7-3-305
Section 7-3-305 Defenses and claims in recoupment. (a) Except as stated in subsection (b),
the right to enforce the obligation of a party to pay an instrument is subject to the following:
(1) A defense of the obligor based on (i) infancy of the obligor to the extent it is a defense
to a simple contract, (ii) duress, lack of legal capacity, or illegality of the transaction
which, under other law, nullifies the obligation of the obligor, (iii) fraud that induced
the obligor to sign the instrument with neither knowledge nor reasonable opportunity to learn
of its character or its essential terms, or (iv) discharge of the obligor in insolvency proceedings;
(2) A defense of the obligor stated in another section of this article or a defense of the
obligor that would be available if the person entitled to enforce the instrument were enforcing
a right to payment under a simple contract; and (3) A claim in recoupment of the obligor against
the original payee of the instrument if the claim arose...
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7-3-310
Section 7-3-310 Effect of instrument on obligation for which taken. (a) Unless otherwise agreed,
if a certified check, cashier's check, or teller's check is taken for an obligation, the obligation
is discharged to the same extent discharge would result if an amount of money equal to the
amount of the instrument were taken in payment of the obligation. Discharge of the obligation
does not affect any liability that the obligor may have as an indorser of the instrument.
(b) Unless otherwise agreed and except as provided in subsection (a), if a note or an uncertified
check is taken for an obligation, the obligation is suspended to the same extent the obligation
would be discharged if an amount of money equal to the amount of the instrument were taken,
and the following rules apply: (1) In the case of an uncertified check, suspension of the
obligation continues until dishonor of the check or until it is paid or certified. Payment
or certification of the check results in discharge of the...
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7-3-414
Section 7-3-414 Obligation of drawer. (a) This section does not apply to cashier's checks or
other drafts drawn on the drawer. (b) If an unaccepted draft is dishonored, the drawer is
obliged to pay the draft (i) according to its terms at the time it was issued or, if not issued,
at the time it first came into possession of a holder, or (ii) if the drawer signed an incomplete
instrument, according to its terms when completed, to the extent stated in Sections 7-3-115
and 7-3-407. The obligation is owed to a person entitled to enforce the draft or to an indorser
who paid the draft under Section 7-3-415. (c) If a draft is accepted by a bank, the drawer
is discharged, regardless of when or by whom acceptance was obtained. (d) If a draft is accepted
and the acceptor is not a bank, the obligation of the drawer to pay the draft if the draft
is dishonored by the acceptor is the same as the obligation of an indorser under Section 7-3-415(a)
and (c). (e) If a draft states that it is drawn...
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5-24-15
Section 5-24-15 Rights of creditors and others. (a) If other assets of the estate are insufficient,
a transfer resulting from a right of survivorship or POD designation under this chapter is
not effective against the estate of a deceased party to the extent needed to pay claims against
the estate and statutory allowances to the surviving spouse and children. (b) A surviving
party or beneficiary who receives payment from an account after death of a party is liable
to account to the personal representative of the decedent for a proportionate share of the
amount received to which the decedent, immediately before death, was beneficially entitled
under Section 5-24-11, to the extent necessary to discharge the claims and allowances described
in subsection (a) remaining unpaid after application of the decedent's estate. A proceeding
to assert the liability may not be commenced unless the personal representative has received
a written demand by the surviving spouse, a creditor, a child, or a...
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7-9A-203
Section 7-9A-203 Attachment and enforceability of security interest; proceeds; supporting obligations;
formal requisites. (a) Attachment. A security interest attaches to collateral when it becomes
enforceable against the debtor with respect to the collateral, unless an agreement expressly
postpones the time of attachment. (b) Enforceability. Except as otherwise provided in subsections
(c) through (i), a security interest is enforceable against the debtor and third parties with
respect to the collateral only if: (1) value has been given; (2) the debtor has rights in
the collateral or the power to transfer rights in the collateral to a secured party; and (3)
one of the following conditions is met: (A) the debtor has authenticated a security agreement
that provides a description of the collateral and, if the security interest covers timber
to be cut, a description of the land concerned; (B) the collateral is not a certificated security
and is in the possession of the secured party under...
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37-9-18
Section 37-9-18 Certificates for common carriers and permits for contract carriers - Surety
bonds, insurance policies, etc., required. No certificate or permit shall be issued to an
air carrier or shall remain in force unless such carrier complies with such reasonable rules
and regulations as the commission shall prescribe covering the filing and approval of surety
bonds, policies of insurance, qualifications as a self-insurer or other securities or agreements
in such reasonable amount as the commission may require, conditioned to pay, within the amount
of such surety bonds, policies of insurance, qualifications as a self-insurer or other securities
or agreements, any final judgment recovered against such air carrier for a bodily injury or
the death of any person resulting from the negligent operation, maintenance or use of aircraft
under such certificate or permit, or for loss or damage to property of others. The commission
may, in its discretion and under such rules and regulations...
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40-29-22
Section 40-29-22 Lien for taxes - Validity and priority against certain persons. (a) Purchasers,
holders of security interests, mechanic's lienors, and judgment lien creditors. The lien imposed
by Section 40-29-20 shall not be valid as against any purchaser, holder of a security interest,
mechanic's lienor, or judgment lien creditor until notice thereof which meets the requirements
of subsection (f) has been filed by the Commissioner of Revenue or his delegate, and shall
not be perfected as against any purchaser, holder of a security interest, mechanic's lienor,
or judgment lien creditor until the date such notice is filed. (b) Protection for certain
interest even though notice filed. Even though notice of a lien imposed by Section 40-29-20
has been filed, such lien shall not be valid: (1) SECURITIES. With respect to a security (as
defined in subsection (g)(4)): a. As against a purchaser of such security who at the time
of purchase did not have actual notice or knowledge of the...
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7-3-603
Section 7-3-603 Tender of payment. (a) If tender of payment of an amount due on an instrument
is made to a person entitled to enforce the instrument, the effect of tender is governed by
principles of law applicable to tender of payment under a simple contract and by subsections
(b), (c) and (d). (b) If tender of payment of an amount due on an instrument is made to a
person entitled to enforce the instrument and the tender is refused, there is discharge, to
the extent of the amount of the tender, of the obligation of an indorser or accommodation
party having a right of recourse with respect to the obligation to which the tender relates.
(c) If tender of payment of an amount due on an instrument is made to a person entitled to
enforce the instrument, the obligation of the obligor to pay interest after the due date on
the amount tendered is discharged. If presentment is required with respect to an instrument
and the obligor is able and ready to pay on the due date at every place of...
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37-3-18
Section 37-3-18 Bond or other security. (a) No certificate or permit shall be issued to a motor
carrier or remain in force, and no motor carrier subject to the provisions of this chapter
shall engage in any operation on any highway of this state, unless such carrier complies with
such reasonable rules and regulations as the commission shall prescribe governing the filing
and approval of surety bonds, policies of insurance, qualifications as a self-insurer or other
securities or agreements, in such reasonable amounts as the commission may require, conditioned
to pay, within the amount of such surety bonds, policies of insurance, qualifications as a
self-insurer or other securities or agreements, any final judgment recovered against such
motor carrier for bodily injuries to or the death of any person resulting from the negligent
operation, maintenance or use of motor vehicles under certificate or permit or for loss or
damage to property of others. The commission shall, under such rules...
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43-8-253
Section 43-8-253 Effect of homicide on intestate succession, wills, joint assets, life insurance
and beneficiary designations; effect of bona fide purchase by third party or good faith payment
by obligor, etc. (a) A surviving spouse, heir or devisee who feloniously and intentionally
kills the decedent is not entitled to any benefits under the will or under articles 3 through
10 of this chapter, and the estate of decedent passes as if the killer had predeceased the
decedent. Property appointed by the will of the decedent to or for the benefit of the killer
passes as if the killer had predeceased the decedent. (b) Any joint tenant who feloniously
and intentionally kills another joint tenant thereby effects a severance of the interest of
the decedent so that the share of the decedent passes as his property and the killer has no
rights by survivorship. This provision applies to joint tenancies with the right of survivorship
and tenancies in common during the respective lives of the...
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