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40-22-2
Section 40-22-2 Mortgages, deeds of trust, etc., generally. No mortgage, deed of trust, contract
of conditional sale, or other instrument of like character which is given to secure the payment
of any debt which conveys any real or personal property situated within this state
or any interest therein or any security agreement or financing statement provided for by the
Uniform Commercial Code, except a security agreement or a financing statement relating solely
to security interests in accounts, contract rights, or general intangibles, as such terms
are defined in the Uniform Commercial Code, and except for the re-recordation of corrected
mortgages, deeds, or instruments executed for the purpose of perfecting the title to real
or personal property, specifically, but not limited to, corrections of maturity dates
thereof, shall be received for record or for filing in the office of any probate judge of
this state unless the following privilege or license taxes shall have been paid upon such...
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39-2-12
Section 39-2-12 Partial and final payments of contractors by awarding authorities. (a) As used
in this section the following words shall have the meanings ascribed to them as follows: (1)
CONTRACTOR. Any natural person, partnership, company, firm, corporation, association, limited
liability company, cooperative, or other legal entity licensed by the Alabama State Licensing
Board for General Contractors. (2) NONRESIDENT CONTRACTOR. A contractor which is neither a.
organized and existing under the laws of the State of Alabama, nor b. maintains its principal
place of business in the State of Alabama. A nonresident contractor which has maintained a
permanent branch office within the State of Alabama for at least five continuous years shall
not thereafter be deemed to be a nonresident contractor so long as the contractor continues
to maintain a branch office within Alabama. (3) RETAINAGE. That money belonging to the contractor
which has been retained by the awarding authority conditioned on...
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7-8-503
Section 7-8-503 Property interest of entitlement holder in financial asset held by securities
intermediary. (a) To the extent necessary for a securities intermediary to satisfy all security
entitlements with respect to a particular financial asset, all interests in that financial
asset held by the securities intermediary are held by the securities intermediary for the
entitlement holders, are not property of the securities intermediary, and are not subject
to claims of creditors of the securities intermediary, except as otherwise provided in Section
7-8-511. (b) An entitlement holder's property interest with respect to a particular financial
asset under subsection (a) is a pro rata property interest in all interests in that financial
asset held by the securities intermediary, without regard to the time the entitlement holder
acquired the security entitlement or the time the securities intermediary acquired the interest
in that financial asset. (c) An entitlement holder's property...
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40-2A-7
years from the date the return is filed with the department, whichever is later. This subparagraph
shall not apply to any corporation unless dissolution is completed within 18 months of the
date of the written notice. e. If a taxpayer has made the election provided in subsection
(d) or (e) of Section 40-18-8, a preliminary assessment based on the gain realized as a result
of the involuntary conversion [in the case of subsection (d) of Section 40-18-8] or a rollover
of gain on the sale of a personal residence [as provided in subsection (e) of Section
40-18-8] may be entered within three years from the date the taxpayer notified the department
of the replacement of the property in accordance with subsection (d) or (e) of Section 40-18-8,
as the case may be, or of his or her intention not to replace the property. f. If a taxpayer
has validly elected to have the provisions of subdivision (a) (7) of Section 40-18-6 and subsection
(l) of Section 40-18-8 apply to an acquisition of stock...
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19-3A-415
Section 19-3A-415 Asset-backed securities. (a) In this section, "asset-backed security"
means an asset whose value is based upon the right it gives the owner to receive distributions
from the proceeds of financial assets that provide collateral for the security. The term includes
an asset that gives the owner the right to receive from the collateral financial assets (1)
only the interest or other current return thereon or (2) only the proceeds other than interest
or current return. The term does not include an asset to which Section 19-3A-401 or Section
19-3A-409 applies. (b) If a trust receives a payment that includes interest or other current
return and other proceeds of the collateral financial assets, then the fiduciary (1) shall
allocate to income the portion of the payment which the payer identifies as being from interest
or other current return; and (2) shall allocate the balance of the payment to principal. (c)
If a trust receives one or more payments in exchange for the...
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7-8-511
Section 7-8-511 Priority among security interests and entitlement holders. (a) Except as otherwise
provided in subsections (b) and (c), if a securities intermediary does not have sufficient
interests in a particular financial asset to satisfy both its obligations to entitlement holders
who have security entitlements to that financial asset and its obligation to a creditor of
the securities intermediary who has a security interest in that financial asset, the claims
of entitlement holders, other than the creditor, have priority over the claim of the creditor.
(b) A claim of a creditor of a securities intermediary who has a security interest in a financial
asset held by a securities intermediary has priority over claims of the securities intermediary's
entitlement holders who have security entitlements with respect to that financial asset if
the creditor has control over the financial asset. (c) If a clearing corporation does not
have sufficient financial assets to satisfy both its...
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7-8-116
Section 7-8-116 Securities intermediary as purchaser for value. A securities intermediary that
receives a financial asset and establishes a security entitlement to the financial asset in
favor of an entitlement holder is a purchaser for value of the financial asset. A securities
intermediary that acquires a security entitlement to a financial asset from another securities
intermediary acquires the security entitlement for value if the securities intermediary acquiring
the security entitlement establishes a security entitlement to the financial asset in favor
of an entitlement holder. (Acts 1996, No. 96-742, p. 1241, ยง1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-116.htm - 934 bytes - Match Info - Similar pages
7-8-504
Section 7-8-504 Duty of securities intermediary to maintain financial asset. (a) A securities
intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity
corresponding to the aggregate of all security entitlements it has established in favor of
its entitlement holders with respect to that financial asset. The securities intermediary
may maintain those financial assets directly or through one or more other securities intermediaries.
(b) Except to the extent otherwise agreed by its entitlement holder, a securities intermediary
may not grant any security interests in a financial asset it is obligated to maintain pursuant
to subsection (a). (c) A securities intermediary satisfies the duty in subsection (a) if:
(1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement
holder and the securities intermediary; or (2) in the absence of agreement, the securities
intermediary exercises due care in accordance with reasonable...
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7-2A-103
or a line of machinery, or a quantity, as a gross or carload, or any other unit treated in
use or in the relevant market as a single whole. (d) "Conforming" goods or performance
under a lease contract means goods or performance that are in accordance with the obligations
under the lease contract. (e) "Consumer lease" means a lease that a lessor regularly
engaged in the business of leasing or selling makes to a lessee who is an individual and who
takes under the lease primarily for a personal, family, or household purpose, if the
total payments to be made under the lease contract, excluding payments for options to renew
or buy, do not exceed $100,000. (f) "Fault" means wrongful act, omission, breach,
or default. (g) "Finance lease" means a lease with respect to which: (i) the lessor
does not select, manufacture, or supply the goods; (ii) the lessor acquires the goods or the
right to possession and use of the goods in connection with the lease; and (iii) one of the
following...
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7-3-103
Section 7-3-103 Definitions. (a) In this article: (1) "Acceptor" means a drawee who
has accepted a draft. (2) "Drawee" means a person ordered in a draft to make payment.
(3) "Drawer" means a person who signs or is identified in a draft as a person ordering
payment. (4) "Good faith" means honesty in fact in the conduct or transaction concerned.
(5) "Maker" means a person who signs or is identified in a note as a person undertaking
to pay. (6) "Order" means a written instruction to pay money signed by the person
giving the instruction. The instruction may be addressed to any person, including the person
giving the instruction, or to one or more persons jointly or in the alternative but not in
succession. An authorization to pay is not an order unless the person authorized to pay is
also instructed to pay. (7) "Ordinary care" in the case of a person engaged in business
means observance of reasonable commercial standards, prevailing in the area in which the person
is located, with respect...
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