26-1A-201
Section 26-1A-201 Authority that requires specific grant; grant of general authority. (a) An agent under a power of attorney may do the following on behalf of the principal or with the principal's property only if the power of attorney expressly grants the agent the authority and exercise of the authority is not otherwise prohibited by another agreement or instrument to which the authority or property is subject: (1) create, amend, revoke, or terminate an inter vivos trust; (2) [reserved]; (3) create or change rights of survivorship; (4) create or change a beneficiary designation; (5) delegate authority granted under the power of attorney; (6) waive the principal's right to be a beneficiary of a joint and survivor annuity, including a survivor benefit under a retirement plan; or (7) exercise fiduciary powers that the principal has authority to delegate. (b) Notwithstanding a grant of authority to do an act described in subsection (a), unless the power of attorney otherwise expressly...
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45-37-123.83
Section 45-37-123.83 Forfeitures, donations, and other similar contributions. The pension board and county are authorized to contribute to the trust fund any monies received in the form of donations, gifts, appropriations, bequests, or otherwise, or derived therefrom. Additionally, any member or beneficiary who fails to make timely application for the amount of his or her employee contributions pursuant to Section 45-37-123.104 shall be deemed to have forfeited and donated such employee contributions to the trust fund. In no event shall any forfeitures under the plan result in an increase in the benefit to be paid to any member. The pension coordinator shall provide one certified letter to the member within 60 days following the member's termination of employment advising the member of the foregoing forfeiture provisions. See also Section 45-37-123.194 for additional forfeiture provisions. (Act 2013-415, p. 1586, §2:4.4.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.83.htm - 1K - Match Info - Similar pages
5-19-6
Section 5-19-6 Copies of instruments signed by debtors to be furnished to debtors; required statement in contracts, etc.; limitation on disclosure requirements; intent, applicability of limitation. (a) Any creditor, when extending credit with respect to a consumer credit transaction, other than under an open-end credit plan, shall at that time furnish to the debtor a copy of each instrument executed by the debtor in connection with the consumer credit transaction. The consumer credit transaction contract or note shall contain the following statement in eight point or larger type immediately above the space for the borrower's signature. "CAUTION - IT IS IMPORTANT THAT YOU THOROUGHLY READ THE CONTRACT BEFORE YOU SIGN IT." (b) No disclosures are required by this chapter to be made by a creditor with respect to any transaction other than disclosures required by regulations made by the administrator pursuant to Section 5-19-21 and disclosures required by subsection (a) above and by Sections...
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7-4A-305
Section 7-4A-305 Liability for late or improper execution or failure to execute payment order. (a) If a funds transfer is completed but execution of a payment order by the receiving bank in breach of Section 7-4A-302 results in delay in payment to the beneficiary, the bank is obliged to pay interest to either the originator or the beneficiary of the funds transfer for the period of delay caused by the improper execution. Except as provided in subsection (c), additional damages are not recoverable. (b) If execution of a payment order by a receiving bank in breach of Section 7-4A-302 results in (i) noncompletion of the funds transfer, (ii) failure to use an intermediary bank designated by the originator, or (iii) issuance of a payment order that does not comply with the terms of the payment order of the originator, the bank is liable to the originator for its expenses in the funds transfer and for incidental expenses and interest losses, to the extent not covered by subsection (a),...
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7-9A-310
Section 7-9A-310 When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply. (a) General rule: Perfection by filing. Except as otherwise provided in subsection (b) and Section 7-9A-312(b), a financing statement must be filed to perfect all security interests and agricultural liens. (b) Exceptions: Filing not necessary. The filing of a financing statement is not necessary to perfect a security interest: (1) that is perfected under Section 7-9A-308(d), (e), (f), or (g); (2) that is perfected under Section 7-9A-309 when it attaches; (3) in property subject to a statute, regulation, or treaty described in Section 7-9A-311(a); (4) in goods in possession of a bailee which is perfected under Section 7-9A-312(d)(1) or (2); (5) in certificated securities, documents, goods, or instruments which is perfected without filing, control, or possession under Section 7-9A-312(e), (f), or (g); (6) in collateral...
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8-1A-16
Section 8-1A-16 Transferable records. (a) In this section, "transferable record" means an electronic record that meets the following criteria: (1) Would be a note under Article 3 of the Uniform Commercial Code or a document under Article 7 of the Uniform Commercial Code if the electronic record were in writing. (2) The issuer of the electronic record expressly has agreed is a transferable record. (b) A person has control of a transferable record if a system employed for evidencing the transfer of interests in the transferable record reliably establishes that person as the person to which the transferable record was issued or transferred. (c) A system satisfies subsection (b), and a person is deemed to have control of a transferable record, if the transferable record is created, stored, and assigned in such a manner that all of the following occur: (1) A single authoritative copy of the transferable record exists which is unique, identifiable, and, except as otherwise provided in...
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8-6-71
Section 8-6-71 (Repealed effective January 1, 1997) Definitions. For the purposes of this article, unless the context otherwise requires, the following terms shall have the meanings respectively ascribed to them by this section: Assignment. Such term includes any written stock power, bond power, bill of sale, deed, declaration of trust, or other instrument of transfer. Claim of beneficial interest. Such term includes a claim of any interest by a decedent's legatee, distributee, heir or creditor, a beneficiary under a trust, a ward, a beneficial owner of a security registered in the name of a nominee or a minor owner of a security registered in the name of a custodian, or a claim of any similar interest whether the claim is asserted by the claimant, a fiduciary, or by any other authorized person on his behalf and includes a claim that the transfer would be in breach of fiduciary duties. Corporation. A private or public corporation, association, or trust issuing a security. Fiduciary. An...
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26-1A-217
Section 26-1A-217 Gifts. (a) In this section, a gift "for the benefit of" a person includes a gift to a trust, an account under the Uniform Transfers to Minors Act, and a tuition savings account or prepaid tuition plan as defined under Internal Revenue Code Section 529, 26 U.S.C. Section 529, as amended. (b) Unless the power of attorney otherwise expressly provides, language in a power of attorney granting general authority with respect to gifts authorizes the agent only to: (1) make outright to, or for the benefit of, a person including the agent, a gift of any of the principal's property, including by the exercise of a presently exercisable general power of appointment held by the principal, in an amount per donee not to exceed the annual dollar limits of the federal gift tax exclusion under Internal Revenue Code Section 2503(b), 26 U.S.C. Section 2503(b), as amended, without regard to whether the federal gift tax exclusion applies to the gift, or if the principal's spouse agrees to...
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40-18-25
Section 40-18-25 Estates and trusts. (a) For purposes of this chapter, the income and deductions, including the distribution deduction, of estates and trusts shall be determined in accordance with Subchapter J of Chapter 1 of Subtitle A of the Internal Revenue Code, 26 U.S.C. §641 et seq., relating to estates, trusts, beneficiaries, and decedents, except as otherwise provided in this section. (1) The income and deductions shall be increased by any items that are includable or deductible by an individual in computing Alabama income tax but are not includable or not deductible by an individual in computing federal income tax. (2) The income and deductions shall be decreased by any items that are not includable or not deductible by an individual in computing Alabama income tax but are includable or deductible by an individual in computing federal income tax. (b) For purposes of this chapter, the income and deductions of beneficiaries of estates and trusts, and persons who are treated as...
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41-10-626
Section 41-10-626 Bonds of the authority. (a) General. The authority is authorized from time to time to sell and issue its bonds in limited amounts and for the purpose of promoting economic development and industrial recruitment as specified by the Legislature from time to time by separate act, provided that refunding bonds may be issued by the authority pursuant to Section 41-10-627 without first obtaining separate authorization from the Legislature. (b) Sources of payment. Bonds issued by the authority shall be solely and exclusively an obligation of the authority and shall not create an obligation or debt of the state. Such bonds shall not be general obligations of the authority but shall be payable solely from one or more of the following sources: (1) Appropriated funds. (2) The income or proceeds realized by the authority under any mortgage or security granted to the authority. (3) Amounts derived from any letter of credit, insurance policy, or other form of credit enhancement...
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