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7-4A-504
Section 7-4A-504 Order in which items and payment orders may be charged to account; order of
withdrawals from account. (a) If a receiving bank has received more than one payment order
of the sender or one or more payment orders and other items that are payable from the sender's
account, the bank may charge the sender's account with respect to the various orders and items
in any sequence. (b) In determining whether a credit to an account has been withdrawn by the
holder of the account or applied to a debt of the holder of the account, credits first made
to the account are first withdrawn or applied. (Acts 1992, 2nd Ex. Sess., No. 92-701, p. 145,
ยง1.)...
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40-27-1
Section 40-27-1 Compact adopted; terms. The following Multistate Tax Compact is hereby approved,
adopted and enacted into law by the State of Alabama: Multistate Tax Compact Article I. Purposes.
The purposes of this compact are to: 1. Facilitate proper determination of state and local
tax liability of multistate taxpayers, including the equitable apportionment of tax bases
and settlement of apportionment disputes. 2. Promote uniformity or compatibility in significant
components of tax systems. 3. Facilitate taxpayer convenience and compliance in the filing
of tax returns and in other phases of tax administration. 4. Avoid duplicative taxation. Article
II. Definitions. As used in this compact: 1. "State" means a state of the United
States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession
of the United States. 2. "Subdivision" means any governmental unit or special district
of a state. 3. "Taxpayer" means any corporation, partnership, firm,...
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7-4A-403
Section 7-4A-403 Payment by sender to receiving bank. (a) Payment of the sender's obligation
under Section 7-4A-402 to pay the receiving bank occurs as follows: (1) If the sender is a
bank, payment occurs when the receiving bank receives final settlement of the obligation through
a Federal Reserve Bank or through a funds-transfer system. (2) If the sender is a bank and
the sender (i) credited an account of the receiving bank with the sender, or (ii) caused an
account of the receiving bank in another bank to be credited, payment occurs when the credit
is withdrawn, or if not withdrawn, at midnight of the day on which the credit is withdrawable
and the receiving bank learns of that fact. (3) If the receiving bank debits an account of
the sender with the receiving bank, payment occurs when the debit is made to the extent the
debit is covered by a withdrawable credit balance in the account. (b) If the sender and receiving
bank are members of a funds-transfer system that nets obligations...
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7-4-210
Section 7-4-210 Security interest of collecting bank in items, accompanying documents, and
proceeds. (a) A collecting bank has a security interest in an item and any accompanying documents
or the proceeds of either: (1) In case of an item deposited in an account, to the extent to
which credit given for the item has been withdrawn or applied; (2) In case of an item for
which it has given credit available for withdrawal as of right, to the extent of the credit
given, whether or not the credit is drawn upon or there is a right of charge-back; or (3)
If it makes an advance on or against the item. (b) If credit given for several items received
at one time or pursuant to a single agreement is withdrawn or applied in part, the security
interest remains upon all the items, any accompanying documents or the proceeds of either.
For the purpose of this section, credits first given are first withdrawn. (c) Receipt by a
collecting bank of a final settlement for an item is a realization on its...
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7-4-401
Section 7-4-401 When bank may charge customer's account. (a) A bank may charge against the
account of a customer an item that is properly payable from that account even though the charge
creates an overdraft. An item is properly payable if it is authorized by the customer and
is in accordance with any agreement between the customer and bank. (b) A customer is not liable
for the amount of an overdraft if the customer neither signed the item nor benefited from
the proceeds of the item, except that a bank may charge the amount of the overdraft, interest
thereon, and any applicable fee against deposits or other credits to the account, regardless
of the source of the deposits or credits. (c) A bank may charge against the account of a customer
a check that is otherwise properly payable from the account, even though payment was made
before the date of the check, unless the customer has given notice to the bank of the postdating
describing the check with reasonable certainty. The notice is...
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5-19-9
Section 5-19-9 Application of payments when buyer indebted to same seller for two or more consumer
credit sales. When the buyer is indebted to a particular seller for two or more consumer credit
sales of goods and the goods which were the subject of two or more sales secure the buyer's
total debt to the seller, the security shall be discharged by applying the buyer's payments
as they are received by the seller or the seller's assignee to the portions of the debt in
the order in which they were incurred. To the extent that debts are paid according to the
preceding sentence, security interests in items of property terminate as the debt originally
incurred with respect to each item is paid. Payments received by the seller upon a revolving
charge account are deemed, for the purpose of determining the amount of the debt secured by
the various security interests, to have been applied first to the payment of finance charges
in the order of their entry to the account and then to the payment of...
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7-4-104
Section 7-4-104 Definitions and index of definitions. (a) In this article, unless the context
otherwise requires: (1) "Account" means any deposit or credit account with a bank,
including a demand, time, savings, passbook, share draft, or like account, other than an account
evidenced by a certificate of deposit; (2) "Afternoon" means the period of a day
between noon and midnight; (3) "Banking day" means the part of a day on which a
bank is open to the public for carrying on substantially all of its banking functions; (4)
"Clearing house" means an association of banks or other payors regularly clearing
items; (5) "Customer" means a person having an account with a bank or for whom a
bank has agreed to collect items, including a bank that maintains an account at another bank;
(6) "Documentary draft" means a draft to be presented for acceptance or payment
if specified documents, certificated securities (Section 7-8-102) or instructions for uncertificated
securities (Section 7-8-308), or...
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2-6-117
Section 2-6-117 Disposition of refunding bond proceeds. (a) The proceeds of refunding bonds
shall be applied, together with any other moneys legally available, to the payment of the
expenses authorized by this article and to the payment of the principal of, premium, if any,
and interest due and to become due on any outstanding bonds to be refunded. The expenses authorized
by this article shall include, in addition to other expenses authorized by this article, all
expenses that the board of directors may deem necessary or advantageous in connection with
the sale and issuance of refunding bonds, including, without limitation, the expenses of selling
and issuing such refunding bonds, including any discount reflected in the purchase price paid
to the corporation, fees and disbursements of attorneys, accountants, fiscal agents, financial
advisors, and other consultants, fees and disbursements of trustees, escrow agents, registrars,
paying agents, transfer agents, depositories for...
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41-10-469
Section 41-10-469 Use of proceeds of refunding bonds. The proceeds of refunding bonds shall
be applied, together with any other moneys legally available therefor, to the payment of the
expenses authorized by this article and to the payment of the principal of, premium, if any,
and interest due and to become due on any outstanding bonds to be refunded thereby and, if
so required by resolution of the authority, shall be deposited in the State Treasury in an
interest account to pay interest on refunding bonds, and in the State Treasury in a reserve
account to further secure the payment of the principal of, premium, if any, and interest on
any refunding bonds. The expenses authorized by this article shall include, in addition to
expenses authorized by other sections hereof, all expenses that the board of directors may
deem necessary or advantageous in connection with the sale and issuance of such refunding
bonds, including without limitation, the expenses of selling and issuing such...
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45-36-245
Section 45-36-245 Levy of tax; exemptions; payment; recordkeeping; disposition of funds. (a)
In addition to all other taxes imposed by law, the Jackson County Commission is hereby authorized
to levy a privilege or license tax in an amount not to exceed two percent against every person
engaging in Jackson County in the business of renting or furnishing any room or rooms, lodging,
or accommodations, to any transient in any hotel, motel, inn, tourist court, or any other
place in which rooms, lodgings, or accommodations are regularly furnished to transients for
a consideration. The tax shall be levied upon the charge for such rooms, lodgings, or accommodations,
including the charge for use of rental of personal property and services furnished in such
room or rooms. (b) There are exempted from the tax authorized by this section and from the
computation of the amount of the tax levied or payable hereunder the following: Charges for
property sold or services furnished which are required to be...
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