7-5-117
Section 7-5-117 Subrogation of issuer, applicant, and nominated person. (a) An issuer that
honors a beneficiary's presentation is subrogated to the rights of the beneficiary to the
same extent as if the issuer were a secondary obligor of the underlying obligation owed to
the beneficiary and of the applicant to the same extent as if the issuer were the secondary
obligor of the underlying obligation owed to the applicant. (b) An applicant that reimburses
an issuer is subrogated to the rights of the issuer against any beneficiary, presenter, or
nominated person to the same extent as if the applicant were the secondary obligor of the
obligations owed to the issuer and has the rights of subrogation of the issuer to the rights
of the beneficiary stated in subsection (a). (c) A nominated person who pays or gives value
against a draft or demand presented under a letter of credit is subrogated to the rights of:
(1) the issuer against the applicant to the same extent as if the nominated person...
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7-9A-102
Section 7-9A-102 Definitions and index of definitions. (a) Article 9A definitions. In this
article: (1) "Accession" means goods that are physically united with other goods
in such a manner that the identity of the original goods is not lost. (2) "Account,"
except as used in "account for," means a right to payment of a monetary obligation,
whether or not earned by performance, (i) for property that has been or is to be sold, leased,
licensed, assigned, or otherwise disposed of, (ii) for services rendered or to be rendered,
(iii) for a policy of insurance issued or to be issued, (iv) for a secondary obligation incurred
or to be incurred, (v) for energy provided or to be provided, (vi) for the use or hire of
a vessel under a charter or other contract, (vii) arising out of the use of a credit or charge
card or information contained on or for use with the card, or (viii) as winnings in a lottery
or other game of chance operated or sponsored by a State, governmental unit of a State, or...

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7-9A-409
Section 7-9A-409 Restrictions on assignment of letter-of-credit rights ineffective. (a) Term
or law restricting assignment generally ineffective. A term in a letter of credit or a rule
of law, statute, regulation, custom, or practice applicable to the letter of credit which
prohibits, restricts, or requires the consent of an applicant, issuer, or nominated person
to a beneficiary's assignment of or creation of a security interest in a letter-of-credit
right is ineffective to the extent that the term or rule of law, statute, regulation, custom,
or practice: (1) would impair the creation, attachment, or perfection of a security interest
in the letter-of-credit right; or (2) provides that the assignment or the creation, attachment,
or perfection of the security interest may give rise to a default, breach, right of recoupment,
claim, defense, termination, right of termination, or remedy under the letter-of-credit right.
(b) Limitation on ineffectiveness under subsection (a). To the extent...
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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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7-5-103
Section 7-5-103 Scope. (a) This article applies to letters of credit and to certain rights
and obligations arising out of transactions involving letters of credit. (b) The statement
of a rule in this article does not by itself require, imply, or negate application of the
same or a different rule to a situation not provided for, or to a person not specified, in
this article. (c) With the exception of this subsection, subsections (a) and (d), Sections
7-5-102(a)(9) and (10), and 7-5-114(d), and except to the extent prohibited in Sections 7-1-302
and 7-5-117(d), the effect of this article may be varied by agreement or by a provision stated
or incorporated by reference in an undertaking. A term in a letter of credit, confirmation,
advice, transfer, amendment, or cancellation generally excusing liability or generally limiting
remedies for failure to perform obligations is not sufficient to vary obligations prescribed
by this article. (d) Rights and obligations of an issuer to a beneficiary...
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7-5-111
Section 7-5-111 Remedies. (a) If an issuer wrongfully dishonors or repudiates its obligation
to pay money under a letter of credit before presentation, the beneficiary, successor, or
nominated person presenting on its own behalf may recover from the issuer the amount that
is the subject of the dishonor or repudiation. If the issuer's obligation under the letter
of credit is not for the payment of money, the claimant may obtain specific performance or,
at the claimant's election, recover an amount equal to the value of performance from the issuer.
In either case, the claimant may also recover incidental but not consequential damages. The
claimant is not obligated to take action to avoid damages that might be due from the issuer
under this subsection. If, although not obligated to do so, the claimant avoids damages, the
claimant's recovery from the issuer must be reduced by the amount of damages avoided. The
issuer has the burden of proving the amount of damages avoided. In the case of...
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27-55-3
Section 27-55-3 Prohibited practices; disclosure of information. (a) No insurer may: (1) Deny,
refuse to issue, renew, or reissue, cancel, or otherwise terminate, restrict, or exclude coverage
on an insurance policy or health benefit plan on the basis of an applicant's or insured's
abuse status, or on the basis of any association, relationship, or assistance to a subject
of abuse. (2) Exclude or limit coverage for a loss, deny benefits, or deny a claim on the
basis of the insured's abuse status, or on the basis of any association, relationship, or
assistance to a subject of abuse, except as otherwise permitted or required by the laws of
this state relating to acts of abuse committed by a life insurance beneficiary. Notwithstanding
anything to the contrary in this section, a liability insurer may include policy provisions
providing that a payment required by this subsection may be denied or, if paid, recovered
by the insurer from the insured, if the claim arose out of an act of abuse by...
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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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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-602
Section 7-9A-602 Waiver and variance of rights and duties. Except as otherwise provided in
Section 7-9A-624, to the extent that they give rights to a debtor or obligor and impose duties
on a secured party, the debtor or obligor may not waive or vary the rules stated in the following
listed sections: (1) Section 7-9A-207(b)(4)(C), which deals with use and operation of the
collateral by the secured party; (2) Section 7-9A-210, which deals with requests for an accounting
and requests concerning a list of collateral and statement of account; (3) Section 7-9A-607(c),
which deals with collection and enforcement of collateral; (4) Sections 7-9A-608(a) and 7-9A-615(c)
to the extent that they deal with application or payment of noncash proceeds of collection,
enforcement, or disposition; (5) Sections 7-9A-608(a) and 7-9A-615(d) to the extent that they
require accounting for or payment of surplus proceeds of collateral; (6) Section 7-9A-609
to the extent that it imposes upon a secured party that...
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