7-3-409
Section 7-3-409 Acceptance of draft; certified check. (a) "Acceptance" means the
drawee's signed agreement to pay a draft as presented. It must be written on the draft and
may consist of the drawee's signature alone. Acceptance may be made at any time and becomes
effective when notification pursuant to instructions is given or the accepted draft is delivered
for the purpose of giving rights on the acceptance to any person. (b) A draft may be accepted
although it has not been signed by the drawer, is otherwise incomplete, is overdue, or has
been dishonored. (c) If a draft is payable at a fixed period after sight and the acceptor
fails to date the acceptance, the holder may complete the acceptance by supplying a date in
good faith. (d) "Certified check" means a check accepted by the bank on which it
is drawn. Acceptance may be made as stated in subsection (a) or by a writing on the check
which indicates that the check is certified. The drawee of a check has no obligation to certify
the...
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7-4A-104
Section 7-4A-104 Funds transfer - Definitions. In this article: (a) "Funds transfer"
means the series of transactions, beginning with the originator's payment order, made for
the purpose of making payment to the beneficiary of the order. The term includes any payment
order issued by the originator's bank or an intermediary bank intended to carry out the originator's
payment order. A funds transfer is completed by acceptance by the beneficiary's bank of a
payment order for the benefit of the beneficiary of the originator's payment order. (b) "Intermediary
bank" means a receiving bank other than the originator's bank or the beneficiary's bank.
(c) "Originator" means the sender of the first payment order in a funds transfer.
(d) "Originator's bank" means (i) the receiving bank to which the payment order
of the originator is issued if the originator is not a bank, or (ii) the originator if the
originator is a bank. (Acts 1992, 2nd Ex. Sess., No. 92-701, p. 145, §1.)...
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5-13B-21
Section 5-13B-21 Definitions. As used in this article, unless a different meaning is required
by the context, the following words and phrases shall have the following meanings: (a) "Alabama
bank" means a bank whose home state is Alabama. (b) "Alabama state bank" means
a bank chartered under the laws of Alabama. (c) "Bank" has the same meaning as set
forth in 12 U.S.C. §1813(h); provided that the term "bank" shall not include any
"foreign bank" as defined in 12 U.S.C. §3101(7), except that such term shall include
any foreign bank organized under the laws of a territory of the United States, Puerto Rico,
Guam, American Samoa, or the Virgin Islands, the deposits of which are insured by the Federal
Deposit Insurance Corporation. (d) "Bank holding company" has the meaning set forth
in 12 U.S.C. §1841(a) (1). (e) "Bank supervisory agency" means: (1) The Office
of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of
Governors of the Federal Reserve...
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7-4A-502
Section 7-4A-502 Creditor process served on receiving bank; setoff by beneficiary's bank. (a)
As used in this section, "creditor process" means levy, attachment, garnishment,
notice of lien, sequestration, or similar process issued by, or on behalf of a creditor or
other claimant with respect to an account. (b) This subsection applies to creditor process
with respect to an authorized account of the sender of a payment order if the creditor process
is served on the receiving bank. For the purpose of determining rights with respect to the
creditor process, if the receiving bank accepts the payment order the balance in the authorized
account is deemed to be reduced by the amount of the payment order to the extent the bank
did not otherwise receive payment of the order, unless the creditor process is served at a
time and in a manner affording the bank a reasonable opportunity to act on it before the bank
accepts the payment order. (c) If a beneficiary's bank has received a payment order...
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7-4-301
Section 7-4-301 Deferred posting; recovery of payment by return of items; time of dishonor;
return of items by payor bank. (a) If a payor bank settles for a demand item other than a
documentary draft presented otherwise than for immediate payment over the counter before midnight
of the banking day of receipt, the payor bank may revoke the settlement and recover the settlement
if, before it has made final payment and before its midnight deadline, it (1) returns the
item; or (2) sends written notice of dishonor or nonpayment if the item is unavailable for
return. (b) If a demand item is received by a payor bank for credit on its books, it may return
the item or send notice of dishonor and may revoke any credit given or recover the amount
thereof withdrawn by its customer, if it acts within the time limit and in the manner specified
in subsection (a). (c) Unless previous notice of dishonor has been sent, an item is dishonored
at the time when for purposes of dishonor it is returned or...
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10A-5A-1.02
Section 10A-5A-1.02 Definitions. Notwithstanding Section 10A-1-1.03, as used in this chapter,
unless the context otherwise requires, the following terms mean: (a) "Certificate of
formation," with respect to a limited liability company, means the certificate provided
for by Section 10A-5A-2.01, and the certificate as amended or restated. (b) "Constituent
limited liability company" means a constituent organization that is a limited liability
company. (c) "Constituent organization" means an organization that is party to a
merger under Article 10. (d) "Converted organization" means the organization into
which a converting organization converts pursuant to Article 10. (e) "Converting limited
liability company" means a converting organization that is a limited liability company.
(f) "Converting organization" means an organization that converts into another organization
pursuant to Article 10. (g) "Disqualified person" means any person who is not a
qualified person. (h) "Distribution" except...
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7-4-503
Section 7-4-503 Responsibility of presenting bank for documents and goods; report of reasons
for dishonor; referee in case of need. Unless otherwise instructed and except as provided
in Article 5, a bank presenting a documentary draft: (1) Must deliver the documents to the
drawee on acceptance of the draft if it is payable more than three days after presentment;
otherwise, only on payment; and (2) Upon dishonor, either in the case of presentment for acceptance
or presentment for payment, may seek and follow instructions from any referee in case of need
designated in the draft or, if the presenting bank does not choose to utilize the referee's
services, it must use diligence and good faith to ascertain the reason for dishonor, must
notify its transferor of the dishonor and of the results of its effort to ascertain the reasons
therefor, and must request instructions. However the presenting bank is under no obligation
with respect to goods represented by the documents except to follow any...
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7-4A-210
Section 7-4A-210 Rejection of payment order. (a) A payment order is rejected by the receiving
bank by a notice of rejection transmitted to the sender orally, electronically, or in writing.
A notice of rejection need not use any particular words and is sufficient if it indicates
that the receiving bank is rejecting the order or will not execute or pay the order. Rejection
is effective when the notice is given if transmission is by a means that is reasonable in
the circumstances. If notice of rejection is given by a means that is not reasonable, rejection
is effective when the notice is received. If an agreement of the sender and receiving bank
establishes the means to be used to reject a payment order, (i) any means complying with the
agreement is reasonable, and (ii) any means not complying is not reasonable unless no significant
delay in receipt of the notice resulted from the use of the noncomplying means. (b) This subsection
applies if a receiving bank other than the beneficiary's...
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22-21-265
Section 22-21-265 Certificates of need - Required for new institutional health service. (a)
On or after July 30, 1979, no person to which this article applies shall acquire, construct,
or operate a new institutional health service, as defined in this article, or furnish or offer,
or purport to furnish a new institutional health service, as defined in this article, or make
an arrangement or commitment for financing the offering of a new institutional health service,
unless the person shall first obtain from the SHPDA a certificate of need therefor. Notwithstanding
any provisions of this article to the contrary, those facilities and distinct units operated
by the Department of Mental Health, and those facilities and distinct units operating under
contract or subcontract with the Department of Mental Health where the contract constitutes
the primary source of income to the facility, shall not be required to obtain a certificate
of need under this article. (b) Notwithstanding all other...
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7-4-106
Section 7-4-106 Payable through or payable at bank; collecting bank. (a) If an item states
that it is "payable through" a bank identified in the item, (i) the item designates
the bank as a collecting bank and does not by itself authorize the bank to pay the item, and
(ii) the item may be presented for payment only by or through the bank. (b) If an item states
that it is "payable at" a bank identified in the item, (i) the item designates the
bank as a collecting bank and does not by itself authorize the bank to pay the item, and (ii)
the item may be presented for payment only by or through the bank. (c) If a draft names a
nonbank drawee and it is unclear whether a bank named in the draft is a co-drawee or a collecting
bank, the bank is a collecting bank. (Acts 1995, No. 95-668, p. 1381, §2.)...
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