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, §1.)...
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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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27-14-29
Section 27-14-29 Rights of beneficiaries, etc., under life insurance policies against creditors, etc. (a) If a policy of insurance, whether heretofore or hereafter issued, is effected by any person on his own life or on another life in favor of a person other than himself or, except in cases of transfer with intent to defraud creditors, if a policy of life insurance is assigned or in any way made payable to any such person, the lawful beneficiary, or assignee thereof, other than the insured or the person so effecting such insurance or his executors or administrators, shall be entitled to its proceeds and avails against the creditors, personal representatives, trustees in bankruptcy, and receivers in state and federal courts of the person insured and of the person effecting the insurance, whether or not the right to change the beneficiary is reserved or permitted and whether or not the policy is made payable to the person whose life is insured, if the beneficiary or assignee shall...
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6-10-8
Section 6-10-8 Rights of beneficiaries and assignees under life insurance policies. If a policy of insurance, whether heretofore or hereafter issued, is effected by any person on his or her own life or on another life in favor of a person other than himself or herself or, except in cases of transfer with intent to defraud creditors, if a policy of life insurance is assigned or in any way made payable to any such person, the lawful beneficiary or assignee thereof, other than the insured or the person so effecting such insurance, or his or her executors or administrators, shall be entitled to its proceeds and avails against the creditors and representatives of the insured and of the person effecting the same, whether or not the right to change the beneficiary is reserved or permitted and whether or not the policy is made payable to the person whose life is insured if the beneficiary or assignee shall predecease such person; provided, that subject to the statute of limitations, the amount...
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35-5A-4
Section 35-5A-4 Nomination of custodian. (a) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substance by the words: "as custodian for ___ (name of minor) under the Alabama Uniform Transfers to Minors Act." The nomination may name one or more persons as substitute custodians to whom the property must be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines, or is ineligible to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment, or in a writing designating a beneficiary of contractual rights which is registered with or delivered to the payor, issuer, or other obligor of the contractual rights. (b) A custodian nominated under this section must be a...
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7-9A-316
Section 7-9A-316 Effect of change in governing law. (a) General rule: Effect on perfection of change in governing law. A security interest perfected pursuant to the law of the jurisdiction designated in Section 7-9A-301(1) or 7-9A-305(c) remains perfected until the earliest of: (1) the time perfection would have ceased under the law of that jurisdiction; (2) the expiration of four months after a change of the debtor's location to another jurisdiction; or (3) the expiration of one year after a transfer of collateral to a person that thereby becomes a debtor and is located in another jurisdiction. (b) Security interest perfected or unperfected under law of new jurisdiction. If a security interest described in subsection (a) becomes perfected under the law of the other jurisdiction before the earliest time or event described in that subsection, it remains perfected thereafter. If the security interest does not become perfected under the law of the other jurisdiction before the earliest...
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41-10-546
Section 41-10-546 Powers of authority. The authority shall have, in addition to all other powers granted to it in this division, all of the following powers: (1) To have succession by its corporate name until dissolved as herein provided. (2) To institute and defend legal proceedings in any court of competent jurisdiction and proper venue; provided, however, that the authority may not be sued in any nisi prius court other than the courts of the county in which is located the principal office of the authority, and provided further that the officers, directors, agents, and employees of the authority may not be sued for actions in behalf of the authority in any nisi prius court other than the courts of the county in which is located the principal office of the authority. (3) To have and to use a corporate seal and to alter the seal at pleasure. (4) To establish a fiscal year. (5) To acquire, purchase, lease, receive, hold, transmit, and convey the title to real and personal property to or...
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19-3B-508
Section 19-3B-508 Qualified trusts under the Internal Revenue Code. (a) As used in this section: (1) ASSIGNMENT or ALIENATION, and any conjugation thereof, includes any anticipation, assignment at law or in equity, alienation, attachment, garnishment, levy, execution, or other legal or equitable process. The term includes: (i) any arrangement providing for the payment to the employer or other sponsor of such plan of benefits that otherwise would be due the participant under the plan; (ii) any direct or indirect arrangement, whether revocable or irrevocable, whereby any person acquires from a participant or beneficiary of such plan a right or interest enforceable against the plan in, or to, all or any part of a plan benefit which is, or may become, payable to the participant or beneficiary; (iii) any attachment, execution, seizure, or the like, or under any form of legal process whatsoever; and (iv) the operation of any bankruptcy or insolvency laws under 11 U.S.C. § 522(b) as from...
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41-9-80.2
Section 41-9-80.2 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2019 REGULAR SESSION, EFFECTIVE JUNE 10, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. As used in this division, the following terms shall have the following meanings: (1) CONVICTED INDIVIDUAL. An individual convicted of a specified crime or a representative of the individual. (2) EARNED INCOME. Income derived from an individual's own labor or active participation in a business. The term does not include income from dividends or investments. (3) FUNDS OF A CONVICTED INDIVIDUAL. Funds and property received from any source by a convicted individual. The term includes funds that a superintendent, sheriff, municipal official, or other correctional official receives on behalf of a convicted individual and deposits into the individual's inmate or prisoner account to the credit of the individual. The term does not include funds from child support payments and earned income, except any income defined as profits...
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41-9-85.1
Section 41-9-85.1 Definitions. As used in this division, the following terms shall have the following meanings: (1) CONVICTED INDIVIDUAL. An individual convicted of a specified crime or a representative of the individual. (2) EARNED INCOME. Income derived from an individual's own labor or active participation in a business. The term does not include income from dividends or investments. (3) FUNDS OF A CONVICTED INDIVIDUAL. Funds and property received from any source by a convicted individual. The term includes funds that a superintendent, sheriff, municipal official, or other correctional official receives on behalf of a convicted individual and deposits into the individual's inmate or prisoner account to the credit of the individual. The term does not include funds from child support payments and earned income, except any income defined as profits from a crime. (4) PERSON. An individual, corporation, estate, partnership, association, or other legal entity, or representative of such....
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