7-8-102
Section 7-8-102 Definitions. (a) In this article: (1) "Adverse claim" means a claim
that a claimant has a property interest in a financial asset and that it is a violation of
the rights of the claimant for another person to hold, transfer, or deal with the financial
asset. (2) "Bearer form," as applied to a certificated security, means a form in
which the security is payable to the bearer of the security certificate according to its terms
but not by reason of an indorsement. (3) "Broker" means a person defined as a broker
or dealer under the federal securities laws, but without excluding a bank acting in that capacity.
(4) "Certificated security" means a security that is represented by a certificate.
(5) "Clearing corporation" means: (i) a person that is registered as a "clearing
agency" under the federal securities laws; (ii) a federal reserve bank; or (iii) any
other person that provides clearance or settlement services with respect to financial assets
that would require it to...
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7-8-110
Section 7-8-110 Applicability; choice of law. (a) The local law of the issuer's jurisdiction,
as specified in subsection (d), governs: (1) the validity of a security; (2) the rights and
duties of the issuer with respect to registration of transfer; (3) the effectiveness of registration
of transfer by the issuer; (4) whether the issuer owes any duties to an adverse claimant to
a security; and (5) whether an adverse claim can be asserted against a person to whom transfer
of a certificated or uncertificated security is registered or a person who obtains control
of an uncertificated security. (b) The local law of the securities intermediary's jurisdiction,
as specified in subsection (e), governs: (1) acquisition of a security entitlement from the
securities intermediary; (2) the rights and duties of the securities intermediary and entitlement
holder arising out of a security entitlement; (3) whether the securities intermediary owes
any duties to an adverse claimant to a security...
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7-9A-102
term includes: (A) proceeds to which a security interest attaches; (B) accounts, chattel paper,
payment intangibles, and promissory notes that have been sold; and (C) goods that are the
subject of a consignment. (13) "Commercial tort claim" means a claim arising in
tort with respect to which: (A) the claimant is an organization; or (B) the claimant is an
individual and the claim: (i) arose in the course of the claimant's business or profession;
and (ii) does not include damages arising out of personal injury to or the death
of an individual. (14) "Commodity account" means an account maintained by a commodity
intermediary in which a commodity contract is carried for a commodity customer. (15) "Commodity
contract" means a commodity futures contract, an option on a commodity futures contract,
a commodity option, or another contract if the contract or option is: (A) traded on or subject
to the rules of a board of trade that has been designated as a contract market for such a
contract...
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7-8-107
(a) "Appropriate person" means: (1) with respect to an indorsement, the person specified
by a security certificate or by an effective special indorsement to be entitled to the security;
(2) with respect to an instruction, the registered owner of an uncertificated security; (3)
with respect to an entitlement order, the entitlement holder; (4) if the person designated
in paragraph (1), (2), or (3) is deceased, the designated person's successor taking under
other law or the designated person's personal representative acting for the estate
of the decedent; or (5) if the person designated in paragraph (1), (2), or (3) lacks capacity,
the designated person's guardian, conservator, or other similar representative who has power
under other law to transfer the security or financial asset. (b) An indorsement, instruction,
or entitlement order is effective if: (1) it is made by the appropriate person; (2) it is
made by a person who has power under the law of agency to transfer the security or...
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8-6-140
Section 8-6-140 Definitions. For the purposes of this article, the following words have the
following meanings unless the context otherwise requires: (1) BENEFICIARY FORM. A registration
of a security which indicates the present owner of the security and the intention of the owner
regarding the person who will become the owner of the security upon the death of the owner.
(2) DEVISEE. Any person designated in a will to receive a disposition of real or personal
property. (3) HEIRS. Those persons, including the surviving spouse, who are entitled under
the statutes of intestate succession to the property of a decedent. (4) PERSON. An individual,
a corporation, an organization, or other legal entity. (5) PERSONAL REPRESENTATIVE.
Includes executor, administrator, successor personal representative, special administrator,
and persons who perform substantially the same function under the law governing their status.
(6) PROPERTY. Includes both real and personal property or any interest therein...
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35-12-72
or its agent. c. Property not subject to paragraphs a. or b. within two years of the distribution
shall remain reportable under other sections of this article. (12) Property received by a
court as proceeds of a class action, and not distributed pursuant to the judgment, one year
after the distribution date. (13) Property held by a court, government, governmental subdivision,
agency, or instrumentality, one year after the property becomes distributable. (14) Wages
or other compensation for personal services, one year after the compensation becomes
payable. (15) Deposit or refund owed to a subscriber by a utility, one year after the deposit
or refund becomes payable. (16) Any check, warrant, debit card, or other payment instrument
drawn on or issued by the State of Alabama, outstanding and unpaid within the time frame allowed
under Section 41-4-60. (17) Gift certificate, other than those exempt under Section 35-12-73,
three years after June 30 of the year in which the certificate was...
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7-8-104
Section 7-8-104 Acquisition of security or financial asset or interest therein. (a) A person
acquires a security or an interest therein, under this article, if: (1) the person is a purchaser
to whom a security is delivered pursuant to Section 7-8-301; or (2) the person acquires a
security entitlement to the security pursuant to Section 7-8-501. (b) A person acquires a
financial asset, other than a security, or an interest therein, under this article, if the
person acquires a security entitlement to the financial asset. (c) A person who acquires a
security entitlement to a security or other financial asset has the rights specified in Part
5, but is a purchaser of any security, security entitlement, or other financial asset held
by the securities intermediary only to the extent provided in Section 7-8-503. (d) Unless
the context shows that a different meaning is intended, a person who is required by other
law, regulation, rule, or agreement to transfer, deliver, present, surrender,...
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7-8-501
Section 7-8-501 Securities account; acquisition of security entitlement from securities intermediary.
(a) "Securities account" means an account to which a financial asset is or may be
credited in accordance with an agreement under which the person maintaining the account undertakes
to treat the person for whom the account is maintained as entitled to exercise the rights
that comprise the financial asset. (b) Except as otherwise provided in subsections (d) and
(e), a person acquires a security entitlement if a securities intermediary: (1) indicates
by book entry that a financial asset has been credited to the person's securities account;
(2) receives a financial asset from the person or acquires a financial asset for the person
and, in either case, accepts it for credit to the person's securities account; or (3) becomes
obligated under other law, regulation, or rule to credit a financial asset to the person's
securities account. (c) If a condition of subsection (b) has been met, a...
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7-8-510
Section 7-8-510 Rights of purchaser of security entitlement from entitlement holder. (a) In
a case not covered by the priority rules in Article 9A or the rules stated in subsection (c),
an action based on an adverse claim to a financial asset or security entitlement, whether
framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not
be asserted against a person who purchases a security entitlement, or an interest therein,
from an entitlement holder if the purchaser gives value, does not have notice of the adverse
claim, and obtains control. (b) If an adverse claim could not have been asserted against an
entitlement holder under Section 7-8-502, the adverse claim cannot be asserted against a person
who purchases a security entitlement, or an interest therein, from the entitlement holder.
(c) In a case not covered by the priority rules in Article 9A, a purchaser for value of a
security entitlement, or an interest therein, who obtains control has priority...
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7-5-102
an item of value. Unless the letter of credit otherwise provides, "honor" occurs:
(i) upon payment, (ii) if the letter of credit provides for acceptance, upon acceptance of
a draft and, at maturity, its payment, or (iii) if the letter of credit provides for incurring
a deferred obligation, upon incurring the obligation and, at maturity, its performance. (9)
"Issuer" means a bank or other person that issues a letter of credit, but does not
include an individual who makes an engagement for personal, family, or household purposes.
(10) "Letter of credit" means a definite undertaking that satisfies the requirements
of Section 7-5-104 by an issuer to a beneficiary at the request or for the account of an applicant
or, in the case of a financial institution, to itself or for its own account, to honor a documentary
presentation by payment or delivery of an item of value. (11) "Nominated person"
means a person whom the issuer (i) designates or authorizes to pay, accept, negotiate, or...

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