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7-8-505
Section 7-8-505 Duty of securities intermediary with respect to payments and distributions.
(a) A securities intermediary shall take action to obtain a payment or distribution made by
the issuer of a financial asset. A securities intermediary satisfies the duty if: (1) the
securities intermediary acts with respect to the duty as agreed upon by the entitlement holder
and the securities intermediary; or (2) in the absence of agreement, the securities intermediary
exercises due care in accordance with reasonable commercial standards to attempt to obtain
the payment or distribution. (b) A securities intermediary is obligated to its entitlement
holder for a payment or distribution made by the issuer of a financial asset if the payment
or distribution is received by the securities intermediary. (Acts 1996, No. 96-742, p. 1241,
ยง1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-505.htm - 1K - Match Info - Similar pages
8-6-11
Section 8-6-11 Registration of securities - Exempt transactions. (a) Except as hereinafter
in this section expressly provided, Sections 8-6-3 through 8-6-9 shall not apply to
any of the following transactions: (1) Any isolated nonissuer transaction, whether effected
through a dealer or not; (2) Any nonissuer transaction in an outstanding security by a registered
dealer if: a. The issuer has a class of securities subject to registration under Section
12 of the Securities Exchange Act of 1934 and has been subject to the reporting requirements
of Sections 13 or 15(d) of the Securities Exchange Act of 1934 for not less than 180 days
before the transaction; or has filed and maintained with the commission for not less than
180 days before the transaction information, in such form as the commission, by rule, specifies,
substantially comparable to the information which the issuer would be required to file under
Section 12(b) or Section 12(g) of the Securities Exchange Act of 1934, or the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-11.htm - 13K - Match Info - Similar pages
8-6-7
Section 8-6-7 Registration of securities - Registration by qualification. (a) Any security
may be registered by qualification. (b) A registration statement under this section
shall contain the following information and be accompanied by the following documents in addition
to payment of the registration fee prescribed in Section 8-6-8 and, if required under
Section 8-6-12, a consent to service of process meeting the requirements of that section:
(1) With respect to the issuer and any significant subsidiary, its name, address and form
of organizations, the state or foreign jurisdiction and date of its organization, the general
character and location of its business and a description of its physical properties and equipment;
(2) With respect to every director and officer of the issuer or person occupying a similar
status or performing similar functions, his name, address, and principal occupation for the
past five years, the amount of securities of the issuer held by him as of the date of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-7.htm - 7K - Match Info - Similar pages
19-3B-816
Section 19-3B-816 Specific powers of trustee. (a) Without limiting the authority conferred
by Section 19-3B-815, a trustee may: (1) collect trust property and accept or reject
additions to the trust property from a settlor or any other person, including, but not being
limited to, the authority to receive, collect, hold, and retain common or preferred stock
or other interests in the trustee or any related party; (2) acquire or sell property, for
cash or on credit, at public or private sale; (3) exchange, partition, or otherwise change
the character of trust property; (4) deposit trust money in an account in a regulated financial-service
institution; (5) borrow money, with or without security, and mortgage or pledge trust property
for a period within or extending beyond the duration of the trust; (6) with respect to an
interest in a proprietorship, partnership, limited liability company, business trust, corporation,
or other form of business or enterprise, continue the business or other...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-816.htm - 10K - Match Info - Similar pages
19-3B-802
Section 19-3B-802 Duty of loyalty. (a) A trustee shall administer the trust solely in
the interests of the beneficiaries. (b) Subject to the rights of persons dealing with or assisting
the trustee as provided in Section 19-3B-1012, a sale, encumbrance, or other transaction
involving the investment or management of trust property entered into by the trustee for the
trustee's own personal account or which is otherwise affected by a conflict between the trustee's
fiduciary and personal interests is voidable by a beneficiary affected by the transaction
unless: (1) the transaction was authorized by the terms of the trust; (2) the transaction
was approved by the court; (3) the beneficiary did not commence a judicial proceeding within
the time allowed by Section 19-3B-1005; (4) the beneficiary consented to the trustee's
conduct, ratified the transaction, or released the trustee in compliance with Section
19-3B-1009; or (5) the transaction involves a contract entered into or claim acquired by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-802.htm - 5K - Match Info - Similar pages
7-9A-102
Section 7-9A-102 Definitions and index of definitions. (a) Article 9A definitions. In
this article: (1) "Accession" means goods that are physically united with other
goods in such a manner that the identity of the original goods is not lost. (2) "Account,"
except as used in "account for," means a right to payment of a monetary obligation,
whether or not earned by performance, (i) for property that has been or is to be sold, leased,
licensed, assigned, or otherwise disposed of, (ii) for services rendered or to be rendered,
(iii) for a policy of insurance issued or to be issued, (iv) for a secondary obligation incurred
or to be incurred, (v) for energy provided or to be provided, (vi) for the use or hire of
a vessel under a charter or other contract, (vii) arising out of the use of a credit or charge
card or information contained on or for use with the card, or (viii) as winnings in a lottery
or other game of chance operated or sponsored by a State, governmental unit of a State, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-102.htm - 29K - Match Info - Similar pages
8-6-2
Section 8-6-2 Definitions. When used in this article, unless the context otherwise requires,
the following terms shall have the meanings respectively ascribed to them by this section:
(1) COMMISSION or SECURITIES COMMISSION. The securities commission. (2) AGENT. Any individual
other than a dealer who represents a dealer or issuer in effecting or attempting to effect
sales of securities, but such term does not include an individual who represents an issuer
in: a. Effecting a transaction in a security exempted by subdivisions (1), (2), (3), (4),
(9) or (10) of Section 8-6-10; b. Effecting transactions exempted by Section
8-6-11; or c. Effecting transactions with existing employees, partners, or directors of the
issuer if no commission or other remuneration is paid or given directly or indirectly for
soliciting any person in this state. A partner, officer, or director of a dealer or issuer
is an agent if he otherwise comes within this definition. (3) DEALER. Any person engaged in
the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-2.htm - 11K - Match Info - Similar pages
27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus
Lines Insurance Multi-State Compliance Compact Act is enacted into law and entered into with
all jurisdictions mutually adopting the compact in the form substantially as follows: PREAMBLE
WHEREAS, with regard to Non-Admitted Insurance policies with risk exposures located in multiple
states, the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted
and Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-61-1.htm - 62K - Match Info - Similar pages
7-8-504
Section 7-8-504 Duty of securities intermediary to maintain financial asset. (a) A securities
intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity
corresponding to the aggregate of all security entitlements it has established in favor of
its entitlement holders with respect to that financial asset. The securities intermediary
may maintain those financial assets directly or through one or more other securities intermediaries.
(b) Except to the extent otherwise agreed by its entitlement holder, a securities intermediary
may not grant any security interests in a financial asset it is obligated to maintain pursuant
to subsection (a). (c) A securities intermediary satisfies the duty in subsection (a) if:
(1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement
holder and the securities intermediary; or (2) in the absence of agreement, the securities
intermediary exercises due care in accordance with reasonable...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-504.htm - 1K - Match Info - Similar pages
8-6-8
Section 8-6-8 Registration of securities - Registration statement; conditions precedent;
bond; notice of action; fees; quarterly reports and financial statements; discharge from supervision.
(a) A registration statement on securities may be filed by the issuer, any other person on
whose behalf the offering is to be made, or a registered dealer. Any document filed under
this article within five years preceding the filing of a registration statement may be incorporated
by reference in the registration statement to the extent that the document is currently accurate.
The commission may permit, by rule or otherwise, the omission of any item of information or
document from any registration statement. (b) The Securities Commission may require as a condition
of registration by qualification or coordination that: (1) proceeds from the sale of the registered
security be impounded until the issuer receives a specified amount, or (2) any security issued
within the past three years, or to be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-8.htm - 8K - Match Info - Similar pages
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