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7-5-109
Section 7-5-109 Fraud and forgery. (a) If a presentation is made that appears on its face strictly
to comply with the terms and conditions of the letter of credit, but a required document is
forged or materially fraudulent, or honor of the presentation would facilitate a material
fraud by the beneficiary on the issuer or applicant: (1) the issuer shall honor the presentation,
if honor is demanded by (i) a nominated person who has given value in good faith and without
notice of forgery or material fraud, (ii) a confirmer who has honored its confirmation in
good faith, (iii) a holder in due course of a draft drawn under the letter of credit which
was taken after acceptance by the issuer or nominated person, or (iv) an assignee of the issuer's
or nominated person's deferred obligation that was taken for value and without notice of forgery
or material fraud after the obligation was incurred by the issuer or nominated person; and
(2) the issuer, acting in good faith, may honor or dishonor...
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7-5-102
Section 7-5-102 Definitions. (a) In this article: (1) "Adviser" means a person who,
at the request of the issuer, a confirmer, or another adviser, notifies, or requests another
adviser to notify, the beneficiary that a letter of credit has been issued, confirmed, or
amended. (2) "Applicant" means a person at whose request or for whose account a
letter of credit is issued. The term includes a person who requests an issuer to issue a letter
of credit on behalf of another if the person making the request undertakes an obligation to
reimburse the issuer. (3) "Beneficiary" means a person who under the terms of a
letter of credit is entitled to have its complying presentation honored. The term includes
a person to whom drawing rights have been transferred under a transferable letter of credit.
(4) "Confirmer" means a nominated person who undertakes, at the request or with
the consent of the issuer, to honor a presentation under a letter of credit issued by another.
(5) "Dishonor" of a letter...
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7-5-114
Section 7-5-114 Assignment of proceeds. (a) In this section, "proceeds of a letter of
credit" means the cash, check, accepted draft, or other item of value paid or delivered
upon honor or giving of value by the issuer or any nominated person under the letter of credit.
The term does not include a beneficiary's drawing rights or documents presented by the beneficiary.
(b) A beneficiary may assign its right to part or all of the proceeds of a letter of credit.
The beneficiary may do so before presentation as a present assignment of its right to receive
proceeds contingent upon its compliance with the terms and conditions of the letter of credit.
(c) An issuer or nominated person need not recognize an assignment of proceeds of a letter
of credit until it consents to the assignment. (d) An issuer or nominated person has no obligation
to give or withhold its consent to an assignment of proceeds of a letter of credit, but consent
may not be unreasonably withheld if the assignee possesses and...
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7-5-110
Section 7-5-110 Warranties. (a) If its presentation is honored, the beneficiary warrants: (1)
to the issuer, any other person to whom presentation is made, and the applicant that there
is no fraud or forgery of the kind described in Section 7-5-109(a); and (2) to the applicant
that the drawing does not violate any agreement between the applicant and beneficiary or any
other agreement intended by them to be augmented by the letter of credit. (b) The warranties
in subsection (a) are in addition to warranties arising under Article 3, 4, 7, and 8 because
of the presentation or transfer of documents covered by any of those articles. (Acts 1997,
No. 97-702, p. 1427, ยง1.)...
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7-5-108
Section 7-5-108 Issuer's rights and obligations. (a) Except as otherwise provided in Section
7-5-109, an issuer shall honor a presentation that, as determined by the standard practice
referred to in subsection (e), appears on its face strictly to comply with the terms and conditions
of the letter of credit. Except as otherwise provided in Section 7-5-113 and unless otherwise
agreed with the applicant, an issuer shall dishonor a presentation that does not appear so
to comply. (b) An issuer has a reasonable time after presentation, but not beyond the end
of the seventh business day of the issuer after the day of its receipt of documents: (1) to
honor, (2) if the letter of credit provides for honor to be completed more than seven business
days after presentation, to accept a draft or incur a deferred obligation, or (3) to give
notice to the presenter of discrepancies in the presentation. (c) Except as otherwise provided
in subsection (d), an issuer is precluded from asserting as a basis...
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7-5-107
Section 7-5-107 Confirmer, nominated person, and adviser. (a) A confirmer is directly obligated
on a letter of credit and has the rights and obligations of an issuer to the extent of its
confirmation. The confirmer also has rights against and obligations to the issuer as if the
issuer were an applicant and the confirmer had issued the letter of credit at the request
and for the account of the issuer. (b) A nominated person who is not a confirmer is not obligated
to honor or otherwise give value for a presentation. (c) A person requested to advise may
decline to act as an adviser. An adviser that is not a confirmer is not obligated to honor
or give value for a presentation. An adviser undertakes to the issuer and to the beneficiary
accurately to advise the terms of the letter of credit, confirmation, amendment, or advice
received by that person and undertakes to the beneficiary to check the apparent authenticity
of the request to advise. Even if the advice is inaccurate, the letter of...
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7-5-113
Section 7-5-113 Transfer by operation of law. (a) A successor of a beneficiary may consent
to amendments, sign and present documents, and receive payment or other items of value in
the name of the beneficiary without disclosing its status as a successor. (b) A successor
of a beneficiary may consent to amendments, sign and present documents, and receive payment
or other items of value in its own name as the disclosed successor of the beneficiary. Except
as otherwise provided in subsection (e), an issuer shall recognize a disclosed successor of
a beneficiary as beneficiary in full substitution for its predecessor upon compliance with
the requirements for recognition by the issuer of a transfer of drawing rights by operation
of law under the standard practice referred to in Section 7-5-108(e) or, in the absence of
such a practice, compliance with other reasonable procedures sufficient to protect the issuer.
(c) An issuer is not obliged to determine whether a purported successor is a...
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8-6-9
Section 8-6-9 Registration of securities - Denial, suspension and revocation of registration.
The Securities Commission shall issue an order denying effectiveness to, or suspending or
revoking the effectiveness of, any registration statement in the sale of securities if it
finds that the order is in the public interest and that: (1) The registration statement, as
of its effective date or as of any earlier date in the case of an order denying effectiveness,
is incomplete in any material respect or contains any statement which was, in the light of
the circumstances under which it was made, false or misleading with respect to any material
fact. (2) Any provision of this article or any rule, order, or condition lawfully imposed
under this article has been willfully violated in connection with the offering by: a. Any
person filing the registration statement; b. The issuer, any partner, officer, or director
of the issuer, any person occupying a similar status or performing similar functions,...
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13A-9-150
Section 13A-9-150 Public assistance fraud; penalties. (a) For the purposes of this section,
public assistance means money or property provided directly or indirectly to eligible persons
through programs of the federal government, the state, or any political subdivision thereof,
including any program administered by a public housing authority. (b) It shall be unlawful
for an individual or business entity to knowingly do any of the following: (1) Fail, by false
statement, misrepresentation, impersonation, or other fraudulent means, to disclose a material
fact used in making a determination as to the qualification of the person to receive public
assistance. (2) Fail to disclose a change in circumstances in order to obtain or continue
to receive any public assistance to which he or she is not entitled or in an amount larger
than that to which he or she is entitled. (3) Aid and abet another person in the commission
of the prohibitions enumerated in subdivisions (1) and (2). (4) Use,...
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39-2-12
Section 39-2-12 Partial and final payments of contractors by awarding authorities. (a) As used
in this section the following words shall have the meanings ascribed to them as follows: (1)
CONTRACTOR. Any natural person, partnership, company, firm, corporation, association, limited
liability company, cooperative, or other legal entity licensed by the Alabama State Licensing
Board for General Contractors. (2) NONRESIDENT CONTRACTOR. A contractor which is neither a.
organized and existing under the laws of the State of Alabama, nor b. maintains its principal
place of business in the State of Alabama. A nonresident contractor which has maintained a
permanent branch office within the State of Alabama for at least five continuous years shall
not thereafter be deemed to be a nonresident contractor so long as the contractor continues
to maintain a branch office within Alabama. (3) RETAINAGE. That money belonging to the contractor
which has been retained by the awarding authority conditioned on...
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