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7-9A-316
Section 7-9A-316 Effect of change in governing law. (a) General rule: Effect on perfection
of change in governing law. A security interest perfected pursuant to the law of the jurisdiction
designated in Section 7-9A-301(1) or 7-9A-305(c) remains perfected until the earliest of:
(1) the time perfection would have ceased under the law of that jurisdiction; (2) the expiration
of four months after a change of the debtor's location to another jurisdiction; or (3) the
expiration of one year after a transfer of collateral to a person that thereby becomes a debtor
and is located in another jurisdiction. (b) Security interest perfected or unperfected under
law of new jurisdiction. If a security interest described in subsection (a) becomes perfected
under the law of the other jurisdiction before the earliest time or event described in that
subsection, it remains perfected thereafter. If the security interest does not become perfected
under the law of the other jurisdiction before the earliest...
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7-5-113
Section 7-5-113 Transfer by operation of law. (a) A successor of a beneficiary may consent
to amendments, sign and present documents, and receive payment or other items of value in
the name of the beneficiary without disclosing its status as a successor. (b) A successor
of a beneficiary may consent to amendments, sign and present documents, and receive payment
or other items of value in its own name as the disclosed successor of the beneficiary. Except
as otherwise provided in subsection (e), an issuer shall recognize a disclosed successor of
a beneficiary as beneficiary in full substitution for its predecessor upon compliance with
the requirements for recognition by the issuer of a transfer of drawing rights by operation
of law under the standard practice referred to in Section 7-5-108(e) or, in the absence of
such a practice, compliance with other reasonable procedures sufficient to protect the issuer.
(c) An issuer is not obliged to determine whether a purported successor is a...
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7-9A-322
Section 7-9A-322 Priorities among conflicting security interests in and agricultural liens
on same collateral. (a) General priority rules. Except as otherwise provided in this section,
priority among conflicting security interests and agricultural liens in the same collateral
is determined according to the following rules: (1) Conflicting perfected security interests
and agricultural liens rank according to priority in time of filing or perfection. Priority
dates from the earlier of the time a filing covering the collateral is first made or the security
interest or agricultural lien is first perfected, if there is no period thereafter when there
is neither filing nor perfection. (2) A perfected security interest or agricultural lien has
priority over a conflicting unperfected security interest or agricultural lien. (3) The first
security interest or agricultural lien to attach or become effective has priority if conflicting
security interests and agricultural liens are unperfected. (b)...
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8-7A-2
Section 8-7A-2 Definitions. For purposes of this chapter, the following terms shall have the
following meanings: (1) AGENT or AUTHORIZED DELEGATE. Any person designated or employed by
a licensee under this chapter to provide monetary transmission services on behalf of the licensee.
(2) APPLICANT. Any person that files an application for a license under this chapter. (3)
BANK. An institution organized under federal or state law which meets any of the following
requirements: a. Accepts demand deposits or deposits that the depositor may use for payment
to third parties and engages in the business of making loans. b. Engages in credit card operations
and maintains only one office that accepts deposits, does not accept demand deposits or deposits
that a depositor may use for payments to third parties, does not accept a savings or time
deposit less than one hundred thousand dollars ($100,000), and does not engage in the business
of making commercial loans. c. Is a trust company subject to...
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35-5A-10
Section 35-5A-10 Manner of creating custodial property and effecting transfer; form of transfer;
control of custodial property. (a) Custodial property is created and a transfer is made whenever:
(1) An uncertificated security or a certificated security in registered form is either: a.
Registered in the name of the transferor, an adult other than the transferor, or a trust company,
followed in substance by the words: "as custodian for _____ (name of minor) under the
Alabama Uniform Transfers to Minors Act"; or b. Delivered if in certificated form, or
any document necessary for the transfer of an uncertificated security is delivered, together
with any necessary endorsement to an adult other than the transferor or to a trust company
as custodian, accompanied by an instrument in substantially the form set forth in subsection
(b); (2) Money is paid or delivered to a broker or financial institution for credit to an
account in the name of the transferor, an adult other than the transferor, or...
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35-8A-103
Section 35-8A-103 Definitions. In the declaration and bylaws, unless specifically provided
otherwise or the context otherwise requires, and in this chapter, the following terms are
defined as set forth below: (1) AFFILIATE OF A DECLARANT. Any person who controls, is controlled
by, or is under common control with a declarant. A person "controls" a declarant
if the person (i) is a general partner, officer, director, or employer of the declarant, (ii)
directly or indirectly or acting in concert with one or more other persons, or through one
or more subsidiaries, owns, controls, holds with power to vote, or holds proxies representing
more than 20 percent of the voting interest in the declarant, (iii) controls in any manner
the election of a majority of the directors of the declarant, or (iv) has contributed more
than 20 percent of the capital of the declarant. A person "is controlled by" a declarant
if the declarant (i) is a general partner, officer, director, or employer of the person,...
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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...
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13A-8-1
Section 13A-8-1 Definitions. The following definitions are applicable in this article unless
the context otherwise requires: (1) DECEPTION occurs when a person knowingly: a. Creates or
confirms another's impression which is false and which the defendant does not believe to be
true; or b. Fails to correct a false impression which the defendant previously has created
or confirmed; or c. Fails to correct a false impression when the defendant is under a duty
to do so; or d. Prevents another from acquiring information pertinent to the disposition of
the property involved; or e. Sells or otherwise transfers or encumbers property, failing to
disclose a lien, adverse claim, or other legal impediment to the enjoyment of the property
when the defendant is under a duty to do so, whether that impediment is or is not valid, or
is not a matter of official record; or f. Promises performance which the defendant does not
intend to perform or knows will not be performed. Failure to perform, standing...
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8-6-10
Section 8-6-10 Registration of securities - Exempt securities. Sections 8-6-4 through 8-6-9
shall not apply to any of the following securities: (1) Any security, including a revenue
obligation, issued or guaranteed by the United States, any state, any political subdivision
of a state, any agency, corporate, or other instrumentality of one or more of the foregoing;
or any certificate of deposit for any of the foregoing. (2) Any security issued or guaranteed
by Canada, any Canadian province, any political subdivision of any province, any agency, corporate,
or other instrumentality of one or more of the foregoing or any other foreign government with
which the United States currently maintains diplomatic relations if the security is recognized
as a valid obligation by the issuer or guarantor. (3) Any security issued by and representing
an interest in or a debt of, or guaranteed by, any bank organized under the laws of the United
States or any bank, savings institution, or trust company...
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16-25-14
Section 16-25-14 Retirement of members; benefits generally. (a)(1) Any Tier I plan member who
withdraws from service upon or after attainment of age 60 and any Tier II plan member who
withdraws from service upon or after attainment of age 62, or in the case of a Tier II plan
member who is a correctional officer, firefighter, or law enforcement officer as defined in
Section 36-27-59, who withdraws from service upon or after attainment of age 56 with at least
ten years of creditable service as a correctional officer, firefighter, or law enforcement
officer may retire upon written application to the Board of Control setting forth at what
time, not less than 30 days nor more than 90 days subsequent to the execution and filing thereof,
he or she desires to be retired; provided, that any such member who became a member on or
after October 1, 1963, shall have completed 10 or more years of creditable service. (2) Any
Tier I plan member who has attained age 60 and any Tier II plan member who...
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