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7-8-306
Section 7-8-306 Effect of guaranteeing signature, indorsement, or instruction. (a) A person
who guarantees a signature of an indorser of a security certificate warrants that at the time
of signing: (1) the signature was genuine; (2) the signer was an appropriate person to indorse,
or if the signature is by an agent, the agent had actual authority to act on behalf of the
appropriate person; and (3) the signer had legal capacity to sign. (b) A person who guarantees
a signature of the originator of an instruction warrants that at the time of signing: (1)
the signature was genuine; (2) the signer was an appropriate person to originate the instruction,
or if the signature is by an agent, the agent had actual authority to act on behalf of the
appropriate person, if the person specified in the instruction as the registered owner was,
in fact, the registered owner, as to which fact the signature guarantor does not make a warranty;
and (3) the signer had legal capacity to sign. (c) A person who...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-306.htm - 3K - Match Info - Similar pages
7-7-501
Section 7-7-501 Form of negotiation and requirements of due negotiation. (a) The following
rules apply to a negotiable tangible document of title: (1) If the document's original terms
run to the order of a named person, the document is negotiated by the named person's indorsement
and delivery. After the named person's indorsement in blank or to bearer, any person may negotiate
the document by delivery alone. (2) If the document's original terms run to bearer, it is
negotiated by delivery alone. (3) If the document's original terms run to the order of a named
person and it is delivered to the named person, the effect is the same as if the document
had been negotiated. (4) Negotiation of the document after it has been indorsed to a named
person requires indorsement by the named person and delivery. (5) A document is duly negotiated
if it is negotiated in the manner stated in this subsection to a holder that purchases it
in good faith, without notice of any defense against or claim to it...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-7-501.htm - 3K - Match Info - Similar pages
7-8-206
Section 7-8-206 Completion or alteration of security certificate. (a) If a security certificate
contains the signatures necessary to its issue or transfer but is incomplete in any other
respect: (1) any person may complete it by filling in the blanks as authorized; and (2) even
if the blanks are incorrectly filled in, the security certificate as completed is enforceable
by a purchaser who took it for value and without notice of the incorrectness. (b) A complete
security certificate that has been improperly altered, even if fraudulently, remains enforceable,
but only according to its original terms. (Acts 1965, No. 549, p. 811; repealed by Acts 1996,
No. 96-742, p. 1241, §1; added by Acts 1996, No. 96-742, p. 1241, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-206.htm - 1K - Match Info - Similar pages
7-9A-206
Section 7-9A-206 Security interest arising in purchase or delivery of financial asset. (a)
Security interest when person buys through securities intermediary. A security interest in
favor of a securities intermediary attaches to a person's security entitlement if: (1) the
person buys a financial asset through the securities intermediary in a transaction in which
the person is obligated to pay the purchase price to the securities intermediary at the time
of the purchase; and (2) the securities intermediary credits the financial asset to the buyer's
securities account before the buyer pays the securities intermediary. (b) Security interest
secures obligation to pay for financial asset. The security interest described in subsection
(a) secures the person's obligation to pay for the financial asset. (c) Security interest
in payment against delivery transaction. A security interest in favor of a person that delivers
a certificated security or other financial asset represented by a writing...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-206.htm - 1K - Match Info - Similar pages
33-2-201
Section 33-2-201 Special purpose obligations. (a) The department, from time to time, may issue
special purpose obligations, which shall be limited obligations of the department payable
from and secured solely by a pledge of private facility payments made by or on behalf of one
or more commercial enterprises for the right to use the private facilities financed thereby
and shall not be payable from docks facilities revenues or otherwise give rise to any liability
on the part of the department other than the private facility payments pledged as security
therefor. No special purpose obligation shall give rise to any liability or constitute a debt
or obligation of the state or a charge against its credit or taxing powers. (b) Any special
purpose obligations shall be issued pursuant to a resolution of the board of directors of
the department. As security for the payment of any special purpose obligations, the department
is authorized to pledge for the payment of the obligations any private...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/33-2-201.htm - 5K - Match Info - Similar pages
35-12-77
Section 35-12-77 Payment or delivery of abandoned property. (a) Except for property held in
a safe deposit box or other safekeeping depository, upon filing the report required in Section
35-12-76, the holder of property presumed abandoned shall pay, deliver, or cause to be paid
or delivered to the Treasurer the property described in the report as unclaimed, but if the
property is an automatically renewable deposit, and a penalty or forfeiture in the payment
of interest would result, the time for compliance is extended until a penalty or forfeiture
would no longer result. (b) Tangible property held in a safe deposit box or other safekeeping
depository shall be delivered to the Treasurer within 120 days after filing the report required
in Section 35-12-76. (c) If the property reported to the Treasurer is a security or security
entitlement under Article 8 of Title 7, the Uniform Commercial Code, the Treasurer is an appropriate
person to make an indorsement, instruction, or entitlement...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-12-77.htm - 2K - Match Info - Similar pages
7-3-206
Section 7-3-206 Restrictive indorsement. (a) An indorsement limiting payment to a particular
person or otherwise prohibiting further transfer or negotiation of the instrument is not effective
to prevent further transfer or negotiation of the instrument. (b) An indorsement stating a
condition to the right of the indorsee to receive payment does not affect the right of the
indorsee to enforce the instrument. A person paying the instrument or taking it for value
or collection may disregard the condition, and the rights and liabilities of that person are
not affected by whether the condition has been fulfilled. (c) If an instrument bears an indorsement
(i) described in Section 7-4-201(b), or (ii) in blank or to a particular bank using the words
"for deposit," "for collection," or other words indicating a purpose of
having the instrument collected by a bank for the indorser or for a particular account, the
following rules apply: (1) A person, other than a bank, who purchases the instrument...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-3-206.htm - 3K - 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
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-140.htm - 4K - Match Info - Similar pages
11-62-8
Section 11-62-8 Bonds and notes generally - Form, terms, denominations, etc.; execution, sale,
delivery, redemption, etc.; security for payment of principal or interest; remedies upon default;
liability of municipalities, board, etc., thereupon. (a) Any authority shall have power to
issue from time to time its bonds and notes in such principal amount as its board shall determine
to be necessary to provide sufficient funds for achieving any of its corporate purposes, including
the payment of interest on any of its notes and bonds, the establishment of reserves to secure
any such notes and bonds and all other expenditures of such authority incident to and necessary
or convenient to carry out its corporate purposes and powers. Any authority shall also have
the power to issue from time to time notes to renew notes and bonds to pay notes, including
interest thereon and, whenever it deems refunding expedient, to refund any bonds by the issuance
of new bonds, whether the bonds to be refunded...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-62-8.htm - 12K - Match Info - Similar pages
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