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7-4A-401
Section 7-4A-401 Payment date. "Payment date" of a payment order means the day on
which the amount of the order is payable to the beneficiary by the beneficiary's bank. The
payment date may be determined by instruction of the sender but cannot be earlier than the
day the order is received by the beneficiary's bank and, unless otherwise determined, is the
day the order is received by the beneficiary's bank. (Acts 1992, 2nd Ex. Sess., No. 92-701,
p. 145, §1.)...
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7-4A-301
Section 7-4A-301 Execution and execution date. (a) A payment order is "executed"
by the receiving bank when it issues a payment order intended to carry out the payment order
received by the bank. A payment order received by the beneficiary's bank can be accepted but
cannot be executed. (b) "Execution date" of a payment order means the day on which
the receiving bank may properly issue a payment order in execution of the sender's order.
The execution date may be determined by instruction of the sender but cannot be earlier than
the day the order is received and, unless otherwise determined, is the day the order is received.
If the sender's instruction states a payment date, the execution date is the payment date
or an earlier date on which execution is reasonably necessary to allow payment to the beneficiary
on the payment date. (Acts 1992, 2nd Ex. Sess., No. 92-701, p. 145, §1.)...
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7-4A-209
Section 7-4A-209 Acceptance of payment order. (a) Subject to subsection (d), a receiving bank
other than the beneficiary's bank accepts a payment order when it executes the order. (b)
Subject to subsections (c) and (d), a beneficiary's bank accepts a payment order at the earliest
of the following times: (1) when the bank (i) pays the beneficiary as stated in Section 7-4A-405(a)
or 7-4A-405(b), or (ii) notifies the beneficiary of receipt of the order or that the account
of the beneficiary has been credited with respect to the order unless the notice indicates
that the bank is rejecting the order or that funds with respect to the order may not be withdrawn
or used until receipt of payment from the sender of the order; (2) when the bank receives
payment of the entire amount of the sender's order pursuant to Section 7-4A-403(a)(1) or 7-4A-403(a)(2);
or (3) the opening of the next funds-transfer business day of the bank following the payment
date of the order if, at that time, the amount of...
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7-4A-106
Section 7-4A-106 Time payment order is received. (a) The time of receipt of a payment order
or communication cancelling or amending a payment order is determined by the rules applicable
to receipt of a notice stated in Section 7-1-202. A receiving bank may fix a cut-off time
or times on a funds-transfer business day for the receipt and processing of payment orders
and communications cancelling or amending payment orders. Different cut-off times may apply
to payment orders, cancellations, or amendments, or to different categories of payment orders,
cancellations, or amendments. A cut-off time may apply to senders generally or different cut-off
times may apply to different senders or categories of payment orders. If a payment order or
communication cancelling or amending a payment order is received after the close of a funds-transfer
business day or after the appropriate cut-off time on a funds-transfer business day, the receiving
bank may treat the payment order or communication as...
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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-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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45-37-123.01
Section 45-37-123.01 Definitions. For the purposes of this part, the following terms shall
have the following meanings: (1) ACT. The act adding this part, to be called the General Retirement
System for Employees of Jefferson County Act. (2) ACTIVE MEMBER. An individual who currently
is employed by the county or other entities set forth in subdivision (20) and is making employee
contributions to the system. (3) ACTUARIAL EQUIVALENT. Effective July 30, 1984, or such other
dates as set forth in Exhibit A, which is maintained in the office of the pension board, a
form of benefit differing in time, period, or manner of payment from a specific benefit provided
under the plan but having the same value when computed using the mortality tables, the interest
rate, and any other assumptions last adopted by the pension board, which assumptions shall
clearly preclude any discretion in the determination of the amount of a member's benefit.
(4) ACTUARIAL GAIN. As defined in Section...
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45-37-123.106
Section 45-37-123.106 Minimum distribution requirements. (a) General rules. (1) EFFECTIVE DATE.
Except as otherwise provided herein, the provisions of this section shall apply for purposes
of determining required minimum distributions for calendar years beginning on and after January
1, 1987. (2) REQUIREMENTS OF TREASURY REGULATIONS INCORPORATED. All distributions required
under this section shall be determined and made in accordance with § 401(a)(9), Internal
Revenue Code, including the incidental death benefit requirement in § 401(a)(9)(G), and the
regulations thereunder. (3) PRECEDENCE. Subject to the joint and survivor annuity requirements
of the plan, the requirements of this section shall take precedence over any inconsistent
provisions of the plan. (b) Time and manner of distribution. (1) REQUIRED BEGINNING DATE.
The member's entire interest shall be distributed, or begin to be distributed, to the member
no later than the member's required beginning date. (2) DEATH OF MEMBER...
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25-4-51
Section 25-4-51 Rates of contributions, etc., by employers. (a) Contributions. Except as hereinafter
provided and subject to the provisions of Section 25-4-54, every employer shall pay contributions,
or payments in lieu of contributions, equal to the percentages of wages payable or paid as
hereinafter set out, with respect to employment by him. (1) With respect to employment during
calendar years after December 31, 1975, every employer who has been liable to the provisions
of this chapter during a period of time sufficient to have his rate of contribution determined
under the experience rating provisions of Section 25-4-54 shall pay contributions at the rate
prescribed thereby. (2) With respect to employment after December 31, 1975, every employer
who has not been liable to the provisions of this chapter for a sufficient length of time
to have his rate determined under the experience rating provisions of Section 25-4-54 shall
pay contributions at the rate of 2.70 percent of such wages...
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27-1-17
Section 27-1-17 Limitation periods for payment of claims; overdue claims; retroactive denials,
adjustments, etc.; penalties. (a) Each insurer, health service corporation, and health benefit
plan that issues or renews any policy of accident or health insurance providing benefits for
medical or hospital expenses for its insured persons shall pay for services rendered by Alabama
health care providers within 45 calendar days upon receipt of a clean written claim or 30
calendar days upon receipt of a clean electronic claim. If the insurer, health service corporation,
or health benefit plan is denying or pending the claim, the insurer, health service corporation,
or health benefit plan shall, within 45 calendar days for a written claim and 30 calendar
days for an electronic claim, notify the health care provider or certificate holder of the
reason for denying or pending the claim and what, if any, additional information is required
to process the claim. Any undisputed portion of the claim...
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