|
7-9A-409
Section 7-9A-409 Restrictions on assignment of letter-of-credit rights ineffective.
(a) Term or law restricting assignment generally ineffective. A term in a letter of credit
or a rule of law, statute, regulation, custom, or practice applicable to the letter of credit
which prohibits, restricts, or requires the consent of an applicant, issuer, or nominated
person to a beneficiary's assignment of or creation of a security interest in a letter-of-credit
right is ineffective to the extent that the term or rule of law, statute, regulation, custom,
or practice: (1) would impair the creation, attachment, or perfection of a security interest
in the letter-of-credit right; or (2) provides that the assignment or the creation, attachment,
or perfection of the security interest may give rise to a default, breach, right of recoupment,
claim, defense, termination, right of termination, or remedy under the letter-of-credit right.
(b) Limitation on ineffectiveness under subsection (a). To the extent...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-409.htm - 2K - Match Info - Similar pages
7-9A-109
Section 7-9A-109 Scope. (a) General scope of article. Except as otherwise provided in
subsections (c) and (d), this article applies to: (1) a transaction, regardless of its form,
that creates a security interest in personal property or fixtures by contract; (2) an agricultural
lien; (3) a sale of accounts, chattel paper, payment intangibles, or promissory notes; (4)
a consignment; (5) a security interest arising under Section 7-2-401, 7-2-505, 7-2-711(3),
or 7-2A-508(5), as provided in Section 7-9A-110; and (6) a security interest arising
under Section 7-4-210 or 7-5-118. (b) Security interest in secured obligation. The
application of this article to a security interest in a secured obligation is not affected
by the fact that the obligation is itself secured by a transaction or interest to which this
article does not apply. (c) Extent to which article does not apply. This article does not
apply to the extent that: (1) a statute, regulation, or treaty of the United States preempts
this...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-109.htm - 4K - Match Info - Similar pages
19-3B-508
Section 19-3B-508 Qualified trusts under the Internal Revenue Code. (a) As used in this
section: (1) ASSIGNMENT or ALIENATION, and any conjugation thereof, includes any anticipation,
assignment at law or in equity, alienation, attachment, garnishment, levy, execution, or other
legal or equitable process. The term includes: (i) any arrangement providing for the payment
to the employer or other sponsor of such plan of benefits that otherwise would be due the
participant under the plan; (ii) any direct or indirect arrangement, whether revocable or
irrevocable, whereby any person acquires from a participant or beneficiary of such plan a
right or interest enforceable against the plan in, or to, all or any part of a plan benefit
which is, or may become, payable to the participant or beneficiary; (iii) any attachment,
execution, seizure, or the like, or under any form of legal process whatsoever; and (iv) the
operation of any bankruptcy or insolvency laws under 11 U.S.C. § 522(b) as from...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-508.htm - 6K - 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
7-5-114
Section 7-5-114 Assignment of proceeds. (a) In this section, "proceeds of
a letter of credit" means the cash, check, accepted draft, or other item of value paid
or delivered upon honor or giving of value by the issuer or any nominated person under the
letter of credit. The term does not include a beneficiary's drawing rights or documents presented
by the beneficiary. (b) A beneficiary may assign its right to part or all of the proceeds
of a letter of credit. The beneficiary may do so before presentation as a present assignment
of its right to receive proceeds contingent upon its compliance with the terms and conditions
of the letter of credit. (c) An issuer or nominated person need not recognize an assignment
of proceeds of a letter of credit until it consents to the assignment. (d) An issuer or nominated
person has no obligation to give or withhold its consent to an assignment of proceeds of a
letter of credit, but consent may not be unreasonably withheld if the assignee possesses and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-5-114.htm - 2K - Match Info - Similar pages
40-2A-7
Section 40-2A-7 Uniform revenue procedures. (a) Maintenance of records; audit and subpoena
authority; authority to issue regulations. (1) In addition to all other recordkeeping requirements
otherwise set out in this title, taxpayers shall keep and maintain an accurate and complete
set of records, books, and other information sufficient to allow the department to determine
the correct amount of value or correct amount of any tax, license, permit, or fee administered
by the department, or other records or information as may be necessary for the proper administration
of any matters under the jurisdiction of the department. The books, records, and other information
shall be open and available for inspection by the department upon request at a reasonable
time and location. (2) The department may examine and audit the records, books, or other relevant
information maintained by any taxpayer or other person for the purpose of computing and determining
the correct amount of value or correct...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-2A-7.htm - 28K - Match Info - Similar pages
27-44-8
Section 27-44-8 Powers and duties of association. (a) If a member insurer is an impaired
insurer, the association may, in its discretion and subject to any conditions imposed by the
association that do not impair the contractual obligations of the impaired insurer, and that
are approved by the commissioner: (1) Guarantee or reinsure, or cause to be guaranteed, assumed,
or reinsured, any or all of the covered policies of the impaired insurers. (2) Provide such
moneys, pledges, notes, guarantees, or other means as are proper to effectuate subdivision
(1), and assure payment of the contractual obligations of the impaired insurer pending action
under subdivision (1). (b) If a member insurer is an insolvent insurer, the association shall,
in its discretion and subject to the approval of the commissioner, do either of the following:
(1)a. Guarantee, assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, the
covered policies of the insolvent insurer. b. Assure payment of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-8.htm - 24K - Match Info - Similar pages
7-9A-306
Section 7-9A-306 Law governing perfection and priority of security interests in letter-of-credit
rights. (a) Governing law: Issuer's or nominated person's jurisdiction. Subject to subsection
(c), the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs
perfection, the effect of perfection or nonperfection, and the priority of a security interest
in a letter-of-credit right if the issuer's jurisdiction or nominated person's jurisdiction
is a State. (b) Issuer's or nominated person's jurisdiction. For purposes of this part, an
issuer's jurisdiction or nominated person's jurisdiction is the jurisdiction whose law governs
the liability of the issuer or nominated person with respect to the letter-of-credit right
as provided in Section 7-5-116. (c) When section not applicable. This section
does not apply to a security interest that is perfected only under Section 7-9A-308(d).
(Act 2001-481, p. 647, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-306.htm - 1K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-5-102.htm - 4K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-316.htm - 7K - Match Info - Similar pages
|