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7-9A-620
Section 7-9A-620 Acceptance of collateral in full or partial satisfaction of obligation; compulsory
disposition of collateral. (a) Conditions to acceptance in satisfaction. Except as otherwise
provided in subsection (g), a secured party may accept collateral in full or partial satisfaction
of the obligation it secures only if: (1) the debtor consents to the acceptance under subsection
(c); (2) the secured party does not receive, within the time set forth in subsection (d),
a notification of objection to the proposal authenticated by: (A) a person to which the secured
party was required to send a proposal under Section 7-9A-621; or (B) any other person, other
than the debtor, holding an interest in the collateral subordinate to the security interest
that is the subject of the proposal; (3) if the collateral is consumer goods, the collateral
is not in the possession of the debtor when the debtor consents to the acceptance; and (4)
subsection (e) does not require the secured party to...
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7-4A-207
Section 7-4A-207 Misdescription of beneficiary. (a) Subject to subsection (b), if, in a payment
order received by the beneficiary's bank, the name, bank account number, or other identification
of the beneficiary refers to a nonexistent or unidentifiable person or account, no person
has rights as a beneficiary of the order and acceptance of the order cannot occur. (b) If
a payment order received by the beneficiary's bank identifies the beneficiary both by name
and by an identifying or bank account number and the name and number identify different persons,
the following rules apply: (1) Except as otherwise provided in subsection (c), if the beneficiary's
bank does not know that the name and number refer to different persons, it may rely on the
number as the proper identification of the beneficiary of the order. The beneficiary's bank
need not determine whether the name and number refer to the same person. (2) If the beneficiary's
bank pays the person identified by name or knows that the...
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7-4A-505
Section 7-4A-505 Preclusion of objection to debit of customer's account. If a receiving bank
has received payment from its customer with respect to a payment order issued in the name
of the customer as sender and accepted by the bank, and the customer received notification
reasonably identifying the order, the customer is precluded from asserting that the bank is
not entitled to retain the payment unless the customer notifies the bank of the customer's
objection to the payment within one year after the notification was received by the customer.
(Acts 1992, 2nd Ex. Sess., No. 92-701, p. 145, §1.)...
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40-10-83
Section 40-10-83 Effect of payment by original owner or assignee. THIS SECTION WAS AMENDED
BY ACT 2018-494 IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2020. TO SEE THE AMENDED
VERSION, SEE THE VERSION LABELED PENDING. When the action is against the person for whom the
taxes were assessed or the owner of the land at the time of the sale, his or her heir, devisee,
vendee or mortgagee, the court shall, on motion of the defendant made at any time before the
trial of the action, ascertain (i) the amount paid by the purchaser at the sale and of the
taxes subsequently paid by the purchaser, together with 12 percent per annum thereon, subject
to the limitations set forth in Section 40-10-122(a); (ii) with respect to property located
within an urban renewal or urban redevelopment project area designated pursuant to Chapters
2 or 3 of Title 24, all insurance premiums paid or owed by the purchaser for casualty loss
coverage on insurable structures and the value of all permanent improvements...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-10-83.htm - 2K - Match Info - Similar pages
7-4A-304
Section 7-4A-304 Duty of sender to report erroneously executed payment order. If the sender
of a payment order that is erroneously executed as stated in Section 7-4A-303 receives notification
from the receiving bank that the order was executed or that the sender's account was debited
with respect to the order, the sender has a duty to exercise ordinary care to determine, on
the basis of information available to the sender, that the order was erroneously executed
and to notify the bank of the relevant facts within a reasonable time not exceeding 90 days
after the notification from the bank was received by the sender. If the sender fails to perform
that duty, the bank is not obliged to pay interest on any amount refundable to the sender
under Section 7-4A-402(d) for the period before the bank learns of the execution error. The
bank is not entitled to any recovery from the sender on account of a failure by the sender
to perform the duty stated in this section. (Acts 1992, 2nd Ex. Sess.,...
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7-9A-104
Section 7-9A-104 Control of deposit account. (a) Requirements for control. A secured party
has control of a deposit account if: (1) the secured party is the bank with which the deposit
account is maintained; (2) the debtor, secured party, and bank have agreed in an authenticated
record that the bank will comply with instructions originated by the secured party directing
disposition of the funds in the deposit account without further consent by the debtor; or
(3) the secured party becomes the bank's customer with respect to the deposit account. (b)
Debtor's right to direct disposition. A secured party that has satisfied subsection (a) has
control, even if the debtor retains the right to direct the disposition of funds from the
deposit account. (Act 2001-481, p. 647, §1.)...
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16-25-151
Section 16-25-151 Withdrawal from service; death of participant. (a) On withdrawing from service
pursuant to Section 16-25-14, a member who participated in DROP: (1) Who fulfilled his or
her contractual obligation pursuant to DROP shall receive a lump-sum payment from his or her
DROP account equal to the payments made to that account on his or her behalf plus interest.
Further, the member shall receive his or her accumulated contribution made during participation
in DROP, together with interest for the period of DROP participation as provided in subdivision
(1) of subsection (g) of Section 16-25-14. In lieu of a lump-sum payment from the DROP account,
to the extent eligible under applicable tax laws, the member's total accrued benefit may be
"rolled over" directly to the custodian of an eligible retirement plan. The member
shall also begin receiving his or her monthly benefit which had been paid directly into the
DROP account during his or her participation in DROP. However, the...
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36-27-171
Section 36-27-171 Withdrawal from service; death of participant. (a) On withdrawing from service
pursuant to Section 36-27-16, a member who participated in DROP: (1) Who fulfilled his or
her contractual obligation pursuant to DROP shall receive a lump-sum payment from his or her
DROP account equal to the payments made to that account on his or her behalf plus interest.
Further, the member shall receive his or her accumulated contribution made during participation
in DROP, together with interest for the period of DROP participation as provided in subdivision
(1) of subsection (c) of Section 36-27-16. In lieu of a lump-sum payment from the DROP account,
to the extent eligible under applicable tax laws, the member's total accrued benefit may be
"rolled over" directly to the custodian of an eligible retirement plan. The member
shall also begin receiving his or her monthly benefit which had been paid directly into the
DROP account during his or her participation in DROP. However, if...
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10A-5-6.05
Section 10A-5-6.05 Member's financial rights subject to charging order. REPEALED IN THE 2014
REGULAR SESSION BY ACT 2014-144 EFFECTIVE JANUARY 1, 2017. (a) On application to a court of
competent jurisdiction by any judgment creditor of a member or assignee, the court may charge
the interest of the member or assignee with payment of the unsatisfied amount of the judgment
with interest. To the extent so charged, the judgment creditor has only the rights of an assignee
of financial rights. This section shall be the sole and exclusive remedy of a judgment creditor
with respect to the judgment debtor's membership interest. (b) This chapter does not deprive
any member of the benefit of any exemption laws applicable to the member's limited liability
company interest. (Acts 1993, No. 93-724, p. 1425, §35; Act 97-920, 1st Ex. Sess., p. 312,
§1; §10-12-35; amended and renumbered by Act 2009-513, p. 967, §234.)...
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7-4-406
Section 7-4-406 Customer's duty to discover and report unauthorized signature or alteration.
(a) A bank that sends or makes available to a customer a statement of account showing payment
of items for the account shall either return or make available to the customer the items paid
or provide information in the statement of account sufficient to allow the customer reasonably
to identify the items paid. The statement of account provides sufficient information if the
item is described by item number, amount, and date of payment. (b) If the items are not returned
to the customer, the person retaining the items shall either retain the items or, if the items
are destroyed, maintain the capacity to furnish legible copies of the items until the expiration
of seven years after receipt of the items. A customer may request an item from the bank that
paid the item, and that bank must provide in a reasonable time either the item or, if the
item has been destroyed or is not otherwise obtainable, a...
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