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7-2-506
Section 7-2-506 Rights of financing agency. (1) A financing agency by paying or purchasing
for value a draft which relates to a shipment of goods acquires to the extent of the payment
or purchase and in addition to its own rights under the draft and any document of title securing
it any rights of the shipper in the goods including the right to stop delivery and the shipper's
right to have the draft honored by the buyer. (2) The right to reimbursement of a financing
agency which has in good faith honored or purchased the draft under commitment to or authority
from the buyer is not impaired by subsequent discovery of defects with reference to any relevant
document which was apparently regular. (Acts 1965, No. 549, p. 811; Act 2004-315, p. 464,
ยง2.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-2-506.htm - 1K - Match Info - Similar pages
7-2A-518
Section 7-2A-518 Cover; substitute goods. (1) After a default by a lessor under the lease contract
of the type described in Section 7-2A-508(1), or, if agreed, after other default by the lessor,
the lessee may cover by making any purchase or lease of or contract to purchase or lease goods
in substitution for those due from the lessor. (2) Except as otherwise provided with respect
to damages liquidated in the lease agreement (Section 7-2A-504) or otherwise determined pursuant
to agreement of the parties (Sections 7-1-302 and 7-2A-503), if a lessee's cover is by a lease
agreement substantially similar to the original lease agreement and the new lease agreement
is made in good faith and in a commercially reasonable manner, the lessee may recover from
the lessor as damages (i) the present value, as of the date of the commencement of the term
of the new lease agreement, of the rent under the new lease agreement applicable to that period
of the new lease term which is comparable to the then...
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7-3-203
Section 7-3-203 Transfer of instrument; rights acquired by transfer. (a) An instrument is transferred
when it is delivered by a person other than its issuer for the purpose of giving to the person
receiving delivery the right to enforce the instrument. (b) Transfer of an instrument, whether
or not the transfer is a negotiation, vests in the transferee any right of the transferor
to enforce the instrument, including any right as a holder in due course, but the transferee
cannot acquire rights of a holder in due course by a transfer, directly or indirectly, from
a holder in due course if the transferee engaged in fraud or illegality affecting the instrument.
(c) Unless otherwise agreed, if an instrument is transferred for value and the transferee
does not become a holder because of lack of indorsement by the transferor, the transferee
has a specifically enforceable right to the unqualified indorsement of the transferor, but
negotiation of the instrument does not occur until the...
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7-3-404
Section 7-3-404 Impostors; fictitious payees. (a) If an impostor, by use of the mails or otherwise,
induces the issuer of an instrument to issue the instrument to the impostor, or to a person
acting in concert with the impostor, by impersonating the payee of the instrument or a person
authorized to act for the payee, an indorsement of the instrument by any person in the name
of the payee is effective as the indorsement of the payee in favor of a person who, in good
faith, pays the instrument or takes it for value or for collection. (b) If (i) a person whose
intent determines to whom an instrument is payable (Section 7-3-110(a) or (b)) does not intend
the person identified as payee to have any interest in the instrument, or (ii) the person
identified as payee of an instrument is a fictitious person, the following rules apply until
the instrument is negotiated by special indorsement: (1) Any person in possession of the instrument
is its holder. (2) An indorsement by any person in the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-3-404.htm - 2K - Match Info - Similar pages
8-1-150
Section 8-1-150 Contracts founded upon gambling consideration void; recovery of money paid
or things of value delivered. (a) All contracts founded in whole or in part on a gambling
consideration are void. Any person who has paid any money or delivered any thing of value
lost upon any game or wager may recover such money, thing, or its value by an action commenced
within six months from the time of such payment or delivery. (b) Any other person may also
recover the amount of such money, thing, or its value by an action commenced within 12 months
after the payment or delivery thereof for the use of the wife or, if no wife, the children
or, if no children, the next of kin of the loser. (c) A judgment under either subsection (a)
or (b) for the amount of money paid, thing delivered, or its value is a good defense to any
action brought for such money, thing, or its value under the provisions of the other subsection.
(d) A judgment recovered under the provisions of this section is a defense...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-1-150.htm - 1K - Match Info - Similar pages
28-4-287
Section 28-4-287 Execution of bond by defendant or claimant for recovery of seized vehicle,
etc., pending condemnation action; proceedings upon failure of defendant or claimant to deliver
said vehicle, etc., upon entry of judgment of condemnation. Whenever a conveyance, vehicle
of any kind or animal used in drawing the same is seized by an officer of the state under
the prohibition laws of this state, the defendant in the proceedings or the claimant of the
property shall have the right to execute a bond in double the value of such property or of
any item thereof, with good and sufficient surety, to be approved by the sheriff or the register
or clerk of the circuit court and conditioned, in the event the said property is condemned,
to deliver the same to the sheriff within 15 days from the date of such judgment of condemnation
and to pay any difference between the value of said property at the time of the seizure and
the time of the delivery to the sheriff after condemnation, such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/28-4-287.htm - 2K - Match Info - Similar pages
28-9-7
Section 28-9-7 Transfer of wholesaler's business. (a) Upon written notice of intent to transfer
the wholesaler's business, any individual owning or deceased individual who owned an interest
in a wholesaler may transfer the wholesaler's business to a designated member, or to any other
person who meets the nondiscriminatory, material and reasonable qualifications and standards
required by the supplier for Alabama wholesalers. The consent or approval of the supplier
shall not be required of any transfer of the wholesaler's business, including the assignment
of wholesaler's rights under the agreement, to a designated member or shall not be withheld
or unreasonably delayed to a proposed transferee (other than a designated member) who meets
such nondiscriminatory, material and reasonable qualifications and standards. Provided, however,
the supplier shall have the burden of proving that the proposed transferee fails to meet such
qualifications and standards which are nondiscriminatory,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/28-9-7.htm - 3K - Match Info - Similar pages
32-7B-5
Section 32-7B-5 Responsibilities of insurers. Each insurer shall do the following: (1) Cooperate
with the department in operating the online insurance verification system. (2) Maintain the
data necessary to verify insurance status through the online insurance verification system
for a period of at least six months. (3) Maintain the web service, pursuant to the requirements
established under the online insurance verification system and as specified by the advisory
council. (4) Provide data security for the type of information transferred as prescribed by
the advisory council that will not violate state or federal privacy laws. (5) Be immune from
civil and administrative liability for good faith efforts to comply with the terms of this
chapter. (6) Provide an insured under a commercial automobile insurance liability policy with
an insurance card clearly indicating that the vehicle is insured under a commercial automobile
liability insurance policy in accordance with Section 32-7A-6. (7)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/32-7B-5.htm - 1K - Match Info - Similar pages
35-10-92
Section 35-10-92 Submission of a satisfaction of a security instrument for recording. (a) A
secured creditor shall submit for recording a satisfaction of a security instrument within
30 days after the creditor receives full payment and performance of the secured obligation,
and the secured creditor has no obligation to make advances, incur obligations, or otherwise
give value under any agreement. Equity line security instruments are fully paid and performed
only if, in addition to full payment and performance, the equity line previously has been
closed pursuant to the request of the entitled person or the entitled person's authorized
agent or otherwise closed as provided by law and all secured obligations have been paid in
full. (b) Notwithstanding anything to the contrary in this article, any notification demanding
satisfaction of the security instrument must be sent to the secured creditor's address by
a method that also provides proof of receipt by the secured creditor. (c) A...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-10-92.htm - 3K - Match Info - Similar pages
45-2-22.07
Section 45-2-22.07 Transfer of wholesaler business. (a) Upon written notice of intent to transfer
the wholesaler's business, any individual owning or deceased individual who owned an interest
in a wholesaler may transfer the wholesaler's business to a designated member, or any other
person who meets the nondiscriminatory, material, and reasonable qualifications and standards
required by the supplier for Alabama wholesalers. The consent or approval of the supplier
shall not be required of any transfer of the wholesaler's business, including the assignment
of wholesaler's rights under the agreement, to a designated member or shall not be withheld
or unreasonably delayed to a proposed transferee (other than a designated member) who meets
such nondiscriminatory, material, and reasonable qualifications and standards. Provided, however,
the supplier shall have the burden of proving that the proposed transferee fails to meet such
qualifications and standards which are nondiscriminatory,...
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