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6-11-54
Section 6-11-54 Effects of transfer of rights. (a) Following a transfer of structured settlement
payment rights under this article: (1) The structured settlement obligor and the annuity issuer
shall, as to all parties except the transferee, be discharged and released from any and all
liability for the transferred payments. (2) The transferee shall be liable to the structured
settlement obligor and the annuity issuer in the following cases: a. If the transfer contravenes
the terms of the structured settlement, for any federal or state income taxes, interest, fees,
and penalties incurred by the parties, including the annuity issuer and structured settlement
obligor, as a consequence of the transfer. b. For any other liabilities or costs, including
reasonable costs and attorneys' fees, arising from compliance by the parties with the order
of the court or responsible administrative authority or arising as a consequence of the transferee's
failure to comply with this article. (b) Neither...
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6-11-55
Section 6-11-55 Application for approval of transfer; notice. (a) An application under this
article for approval of a transfer of structured settlement payment rights shall be made by
the transferee and may be brought in the county in which the payee resides, in the county
in which the structured settlement obligor or the annuity issuer maintains its principal place
of business, or in any court or before any responsible administrative authority which approved
the structured settlement agreement. (b) Not less than 20 days prior to the scheduled hearing
on any application for approval of a transfer of structured settlement payment rights under
Section 6-11-53, the transferee shall file with the court or responsible administrative authority
a notice of the proposed transfer and the application for its authorization. Such notice and
application shall include all of the following: (1) A copy of the transferee's application.
(2) A copy of the transfer agreement. (3) A copy of the disclosure...
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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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6-11-56
Section 6-11-56 Waiver; choice of law; procedures for life-contingent rights; liability. (a)
The provisions of this article may not be waived by any payee. (b) Any transfer agreement
entered into on or after July 1, 2006, by a payee who resides in this state shall provide
that disputes under the transfer agreement, including any claim that the payee has breached
the agreement, shall be determined in and under the laws of this state. Such a transfer agreement
shall not authorize the transferee or any other party to confess judgment or consent to entry
of judgment against the payee. (c) No transfer of structured settlement payment rights shall
extend to any payments that are life-contingent unless, prior to the date on which the payee
signs the transfer agreement, the transferee has established and has agreed to maintain procedures
reasonably satisfactory to the annuity issuer and the structured settlement obligor for (1)
periodically confirming the payee's survival, and (2) giving the...
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6-11-53
Section 6-11-53 Advanced approval by court required; hearing. No direct or indirect transfer
of structured settlement payment rights shall be effective and no structured settlement obligor
or annuity issuer shall be required to make any payment directly or indirectly to any transferee
of structured settlement payment rights unless the transfer has been approved in advance in
a final court order or order of a responsible administrative authority based on express findings
by the court or responsible administrative authority, determined after a factual hearing,
of all of the following: (1) The transfer is in the best interest of the payee, taking into
account the welfare and support of the payee's dependents. (2) The payee has been advised
in writing by the transferee to seek independent professional advice regarding the transfer
and has either received such advice or knowingly waived such advice in writing. (3) The transfer
does not contravene any applicable statute or the order of any...
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7-9A-102
Section 7-9A-102 Definitions and index of definitions. (a) Article 9A definitions. In this
article: (1) "Accession" means goods that are physically united with other goods
in such a manner that the identity of the original goods is not lost. (2) "Account,"
except as used in "account for," means a right to payment of a monetary obligation,
whether or not earned by performance, (i) for property that has been or is to be sold, leased,
licensed, assigned, or otherwise disposed of, (ii) for services rendered or to be rendered,
(iii) for a policy of insurance issued or to be issued, (iv) for a secondary obligation incurred
or to be incurred, (v) for energy provided or to be provided, (vi) for the use or hire of
a vessel under a charter or other contract, (vii) arising out of the use of a credit or charge
card or information contained on or for use with the card, or (viii) as winnings in a lottery
or other game of chance operated or sponsored by a State, governmental unit of a State, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-102.htm - 29K - Match Info - Similar pages
6-11-57
Section 6-11-57 Applicability. This article shall apply to any transfer of structured settlement
payment rights under a transfer agreement entered into on or after the 30th day after July
1, 2006; provided, however, that nothing contained herein shall imply that any transfer under
a transfer agreement reached prior to such date is either effective or ineffective. (Act 2006-628,
p. 1714, ยง8.)...
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35-5A-10
Section 35-5A-10 Manner of creating custodial property and effecting transfer; form of transfer;
control of custodial property. (a) Custodial property is created and a transfer is made whenever:
(1) An uncertificated security or a certificated security in registered form is either: a.
Registered in the name of the transferor, an adult other than the transferor, or a trust company,
followed in substance by the words: "as custodian for _____ (name of minor) under the
Alabama Uniform Transfers to Minors Act"; or b. Delivered if in certificated form, or
any document necessary for the transfer of an uncertificated security is delivered, together
with any necessary endorsement to an adult other than the transferor or to a trust company
as custodian, accompanied by an instrument in substantially the form set forth in subsection
(b); (2) Money is paid or delivered to a broker or financial institution for credit to an
account in the name of the transferor, an adult other than the transferor, or...
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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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7-3-103
Section 7-3-103 Definitions. (a) In this article: (1) "Acceptor" means a drawee who
has accepted a draft. (2) "Drawee" means a person ordered in a draft to make payment.
(3) "Drawer" means a person who signs or is identified in a draft as a person ordering
payment. (4) "Good faith" means honesty in fact in the conduct or transaction concerned.
(5) "Maker" means a person who signs or is identified in a note as a person undertaking
to pay. (6) "Order" means a written instruction to pay money signed by the person
giving the instruction. The instruction may be addressed to any person, including the person
giving the instruction, or to one or more persons jointly or in the alternative but not in
succession. An authorization to pay is not an order unless the person authorized to pay is
also instructed to pay. (7) "Ordinary care" in the case of a person engaged in business
means observance of reasonable commercial standards, prevailing in the area in which the person
is located, with respect...
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