers:
(1) To receive the savings of its members either as payment on shares or as deposits, including
the right to conduct Christmas clubs, vacation clubs, and other thrift organizations within
the membership. (2) To accept deposits of fiduciary funds if a member is the beneficiary,
trustee, or personal representative and if the funds are part of the estate of a deceased
member. (3) To make loans to members. (4) To make loans to other credit unions, including
credit union service organizations. (5) To purchase loans from financial institutions, provided
a purchased loan is of the nature and type that the credit union could have originated itself.
(6) To make loans to a cooperative society or other organizations having membership in the
credit union. (7) To deposit funds in state and national banks, savings and loan associations,
the accounts which are insured by the Federal Deposit Insurance...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-17-4.htm - 3K - Match Info - Similar pages
7-4-215
Section 7-4-215 Final payment of item by payor bank; when provisional debits and credits become
final; when certain credits become available for withdrawal. (a) An item is finally paid by
a payor bank when the bank has first done any of the following: (1) Paid the item in cash;
(2) Settled for the item without having a right to revoke the settlement under statute, clearing-house
rule, or agreement; or (3) Made a provisional settlement for the item and failed to revoke
the settlement in the time and manner permitted by statute, clearing-house rule, or agreement.
(b) If provisional settlement for an item does not become final, the item is not finally paid.
(c) If provisional settlement for an item between the presenting and payor banks is made through
a clearing house or by debits or credits in an account between them, then to the extent that
provisional debits or credits for the item are entered in accounts between the presenting
and payor banks or between the presenting and successive...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-4-215.htm - 2K - Match Info - Similar pages
7-9A-406
Section 7-9A-406 Discharge of account debtor; notification of assignment; identification and
proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles,
and promissory notes ineffective. (a) Discharge of account debtor; effect of notification.
Subject to subsections (b) through (i), an account debtor on an account, chattel paper, or
a payment intangible may discharge its obligation by paying the assignor until, but not after,
the account debtor receives a notification, authenticated by the assignor or the assignee,
that the amount due or to become due has been assigned and that payment is to be made to the
assignee. After receipt of the notification, the account debtor may discharge its obligation
by paying the assignee and may not discharge the obligation by paying the assignor. (b) When
notification ineffective. Subject to subsection (h), notification is ineffective under subsection
(a): (1) if it does not reasonably identify the rights assigned;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-406.htm - 5K - Match Info - Similar pages
27-18-16
Section 27-18-16 Assignment of rights and benefits under group policies. Any person insured
under a group insurance policy may, in accordance with Section 27-14-21 and pursuant to the
terms of such policy or an arrangement among the insured, the group policyholder and the insurer,
make an assignment of the rights and benefits conferred by any provision of such policy or
by law, including specifically, but not by way of limitation, the right to have issued to
the insured an individual policy arising from conversion or otherwise and the right to name
a beneficiary. Any assignment permitted in this section, whether made before or after January
1, 1972, shall be valid for the purpose of vesting in the assignee all such rights and benefits
so assigned and shall entitle the insurer to deal with the assignee as the owner of all rights
and benefits conferred on the insured under the policy in accordance with the terms of the
assignment without prejudice to the insurer on account of any payment...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-18-16.htm - 1K - Match Info - Similar pages
45-37-121.21
Section 45-37-121.21 Certification of payrolls. It shall be unlawful for the fiscal officer
of either a county or any municipality affected by this part to draw, sign, issue, or authorize
the drawing, signing, or issuing of any warrant on the treasurer or other disbursing officer
of either the municipality or the county for the payment of or for the treasurer or other
disbursing officer to pay any salary or compensation to anyone holding any position subject
to this part unless the estimate, payroll, warrant, or account for such salary or compensation
containing the name of the person to be paid shall bear the certification of the director
of personnel, that the person or persons named in the estimate, payroll, warrant, or account
are holding hereunder and are legally entitled to receive the sums stated therein. Any sum
paid contrary to this part or of any rule, regulation, or order thereunder may be recovered,
in an action maintained in the name of the county or municipality by the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-121.21.htm - 3K - Match Info - Similar pages
7-9A-408
Section 7-9A-408 Restrictions on assignment of promissory notes, health-care-insurance receivables,
and certain general intangibles ineffective. (a) Term restricting assignment generally ineffective.
Except as otherwise provided in subsection (b), a term in a promissory note or in an agreement
between an account debtor and a debtor which relates to a health-care-insurance receivable
or a general intangible, including a contract, permit, license, or franchise, and which term
prohibits, restricts, or requires the consent of the person obligated on the promissory note
or the account debtor to, the assignment or transfer of, or creation, attachment, or perfection
of a security interest in, the promissory note, health-care-insurance receivable, or general
intangible, is ineffective to the extent that the term: (1) would impair the creation, attachment,
or perfection of a security interest; or (2) provides that the assignment or transfer or the
creation, attachment, or perfection of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-408.htm - 4K - Match Info - Similar pages
19-3B-813
Section 19-3B-813 Duty to inform and report. (a) Except as otherwise provided in Section 19-3B-603,
the following rules apply: (1) A trustee shall keep the current permissible distributees of
income or principal of the trust reasonably informed about the administration of the trust
and of the material facts necessary for them to protect their interests. (2) Unless unreasonable
under the circumstances, a trustee shall promptly respond to a qualified beneficiary's request
for information related to the administration of the trust. (b) A trustee: (1) upon request
of a beneficiary, shall promptly furnish to the beneficiary a copy of the trust instrument;
(2) within 60 days after accepting a trusteeship, shall notify the qualified beneficiaries
of the acceptance and of the trustee's name, address, and telephone number; (3) within 60
days after accepting the trusteeship of an irrevocable trust, or the date the trustee acquires
knowledge that a formerly revocable trust has become irrevocable,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-813.htm - 3K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/26-1A-208.htm - 2K - Match Info - Similar pages
36-26-13
Section 36-26-13 Certification of payrolls, etc., for payment of state employees; actions to
recover moneys improperly paid, restrain improper payments, etc. It shall be unlawful for
the Comptroller, any county official, officer or employee or any other fiscal officer to draw
or issue any warrant on the State Treasury, county treasurer or county depository for the
payment of any salary or compensation to any person in the state service for personal services,
unless the payroll, estimate, voucher or account for such salary or compensation containing
the name of the person to be paid shall bear the certification of the director that the person
or persons named therein are employees of the state and are legally entitled to receive the
sums stated therein. Any sum paid contrary to any provision of this article or of any rule,
regulation or order thereunder may be recovered in an action maintained in the name of the
state by the Attorney General or by any citizen or taxpayer of Alabama from...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-26-13.htm - 2K - Match Info - Similar pages
|