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8-6-71
Section 8-6-71 (Repealed effective January 1, 1997) Definitions. For the purposes of this article,
unless the context otherwise requires, the following terms shall have the meanings respectively
ascribed to them by this section: Assignment. Such term includes any written stock power,
bond power, bill of sale, deed, declaration of trust, or other instrument of transfer. Claim
of beneficial interest. Such term includes a claim of any interest by a decedent's legatee,
distributee, heir or creditor, a beneficiary under a trust, a ward, a beneficial owner of
a security registered in the name of a nominee or a minor owner of a security registered in
the name of a custodian, or a claim of any similar interest whether the claim is asserted
by the claimant, a fiduciary, or by any other authorized person on his behalf and includes
a claim that the transfer would be in breach of fiduciary duties. Corporation. A private or
public corporation, association, or trust issuing a security. Fiduciary. An...
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43-2-843
Section 43-2-843 Transactions authorized for personal representatives; exceptions. Except as
restricted or otherwise provided by the will or by an order of court and subject to the priorities
stated in Section 43-8-76, a personal representative, acting prudently for the benefit of
the interested persons, may properly: (1) Retain assets owned by the decedent pending distribution
or liquidation including those in which the representative is personally interested or which
are otherwise improper for trust investment. (2) Receive assets from fiduciaries, or other
sources. (3) Perform, compromise, or refuse performance of the decedent's contracts that continue
as obligations of the estate, as the personal representative may determine under the circumstances.
In performing enforceable contracts by the decedent to convey or lease land, the personal
representative, among other possible courses of action, may do either of the following: a.
Execute and deliver a deed of conveyance for cash...
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22-21-260
Section 22-21-260 Definitions. As used in this article, the following words and terms, and
the plurals thereof, shall have the meanings ascribed to them in this section, unless otherwise
required by their respective context: (1) ACQUISITION. Obtaining the legal equitable title
to a freehold or leasehold estate or otherwise obtaining the substantial benefit of such titles
or estates, whether by purchase, lease, loan or suffrage, gift, devise, legacy, settlement
of a trust or means whatever, and shall include any act of acquisition. The term "acquisition"
shall not mean or include any conveyance, or creation of any lien or security interest by
mortgage, deed of trust, security agreement, or similar financing instrument, nor shall it
mean or include any transfer of title or rights as a result of the foreclosure, or conveyance
or transfer in lieu of the foreclosure, of any such mortgage, deed of trust, security agreement,
or similar financing instrument, nor shall it mean or include any...
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35-12-72
Section 35-12-72 Presumption of abandonment. (a) Property is presumed abandoned if it is unclaimed
by the apparent owner during the time set forth below for the particular property: (1) Traveler's
checks, 15 years after issuance. (2) Money order, five years after issuance. (3) A demand,
savings, or time deposit including a deposit that is automatically renewable, three years
after the earlier of maturity, as extended from time to time, or the date of the last indication
by the apparent owner of interest in the property. (4) Tangible and intangible property held
in a safe deposit box or other safekeeping depository in this state in the ordinary course
of the holder's business and proceeds resulting from the sale of the property permitted by
other law, three years after expiration of the lease or rental period on the box or other
depository. (5) Money or credits owed to a customer as a result of a retail business transaction,
one year after the obligation accrued. (6) Property in an...
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7-9A-408
Section 7-9A-408 Restrictions on assignment of promissory notes, health-care-insurance receivables,
and certain general intangibles ineffective. (a) Term restricting assignment generally ineffective.
Except as otherwise provided in subsection (b), a term in a promissory note or in an agreement
between an account debtor and a debtor which relates to a health-care-insurance receivable
or a general intangible, including a contract, permit, license, or franchise, and which term
prohibits, restricts, or requires the consent of the person obligated on the promissory note
or the account debtor to, the assignment or transfer of, or creation, attachment, or perfection
of a security interest in, the promissory note, health-care-insurance receivable, or general
intangible, is ineffective to the extent that the term: (1) would impair the creation, attachment,
or perfection of a security interest; or (2) provides that the assignment or transfer or the
creation, attachment, or perfection of the...
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8-6-5
Section 8-6-5 Registration of securities - Registration by notification. (a) The following
securities may be registered by notification, whether or not they are also eligible for registration
by coordination under Section 8-6-6: (1) Any security whose issuer and any predecessors have
been in continuous operation for at least five years if: a. There has been no default during
the current fiscal year or within the three preceding fiscal years in the payment of principal,
interest, or dividends on any security of the issuer, or any predecessor, with a fixed maturity
or a fixed interest or dividend provision; and b. The issuer and any predecessors during the
past three fiscal years have had average net earnings determined in accordance with generally
accepted accounting practices which are applicable to all securities without a fixed maturity
or a fixed interest or dividend provision and which: 1. Equal at least five percent of the
amount of securities without a fixed maturity or a fixed...
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27-60-2
Section 27-60-2 Interstate Insurance Product Regulation Compact. The State of Alabama hereby
agrees to the following interstate compact known as the Interstate Insurance Product Regulation
Compact: ARTICLE I. PURPOSES. The purposes of this compact are, through means of joint and
cooperative action among the compacting states: 1. To promote and protect the interest of
consumers of individual and group annuity, life insurance, disability income, and long-term
care insurance products; 2. To develop uniform standards for insurance products covered under
the compact; 3. To establish a central clearinghouse to receive and provide prompt review
of insurance products covered under the compact and, in certain cases, advertisements related
thereto, submitted by insurers authorized to do business in one or more compacting states;
4. To give appropriate regulatory approval to those product filings and advertisements satisfying
the applicable uniform standard; 5. To improve coordination of...
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7-8-320
Section 7-8-320 (Effective Until January 1, 1997) Transfer or pledge within a central depository
system. (1) If a security: (a) Is in the custody of a clearing corporation or of a custodian
bank or a nominee of either subject to the instructions of the clearing corporation; and (b)
Is in bearer form or indorsed in blank by an appropriate person or registered in the name
of the clearing corporation or custodian bank or a nominee of either; and (c) Is shown on
the account of a transferor or pledgor on the books of the clearing corporation; Then, in
addition to other methods, a transfer or pledge of the security or any interest therein may
be effected by the making of appropriate entries on the books of the clearing corporation
reducing the account of the transferor or pledgor and increasing the account of the transferee
or pledgee by the amount of the obligation or the number of shares or rights transferred or
pledged. (2) Under this section entries may be with respect to like securities...
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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...
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8-6-91
Section 8-6-91 Definitions. In this article, unless the context otherwise requires, the following
terms shall have the meanings ascribed to them by this section: (1) BANK. A bank, trust company,
national banking association, savings bank, or industrial bank. (2) BROKER. A person, including
a bank, lawfully engaged in the business of effecting transactions in securities for the account
of others and includes a broker lawfully engaged in buying and selling securities for his
own account. (3) ISSUER. A person who places, or authorizes the placing of, his name on a
security other than as a transfer agent to evidence that it represents a share, participation,
or other interest in his property or in an enterprise or to evidence his duty to perform an
obligation evidenced by the security or who becomes responsible for or in place of any such
person. (4) PERSON. Such term includes a corporation, government or governmental subdivision
or agency, business trust, estate, trust, partnership or...
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