|
7-8-303
Section 7-8-303 Protected purchaser. (a) "Protected purchaser" means a purchaser
of a certificated or uncertificated security, or of an interest therein, who: (1) gives value;
(2) does not have notice of any adverse claim to the security; and (3) obtains control of
the certificated or uncertificated security. (b) In addition to acquiring the rights of a
purchaser, a protected purchaser also acquires its interest in the security free of any adverse
claim. (Acts 1996, No. 96-742, p. 1241, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-303.htm - 842 bytes - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-102.htm - 6K - Match Info - Similar pages
7-8-302
Section 7-8-302 Rights of purchaser. (a) Except as otherwise provided in subsections
(b) and (c), a purchaser of a certificated or uncertificated security acquires all rights
in the security that the transferor had or had power to transfer. (b) A purchaser of a limited
interest acquires rights only to the extent of the interest purchased. (c) A purchaser of
a certificated security who as a previous holder had notice of an adverse claim does not improve
its position by taking from a protected purchaser. (Acts 1996, No. 96-742, p. 1241, §1; Act
2001-481, p. 647, §2.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-302.htm - 902 bytes - Match Info - Similar pages
7-8-108
Section 7-8-108 Warranties in direct holding. (a) A person who transfers a certificated
security to a purchaser for value warrants to the purchaser, and an indorser, if the transfer
is by indorsement, warrants to any subsequent purchaser, that: (1) the certificate is genuine
and has not been materially altered; (2) the transferor or indorser does not know of any fact
that might impair the validity of the security; (3) there is no adverse claim to the security;
(4) the transfer does not violate any restriction on transfer; (5) if the transfer is by indorsement,
the indorsement is made by an appropriate person, or if the indorsement is by an agent, the
agent has actual authority to act on behalf of the appropriate person; and (6) the transfer
is otherwise effective and rightful. (b) A person who originates an instruction for registration
of transfer of an uncertificated security to a purchaser for value warrants to the purchaser
that: (1) the instruction is made by an appropriate person,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-108.htm - 4K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-110.htm - 4K - Match Info - Similar pages
7-8-105
Section 7-8-105 Notice of adverse claim. (a) A person has notice of an adverse claim
if: (1) the person knows of the adverse claim; (2) the person is aware of facts sufficient
to indicate that there is a significant probability that the adverse claim exists and deliberately
avoids information that would establish the existence of the adverse claim; or (3) the person
has a duty, imposed by statute or regulation, to investigate whether an adverse claim exists,
and the investigation so required would establish the existence of the adverse claim. (b)
Having knowledge that a financial asset or interest therein is or has been transferred by
a representative imposes no duty of inquiry into the rightfulness of a transaction and is
not notice of an adverse claim. However, a person who knows that a representative has transferred
a financial asset or interest therein in a transaction that is, or whose proceeds are being
used, for the individual benefit of the representative or otherwise in breach...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-105.htm - 2K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-29-22.htm - 17K - Match Info - Similar pages
32-8-87
Section 32-8-87 Dismantling, destroying, changing identity of vehicle; certificate requirements;
insurance claims; "total loss"; removal of identification numbers, plates, etc.;
transfer of salvage vehicles; inspections; "component parts"; rebuilt vehicles;
flood vehicles; online verifications. (a) Each owner of a motor vehicle and each person mentioned
as owner in the last certificate of title who scraps, dismantles, destroys, or changes the
motor vehicle in such a manner that it is not the same motor vehicle described in the certificate
of origin or certificate of title shall as soon as practicable cause the certificate of origin
or certificate of title, if any, and any other documents or information required by the department
to be mailed or delivered to the department for processing. The department shall, with the
consent of any holder of liens noted on the surrendered certificate, enter a cancellation
upon its records. Upon cancellation of a certificate of origin or certificate of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/32-8-87.htm - 32K - Match Info - Similar pages
40-23-4
Section 40-23-4 Exemptions. (a) There are exempted from the provisions of this division
and from the computation of the amount of the tax levied, assessed, or payable under this
division the following: (1) The gross proceeds of the sales of lubricating oil and gasoline
as defined in Sections 40-17-30 and 40-17-170 and the gross proceeds from those sales of lubricating
oil destined for out-of-state use which are transacted in a manner whereby an out-of-state
purchaser takes delivery of such oil at a distributor's plant within this state and transports
it out-of-state, which are otherwise taxed. (2) The gross proceeds of the sale, or sales,
of fertilizer when used for agricultural purposes. The word "fertilizer" shall not
be construed to include cottonseed meal, when not in combination with other materials. (3)
The gross proceeds of the sale, or sales, of seeds for planting purposes and baby chicks and
poults. Nothing herein shall be construed to exempt or exclude from the computation of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-23-4.htm - 34K - Match Info - Similar pages
7-8-106
Section 7-8-106 Control. (a) A purchaser has "control" of a certificated security
in bearer form if the certificated security is delivered to the purchaser. (b) A purchaser
has "control" of a certificated security in registered form if the certificated
security is delivered to the purchaser, and: (1) the certificate is indorsed to the purchaser
or in blank by an effective indorsement; or (2) the certificate is registered in the name
of the purchaser, upon original issue or registration of transfer by the issuer. (c) A purchaser
has "control" of an uncertificated security if: (1) the uncertificated security
is delivered to the purchaser; or (2) the issuer has agreed that it will comply with instructions
originated by the purchaser without further consent by the registered owner. (d) A purchaser
has "control" of a security entitlement if: (1) the purchaser becomes the entitlement
holder; (2) the securities intermediary has agreed that it will comply with entitlement orders
originated by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-106.htm - 2K - Match Info - Similar pages
|