|
7-9A-304
Section 7-9A-304 Law governing perfection and priority of security interests in deposit accounts.
(a) Law of bank's jurisdiction governs. The local law of a bank's jurisdiction governs perfection,
the effect of perfection or nonperfection, and the priority of a security interest in a deposit
account maintained with that bank. (b) Bank's jurisdiction. The following rules determine
a bank's jurisdiction for purposes of this part: (1) If an agreement between the bank and
the debtor governing the deposit account expressly provides that a particular jurisdiction
is the bank's jurisdiction for purposes of this part, this article, or the Uniform Commercial
Code, that jurisdiction is the bank's jurisdiction. (2) If paragraph (1) does not apply and
an agreement between the bank and its customer governing the deposit account expressly provides
that the agreement is governed by the law of a particular jurisdiction, that jurisdiction
is the bank's jurisdiction. (3) If neither paragraph (1) nor...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-304.htm - 1K - Match Info - Similar pages
7-9A-305
Section 7-9A-305 Law governing perfection and priority of security interests in investment
property. (a) Governing law: General rules. Except as otherwise provided in subsection (c),
the following rules apply: (1) While a security certificate is located in a jurisdiction,
the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection,
and the priority of a security interest in the certificated security represented thereby.
(2) The local law of the issuer's jurisdiction as specified in Section 7-8-110(d) governs
perfection, the effect of perfection or nonperfection, and the priority of a security interest
in an uncertificated security. (3) The local law of the securities intermediary's jurisdiction
as specified in Section 7-8-110(e) governs perfection, the effect of perfection or nonperfection,
and the priority of a security interest in a security entitlement or securities account. (4)
The local law of the commodity intermediary's jurisdiction governs...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-305.htm - 3K - Match Info - Similar pages
7-8-110
Section 7-8-110 Applicability; choice of law. (a) The local law of the issuer's jurisdiction,
as specified in subsection (d), governs: (1) the validity of a security; (2) the rights and
duties of the issuer with respect to registration of transfer; (3) the effectiveness of registration
of transfer by the issuer; (4) whether the issuer owes any duties to an adverse claimant to
a security; and (5) whether an adverse claim can be asserted against a person to whom transfer
of a certificated or uncertificated security is registered or a person who obtains control
of an uncertificated security. (b) The local law of the securities intermediary's jurisdiction,
as specified in subsection (e), governs: (1) acquisition of a security entitlement from the
securities intermediary; (2) the rights and duties of the securities intermediary and entitlement
holder arising out of a security entitlement; (3) whether the securities intermediary owes
any duties to an adverse claimant to a security...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-110.htm - 4K - Match Info - Similar pages
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,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-27-1.htm - 42K - Match Info - Similar pages
7-4A-507
Section 7-4A-507 Choice of law. (a) The following rules apply unless the affected parties otherwise
agree or subsection (c) applies: (1) The rights and obligations between the sender of a payment
order and the receiving bank are governed by the law of the jurisdiction in which the receiving
bank is located. (2) The rights and obligations between the beneficiary's bank and the beneficiary
are governed by the law of the jurisdiction in which the beneficiary's bank is located. (3)
The issue of when payment is made pursuant to a funds transfer by the originator to the beneficiary
is governed by the law of the jurisdiction in which the beneficiary's bank is located. (b)
If the parties described in each paragraph of subsection (a) have made an agreement selecting
the law of a particular jurisdiction to govern rights and obligations between each other,
the law of that jurisdiction governs those rights and obligations, whether or not the payment
order or the funds transfer bears a reasonable...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-4A-507.htm - 2K - Match Info - Similar pages
7-5-116
Section 7-5-116 Choice of law and forum. (a) The liability of an issuer, nominated person,
or adviser for action or omission is governed by the law of the jurisdiction chosen by an
agreement in the form of a record signed or otherwise authenticated by the affected parties
in the manner provided in Section 7-5-104 or by a provision in the person's letter of credit,
confirmation, or other undertaking. The jurisdiction whose law is chosen need not bear any
relation to the transaction. (b) Unless subsection (a) applies, the liability of an issuer,
nominated person, or adviser for action or omission is governed by the law of the jurisdiction
in which the person is located. The person is considered to be located at the address indicated
in the person's undertaking. If more than one address is indicated, the person is considered
to be located at the address from which the person's undertaking was issued. For the purpose
of jurisdiction, choice of law, and recognition of interbranch letters of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-5-116.htm - 2K - Match Info - Similar pages
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
7-1-201
Section 7-1-201 General definitions. (a) [Reserved]. (b) Subject to additional definitions
contained in the subsequent articles of this title which are applicable to specific articles
or parts thereof, and unless the context otherwise requires, in this title: (1) "Action,"
in the sense of a judicial proceeding, includes recoupment, counterclaim, set-off, suit in
equity, and any other proceeding in which rights are determined. (2) "Aggrieved party"
means a party entitled to pursue a remedy. (3) "Agreement," as distinguished from
"contract," means the bargain of the parties in fact, as found in their language
or inferred from other circumstances, including course of performance, course of dealing,
or usage of trade as provided in Section 7-1-303. (4) "Bank" means a person engaged
in the business of banking and includes a savings bank, savings and loan association, credit
union, and trust company. (5) "Bearer" means a person in possession of a negotiable
instrument, document of title, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-1-201.htm - 11K - Match Info - Similar pages
19-3B-816
Section 19-3B-816 Specific powers of trustee. (a) Without limiting the authority conferred
by Section 19-3B-815, a trustee may: (1) collect trust property and accept or reject additions
to the trust property from a settlor or any other person, including, but not being limited
to, the authority to receive, collect, hold, and retain common or preferred stock or other
interests in the trustee or any related party; (2) acquire or sell property, for cash or on
credit, at public or private sale; (3) exchange, partition, or otherwise change the character
of trust property; (4) deposit trust money in an account in a regulated financial-service
institution; (5) borrow money, with or without security, and mortgage or pledge trust property
for a period within or extending beyond the duration of the trust; (6) with respect to an
interest in a proprietorship, partnership, limited liability company, business trust, corporation,
or other form of business or enterprise, continue the business or other...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-816.htm - 10K - Match Info - Similar pages
5-24-1
Section 5-24-1 Definitions. In this chapter: (1) ACCOUNT means a contract of deposit between
a depositor and a financial institution, and includes a checking account, savings account,
time deposit, certificate of deposit, and share account. (2) AGENT means a person authorized
to make account transactions for a party. (3) BENEFICIARY means a person named as one to whom
sums on deposit in an account are payable on request after death of all parties or for whom
a party is named as trustee. (4) DEVISEE means any person designated in a will to receive
a testamentary disposition of real or personal property. (5) FINANCIAL INSTITUTION means an
organization authorized to do business under state or federal laws relating to financial institutions,
and includes a bank, trust company, savings bank, building and loan association, savings and
loan company or association, and credit union. (6) HEIRS means those persons, including surviving
spouse, who are entitled under the statutes of intestate...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-24-1.htm - 4K - Match Info - Similar pages
|