7-4A-406
Section 7-4A-406 Payment by originator to beneficiary; discharge of underlying obligation.
(a) Subject to Sections 7-4A-211(e), 7-4A-405(d), and 7-4A-405(e), the originator of a funds
transfer pays the beneficiary of the originator's payment order (i) at the time a payment
order for the benefit of the beneficiary is accepted by the beneficiary's bank in the funds
transfer and (ii) in an amount equal to the amount of the order accepted by the beneficiary's
bank, but not more than the amount of the originator's order. (b) If payment under subsection
(a) is made to satisfy an obligation, the obligation is discharged to the same extent discharge
would result from payment to the beneficiary of the same amount in money, unless (i) the payment
under subsection (a) was made by a means prohibited by the contract of the beneficiary with
respect to the obligation, (ii) the beneficiary, within a reasonable time after receiving
notice of receipt of the order by the beneficiary's bank, notified the...
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7-4A-302
Section 7-4A-302 Obligations of receiving bank in execution of payment order. (a) Except as
provided in subsections (b) through (d), if the receiving bank accepts a payment order pursuant
to Section 7-4A-209(a), the bank has the following obligations in executing the order: (1)
The receiving bank is obliged to issue, on the execution date, a payment order complying with
the sender's order and to follow the sender's instructions concerning (i) any intermediary
bank or funds-transfer system to be used in carrying out the funds transfer, or (ii) the means
by which payment orders are to be transmitted in the funds transfer. If the originator's bank
issues a payment order to an intermediary bank, the originator's bank is obliged to instruct
the intermediary bank according to the instruction of the originator. An intermediary bank
in the funds transfer is similarly bound by an instruction given to it by the sender of the
payment order it accepts. (2) If the sender's instruction states that...
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7-4A-502
Section 7-4A-502 Creditor process served on receiving bank; setoff by beneficiary's bank. (a)
As used in this section, "creditor process" means levy, attachment, garnishment,
notice of lien, sequestration, or similar process issued by, or on behalf of a creditor or
other claimant with respect to an account. (b) This subsection applies to creditor process
with respect to an authorized account of the sender of a payment order if the creditor process
is served on the receiving bank. For the purpose of determining rights with respect to the
creditor process, if the receiving bank accepts the payment order the balance in the authorized
account is deemed to be reduced by the amount of the payment order to the extent the bank
did not otherwise receive payment of the order, unless the creditor process is served at a
time and in a manner affording the bank a reasonable opportunity to act on it before the bank
accepts the payment order. (c) If a beneficiary's bank has received a payment order...
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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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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...
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7-4A-405
Section 7-4A-405 Payment by beneficiary's bank to beneficiary. (a) If the beneficiary's bank
credits an account of the beneficiary of a payment order, payment of the bank's obligation
under Section 7-4A-404(a) occurs when and to the extent (i) the beneficiary is notified of
the right to withdraw the credit, (ii) the bank lawfully applies the credit to a debt of the
beneficiary, or (iii) funds with respect to the order are otherwise made available to the
beneficiary by the bank. (b) If the beneficiary's bank does not credit an account of the beneficiary
of a payment order, the time when payment of the bank's obligation under Section 7-4A-404(a)
occurs is governed by principles of law that determine when an obligation is satisfied. (c)
Except as stated in subsections (d) and (e), if the beneficiary's bank pays the beneficiary
of a payment order under a condition to payment or agreement of the beneficiary giving the
bank the right to recover payment from the beneficiary if the bank does...
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7-4A-404
Section 7-4A-404 Obligation of beneficiary's bank to pay and give notice to beneficiary. (a)
Subject to Sections 7-4A-211(e), 7-4A-405(d), and 7-4A-405(e), if a beneficiary's bank accepts
a payment order, the bank is obliged to pay the amount of the order to the beneficiary of
the order. Payment is due on the payment date of the order, but if acceptance occurs on the
payment date after the close of the funds-transfer business day of the bank, payment is due
on the next funds-transfer business day. If the bank refuses to pay after demand by the beneficiary
and receipt of notice of particular circumstances that will give rise to consequential damages
as a result of nonpayment, the beneficiary may recover damages resulting from the refusal
to pay to the extent the bank had notice of the damages, unless the bank proves that it did
not pay because of a reasonable doubt concerning the right of the beneficiary to payment.
(b) If a payment order accepted by the beneficiary's bank instructs...
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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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40-27-1
Section 40-27-1 Compact adopted; terms. The following Multistate Tax Compact is hereby approved,
adopted and enacted into law by the State of Alabama: Multistate Tax Compact Article I. Purposes.
The purposes of this compact are to: 1. Facilitate proper determination of state and local
tax liability of multistate taxpayers, including the equitable apportionment of tax bases
and settlement of apportionment disputes. 2. Promote uniformity or compatibility in significant
components of tax systems. 3. Facilitate taxpayer convenience and compliance in the filing
of tax returns and in other phases of tax administration. 4. Avoid duplicative taxation. Article
II. Definitions. As used in this compact: 1. "State" means a state of the United
States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession
of the United States. 2. "Subdivision" means any governmental unit or special district
of a state. 3. "Taxpayer" means any corporation, partnership, firm,...
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7-4A-207
Section 7-4A-207 Misdescription of beneficiary. (a) Subject to subsection (b), if, in a payment
order received by the beneficiary's bank, the name, bank account number, or other identification
of the beneficiary refers to a nonexistent or unidentifiable person or account, no person
has rights as a beneficiary of the order and acceptance of the order cannot occur. (b) If
a payment order received by the beneficiary's bank identifies the beneficiary both by name
and by an identifying or bank account number and the name and number identify different persons,
the following rules apply: (1) Except as otherwise provided in subsection (c), if the beneficiary's
bank does not know that the name and number refer to different persons, it may rely on the
number as the proper identification of the beneficiary of the order. The beneficiary's bank
need not determine whether the name and number refer to the same person. (2) If the beneficiary's
bank pays the person identified by name or knows that the...
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