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40-27-1
Section 40-27-1 Compact adopted; terms. The following Multistate Tax Compact is hereby approved,
adopted and enacted into law by the State of Alabama: Multistate Tax Compact Article I. Purposes.
The purposes of this compact are to: 1. Facilitate proper determination of state and local
tax liability of multistate taxpayers, including the equitable apportionment of tax bases
and settlement of apportionment disputes. 2. Promote uniformity or compatibility in significant
components of tax systems. 3. Facilitate taxpayer convenience and compliance in the filing
of tax returns and in other phases of tax administration. 4. Avoid duplicative taxation. Article
II. Definitions. As used in this compact: 1. "State" means a state of the United
States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession
of the United States. 2. "Subdivision" means any governmental unit or special district
of a state. 3. "Taxpayer" means any corporation, partnership, firm,...
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7-9A-618
Section 7-9A-618 Rights and duties of certain secondary obligors. (a) Rights and duties of
secondary obligor. A secondary obligor acquires the rights and becomes obligated to perform
the duties of the secured party after the secondary obligor: (1) receives an assignment of
a secured obligation from the secured party; (2) receives a transfer of collateral from the
secured party and agrees to accept the rights and assume the duties of the secured party;
or (3) is subrogated to the rights of a secured party with respect to collateral. (b) Effect
of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described
in subsection (a): (1) is not a disposition of collateral under Section 7-9A-610; and (2)
relieves the secured party of further duties under this article. (Act 2001-481, p. 647, §1.)...
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7-9A-623
Section 7-9A-623 Right to redeem collateral. (a) Persons that may redeem. A debtor, any secondary
obligor, or any other secured party or lienholder may redeem collateral. (b) Requirements
for redemption. To redeem collateral, a person shall tender: (1) fulfillment of all obligations
secured by the collateral; and (2) the reasonable expenses and attorney's fees described in
Section 7-9A-615(a)(1). (c) When redemption may occur. A redemption may occur at any time
before a secured party: (1) has collected collateral under Section 7-9A-607; (2) has disposed
of collateral or entered into a contract for its disposition under Section 7-9A-610; or (3)
has accepted collateral in full or partial satisfaction of the obligation it secures under
Section 7-9A-622. (Act 2001-481, p. 647, §1.)...
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27-27-32
Section 27-27-32 Contingent liability of members of domestic mutual insurers - Levy of assessments.
(a) If at any time the assets of a domestic mutual insurer are less than its liabilities and
the minimum amount of surplus required to be maintained by it under this title for authority
to transact the kinds of insurance being transacted and the deficiency is not cured from other
sources, its directors shall levy an assessment only upon its members who held policies providing
for contingent liability at any time within the 12 months preceding the date notice of such
assessment was mailed to them, and such members shall be liable to the insurer for the amount
so assessed. (b) The assessment shall be for such an amount as is required to cure such deficiency
and to provide a reasonable amount of working funds above such minimum amount of surplus,
but such working funds so provided shall not exceed five percent of the insurer's liabilities
as of the date as of which the amount of such...
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5-19-4
Section 5-19-4 Additional charges for default or deferral; prepayment; renewal or refinancing;
real property transactions. (a) When a scheduled payment in a consumer credit transaction
is in default 10 days or more, the creditor may charge and collect a late charge not exceeding
the greater of eighteen dollars ($18) or five percent of the amount of the scheduled payment
in default, not to exceed one hundred dollars ($100). The late charge may be collected only
once on any scheduled payment, regardless of the period during which the scheduled payment
remains in default. (b) With respect to the deferral of one or more wholly unpaid scheduled
payments in a consumer credit transaction, in which the finance charge was determined by the
precomputed method, the creditor may collect, by agreement with the debtor either before or
after default, an additional charge for each full month that any wholly unpaid scheduled payments
are outstanding after the due date of each scheduled payment equal to...
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7-9A-103
Section 7-9A-103 Purchase-money security interest; application of payments; burden of establishing.
(a) Definitions. In this section: (1) "purchase-money collateral" means goods or
software that secures a purchase-money obligation incurred with respect to that collateral;
and (2) "purchase-money obligation" means an obligation of an obligor incurred as
all or part of the price of the collateral or for value given to enable the debtor to acquire
rights in or the use of the collateral if the value is in fact so used. (b) Purchase-money
security interest in goods. A security interest in goods is a purchase-money security interest:
(1) to the extent that the goods are purchase-money collateral with respect to that security
interest; (2) if the security interest is in inventory that is or was purchase-money collateral,
also to the extent that the security interest secures a purchase-money obligation incurred
with respect to other inventory in which the secured party holds or held a...
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7-9A-627
Section 7-9A-627 Determination of whether conduct was commercially reasonable. (a) Greater
amount obtainable under other circumstances; no preclusion of commercial reasonableness. The
fact that a greater amount could have been obtained by a collection, enforcement, disposition,
or acceptance at a different time or in a different method from that selected by the secured
party is not of itself sufficient to preclude the secured party from establishing that the
collection, enforcement, disposition, or acceptance was made in a commercially reasonable
manner. (b) Dispositions that are commercially reasonable. A disposition of collateral is
made in a commercially reasonable manner if the disposition is made: (1) in the usual manner
on any recognized market; (2) at the price current in any recognized market at the time of
the disposition; or (3) otherwise in conformity with reasonable commercial practices among
dealers in the type of property that was the subject of the disposition. (c)...
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45-14-243.07
Section 45-14-243.07 Charge for collection; disposition of funds. (a) The State Department
of Revenue shall charge Clay County for collecting the special county tax levied under this
part such amount or percentage of total collections as may be agreed upon by the Commissioner
of Revenue and the Clay County Commission, but such charge shall not, in any event, exceed
10 percent of the total amount of the special county tax collected in the county under this
part. Such charge for collecting such special tax may be deducted each month from the gross
revenues from such special tax before certification of the amount of the proceeds thereof
due Clay County for that month. The Commissioner of Revenue shall pay into the State Treasury
all tax collected under this part, as such tax is received by the Department of Revenue, and
on or before the first day of each successive month (commencing with the month following the
month in which the department makes the first collection hereunder) the...
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5-19-9
Section 5-19-9 Application of payments when buyer indebted to same seller for two or more consumer
credit sales. When the buyer is indebted to a particular seller for two or more consumer credit
sales of goods and the goods which were the subject of two or more sales secure the buyer's
total debt to the seller, the security shall be discharged by applying the buyer's payments
as they are received by the seller or the seller's assignee to the portions of the debt in
the order in which they were incurred. To the extent that debts are paid according to the
preceding sentence, security interests in items of property terminate as the debt originally
incurred with respect to each item is paid. Payments received by the seller upon a revolving
charge account are deemed, for the purpose of determining the amount of the debt secured by
the various security interests, to have been applied first to the payment of finance charges
in the order of their entry to the account and then to the payment of...
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6-11-51
Section 6-11-51 Definitions. As used in this article the following words and terms shall have
the following meanings: (1) ANNUITY ISSUER. An insurer that has issued a contract to fund
periodic payments under a structured settlement. (2) DEPENDENTS. A payee's spouse and minor
children and all other persons for whom the payee is legally obligated to provide support,
including alimony. (3) DISCOUNTED PRESENT VALUE. The present value of future payments determined
by discounting the payments to the present using the most recently published applicable federal
rate for determining the present value of an annuity, as issued by the United States Internal
Revenue Service. (4) GROSS ADVANCE AMOUNT. The sum payable to the payee or for the payee's
account as consideration for a transfer of structured settlement payment rights before any
reductions for transfer expenses or other deductions to be made from the consideration. (5)
INDEPENDENT PROFESSIONAL ADVICE. Advice of an attorney, certified public...
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