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

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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-510.htm - 2K - 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

7-8-110
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

37-6-3
Section 37-6-3 Enumerated powers. A cooperative shall have the power: (1) To sue and be sued
in its corporate name. (2) To adopt a corporate seal and alter the same at its pleasure. (3)
To generate, manufacture, purchase, acquire and transmit electric energy and to distribute,
sell, supply and dispose of electric energy to its members, to governmental agencies and political
subdivisions and to other persons; provided, however, that should a cooperative acquire any
electric facilities dedicated or devoted to the public use, it may continue to serve the persons
served directly from such facilities at the time of such acquisition without requiring that
such persons become members, and, provided further, that such nonmembers shall have the right
to become members upon nondiscriminatory terms. Cooperatives may not condition membership
or provision of service on compliance by the member with requirements not directly related
to the electric or other service to be provided by the cooperative....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/37-6-3.htm - 19K - Match Info - Similar pages

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,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-104.htm - 1K - Match Info - Similar pages

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.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-502.htm - 748 bytes - Match Info - Similar pages

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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-511.htm - 1K - Match Info - Similar pages

7-8-115
Section 7-8-115 Securities intermediary and others not liable to adverse claimant. A securities
intermediary that has transferred a financial asset pursuant to an effective entitlement order,
or a broker or other agent or bailee that has dealt with a financial asset at the direction
of its customer or principal, is not liable to a person having an adverse claim to the financial
asset, unless the securities intermediary, or broker or other agent or bailee: (1) took the
action after it had been served with an injunction, restraining order, or other legal process
enjoining it from doing so, issued by a court of competent jurisdiction, and had a reasonable
opportunity to act on the injunction, restraining order, or other legal process; or (2) acted
in collusion with the wrongdoer in violating the rights of the adverse claimant; or (3) in
the case of a security certificate that has been stolen, acted with notice of the adverse
claim. (Acts 1996, No. 96-742, p. 1241, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-115.htm - 1K - Match Info - Similar pages

7-8-509
Section 7-8-509 Specification of duties of securities intermediary by other statute or regulation;
manner of performance of duties of securities intermediary and exercise of rights of entitlement
holder. (a) If the substance of a duty imposed upon a securities intermediary by Sections
7-8-504 through 7-8-508 is the subject of other statute, regulation, or rule, compliance with
that statute, regulation, or rule satisfies the duty. (b) To the extent that specific standards
for the performance of the duties of a securities intermediary or the exercise of the rights
of an entitlement holder are not specified by other statute, regulation, or rule or by agreement
between the securities intermediary and entitlement holder, the securities intermediary shall
perform its duties and the entitlement holder shall exercise its rights in a commercially
reasonable manner. (c) The obligation of a securities intermediary to perform the duties imposed
by Sections 7-8-504 through 7-8-508 is subject to:...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-509.htm - 1K - Match Info - Similar pages