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22-21-331
Section 22-21-331 Remedies for default in payment of securities or performance of lease
agreement. (a) If there should be any default in the payment of the principal of or interest
on any securities issued under this article, then the holder of any such securities and any
coupons applicable thereto (subject to any provision of the resolution or indenture under
which such securities were issued restricting the individual rights of action of any such
holders or vesting such rights exclusively in a trustee), and the trustee under any indenture,
or any one or more of them: (1) May, by mandamus, injunction or other proceedings, compel
performance of all duties of the directors and officers of the authority with respect to the
use of funds for the payment of such securities and for the performance of the agreements
of the authority contained in the proceedings under which they were issued; (2) Shall be entitled
to a judgment against the authority for the principal of and interest on the...
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7-8-503
Section 7-8-503 Property interest of entitlement holder in financial asset held by securities
intermediary. (a) To the extent necessary for a securities intermediary to satisfy all security
entitlements with respect to a particular financial asset, all interests in that financial
asset held by the securities intermediary are held by the securities intermediary for the
entitlement holders, are not property of the securities intermediary, and are not subject
to claims of creditors of the securities intermediary, except as otherwise provided in Section
7-8-511. (b) An entitlement holder's property interest with respect to a particular financial
asset under subsection (a) is a pro rata property interest in all interests in that financial
asset held by the securities intermediary, without regard to the time the entitlement holder
acquired the security entitlement or the time the securities intermediary acquired the interest
in that financial asset. (c) An entitlement holder's property...
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7-9A-703
Section 7-9A-703 Security interest perfected before January 1, 2002. (a) Continuing
priority over lien creditor: Perfection requirements satisfied. A security interest that is
enforceable immediately before January 1, 2002, and would have priority over the rights of
a person that becomes a lien creditor at that time is a perfected security interest under
this article if, on January 1, 2002, the applicable requirements for enforceability and perfection
under this article are satisfied without further action. (b) Continuing priority over lien
creditor: Perfection requirements not satisfied. Except as otherwise provided in Section
7-9A-705, if, immediately before January 1, 2002, a security interest is enforceable and would
have priority over the rights of a person that becomes a lien creditor at that time, but the
applicable requirements for enforceability or perfection under this article are not satisfied
on January 1, 2002, the security interest: (1) is a perfected security interest...
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8-6-3
Section 8-6-3 Registration and bonds of dealers, agents, investment advisers, etc. (a)
It is unlawful for any person to transact business in this state as a dealer or agent for
securities unless he or she is registered under this article. It is unlawful for any dealer
or issuer to employ an agent unless the agent is registered. (b) It is unlawful for any person
to transact business in this state as an investment adviser or as an investment adviser representative
unless: (1) He or she is so registered under this article; (2) His or her only clients in
this state are investment companies as defined in the Investment Company Act of 1940, other
investment advisers, broker-dealers, banks, trust companies, savings and loan associations,
insurance companies, employee benefit plans with assets of not less than $1,000,000, and governmental
agencies or instrumentalities, whether acting for themselves or as trustees with investment
control, or other institutional investors as are designated by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-3.htm - 12K - Match Info - Similar pages
7-9A-330
Section 7-9A-330 Priority of purchaser of chattel paper or instrument. (a) Purchaser's
priority: Security interest claimed merely as proceeds. A purchaser of chattel paper has priority
over a security interest in the chattel paper which is claimed merely as proceeds of inventory
subject to a security interest if: (1) in good faith and in the ordinary course of the purchaser's
business, the purchaser gives new value and takes possession of the chattel paper or obtains
control of the chattel paper under Section 7-9A-105; and (2) the chattel paper does
not indicate that it has been assigned to an identified assignee other than the purchaser.
(b) Purchaser's priority: Other security interests. A purchaser of chattel paper has priority
over a security interest in the chattel paper which is claimed other than merely as proceeds
of inventory subject to a security interest if the purchaser gives new value and takes possession
of the chattel paper or obtains control of the chattel paper under...
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7-9A-705
Section 7-9A-705 Effectiveness of action taken before January 1, 2002. (a) Pre-effective-date
action; one-year perfection period unless reperfected. If action, other than the filing of
a financing statement, is taken before January 1, 2002, and the action would have resulted
in priority of a security interest over the rights of a person that becomes a lien creditor
had the security interest become enforceable before January 1, 2002, the action is effective
to perfect a security interest that attaches under this article within one year after January
1, 2002. An attached security interest becomes unperfected one year after January 1, 2002,
unless the security interest becomes a perfected security interest under this article before
the expiration of that period. (b) Pre-effective-date filing. The filing of a financing statement
before January 1, 2002, is effective to perfect a security interest to the extent the filing
would satisfy the applicable requirements for perfection under this...
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16-13-109
Section 16-13-109 Investment of unused proceeds in government securities. If any county
or city board of education has issued and sold school warrants under the provisions of this
article for school building purposes and if the proceeds of such warrants cannot now be used
for school building construction due to priority regulations of the government of the United
States, such board shall have the authority to invest the proceeds of such warrant sale in
securities issued by the government of the United States of America having a fixed redemption
value at the option of the holder of not less than the amount originally invested. County
and city boards of education shall have the authority to use for debt service purposes any
interest received on securities issued by the United States government in which the proceeds
of school warrant sales are invested. When it becomes practicable for such boards of education
to construct the school buildings for which said school warrants were originally...
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40-29-23.1
Section 40-29-23.1 Development and operation of financial institution data match program.
(a) For purposes of this section the following terms shall have the following meanings:
(1) ACCOUNT. A demand deposit account, checking account, negotiable withdrawal order account,
savings account, time deposit account, or money-market mutual fund account. (2) ACCOUNT HOLDER.
A person or persons authorized to perform transactions on behalf of an account. (3) DELINQUENT
TAXPAYER. A taxpayer with an outstanding tax liability for which a final assessment has been
entered that is no longer subject to appeal under the Alabama Taxpayer's Bill of Rights, so
that the assessment is final, due, and owing, and for whom both of the following conditions
are true: a. The tax liability remains unpaid after 10 days from the issuance of a final notice
before seizure by the department. b. The person is not making current timely installment payments
on the tax liability under agreement with the department. (4)...
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8-6-19
Section 8-6-19 Civil liabilities of sellers, agents, etc.; remedies of purchasers. (a)
Any person who: (1) Sells or offers to sell a security in violation of any provision of this
article or of any rule or order imposed under this article or of any condition imposed under
this article, or (2) Sells or offers to sell a security by means of any untrue statement of
a material fact or any omission to state a material fact necessary in order to make the statements
made, in the light of the circumstances under which they are made, not misleading, the buyer
not knowing of the untruth or omission, and who does not sustain the burden of proof that
he did not know and in the exercise of reasonable care could not have known of the untruth
or omission, is liable to the person buying the security from him who may bring an action
to recover the consideration paid for the security, together with interest at six percent
per year from the date of payment, court costs and reasonable attorneys' fees,...
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7-2A-503
Section 7-2A-503 Modification or impairment of rights and remedies. (1) Except as otherwise
provided in this article, the lease agreement may include rights and remedies for default
in addition to or in substitution for those provided in this article and may limit or alter
the measure of damages recoverable under this article. (2) Resort to a remedy provided under
this article or in the lease agreement is optional unless the remedy is expressly agreed to
be exclusive. If circumstances cause an exclusive or limited remedy to fail of its essential
purpose, or provision for an exclusive remedy is unconscionable, remedy may be had as provided
in this article. (3) Consequential damages may be liquidated under Section 7-2A-504,
or may otherwise be limited, altered, or excluded unless the limitation, alteration, or exclusion
is unconscionable. Limitation, alteration, or exclusion of consequential damages for injury
to the person in the case of consumer goods is prima facie unconscionable but...
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