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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, §1.)...
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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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7-8-502
Section 7-8-502 Assertion of adverse claim against entitlement holder. An action based on an
adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust,
equitable lien, or other theory, may not be asserted against a person who acquired a security
entitlement with respect to such financial asset under Section 7-8-501 for value and without
notice of the adverse claim. (Acts 1996, No. 96-742, p. 1241, §1.)...
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7-8-103
Section 7-8-103 Rules for determining whether certain obligations and interests are securities
or financial assets. (a) A share or similar equity interest issued by a corporation, business
trust, joint stock company, or similar entity is a security. (b) An "investment company
security" is a security. "Investment company security" means a share or similar
equity interest issued by an entity that is registered as an investment company under the
federal investment company laws, an interest in a unit investment trust that is so registered,
or a face-amount certificate issued by a face-amount certificate company that is so registered.
Investment company security does not include an insurance policy or endowment policy or annuity
contract issued by an insurance company. (c) An interest in a partnership or limited liability
company is not a security unless it is dealt in or traded on securities exchanges or in securities
markets, its terms expressly provide that it is a security governed by...
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7-9A-106
Section 7-9A-106 Control of investment property. (a) Control under Section 7-8-106. A person
has control of a certificated security, uncertificated security, or security entitlement as
provided in Section 7-8-106. (b) Control of commodity contract. A secured party has control
of a commodity contract if: (1) the secured party is the commodity intermediary with which
the commodity contract is carried; or (2) the commodity customer, secured party, and commodity
intermediary have agreed that the commodity intermediary will apply any value distributed
on account of the commodity contract as directed by the secured party without further consent
by the commodity customer. (c) Effect of control of securities account or commodity account.
A secured party having control of all security entitlements or commodity contracts carried
in a securities account or commodity account has control over the securities account or commodity
account. (Act 2001-481, p. 647, §1.)...
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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...
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27-29-3
Section 27-29-3 Acquisition of control of, or merger with, domestic insurers. (a)(1) No person
other than the issuer shall make a tender offer for or a request or invitation for tenders
of, or enter into any agreement to exchange securities for, seek to acquire, or acquire in
the open market any voting security of a domestic insurer if, after the consummation thereof,
such person would, directly or indirectly, or by conversion or by exercise of any right to
acquire, be in control of such insurer, and no person shall enter into an agreement to merge
with or otherwise to acquire control of a domestic insurer, or any person controlling a domestic
insurer unless, at the time any such offer, request, or invitation is made or any such agreement
is entered into, or prior to the acquisition of such securities if no offer or agreement is
involved such person has filed with the commissioner and has sent to such insurer a statement
containing the information required by this section and such...
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40-29-23.1
Section 40-29-23.1 Development and operation of financial institution data match program. (a)
For purposes of this section the following terms shall have the following meanings: (1) ACCOUNT.
A demand deposit account, checking account, negotiable withdrawal order account, savings account,
time deposit account, or money-market mutual fund account. (2) ACCOUNT HOLDER. A person or
persons authorized to perform transactions on behalf of an account. (3) DELINQUENT TAXPAYER.
A taxpayer with an outstanding tax liability for which a final assessment has been entered
that is no longer subject to appeal under the Alabama Taxpayer's Bill of Rights, so that the
assessment is final, due, and owing, and for whom both of the following conditions are true:
a. The tax liability remains unpaid after 10 days from the issuance of a final notice before
seizure by the department. b. The person is not making current timely installment payments
on the tax liability under agreement with the department. (4)...
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7-5-102
Section 7-5-102 Definitions. (a) In this article: (1) "Adviser" means a person who,
at the request of the issuer, a confirmer, or another adviser, notifies, or requests another
adviser to notify, the beneficiary that a letter of credit has been issued, confirmed, or
amended. (2) "Applicant" means a person at whose request or for whose account a
letter of credit is issued. The term includes a person who requests an issuer to issue a letter
of credit on behalf of another if the person making the request undertakes an obligation to
reimburse the issuer. (3) "Beneficiary" means a person who under the terms of a
letter of credit is entitled to have its complying presentation honored. The term includes
a person to whom drawing rights have been transferred under a transferable letter of credit.
(4) "Confirmer" means a nominated person who undertakes, at the request or with
the consent of the issuer, to honor a presentation under a letter of credit issued by another.
(5) "Dishonor" of a letter...
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13A-8-191
Section 13A-8-191 Definitions. For purposes of this article, the following words shall have
the following meanings: (1) IDENTIFICATION DOCUMENTS. Any papers, cards, or other documents
issued by federal, state, or local governmental authorities that are used specifically to
identify a person. Identification documents include, but are not limited to, driver's licenses,
military identification cards, passports, birth certificates, Social Security cards, and other
government-issued identification cards. (2) IDENTIFYING INFORMATION. Any information, used
either alone or in conjunction with other information, that specifically identifies a person
or a person's property, and includes, but is not limited to, any of the following information
related to a person: a. Name. b. Date of birth. c. Social Security number. d. Driver's license
number. e. Financial services account numbers, including checking and savings accounts. f.
Credit or debit card numbers. g. Personal identification numbers (PIN)....
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