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https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-25/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-25 - Passage of Title to Assets, etc., of Banking Institution to Receiver. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-25 - Passage of Title to Assets, etc., of Banking Institution to Receiver. | Section 5-8A-25
Passage of title to assets, etc., of banking institution to receiver.
Upon the appointment of a receiver to liquidate a bank, the possession of and title to all assets, business and property of such bank of every kind and nature shall pass to and vest in the receiver without the execution of any instrum... |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-26/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-26 - Use of Bank Examiner's Reports as Evidence in Liquidation Proceedings, Etc. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-26 - Use of Bank Examiner's Reports as Evidence in Liquidation Proceedings, Etc. | Section 5-8A-26
Use of bank examiner's reports as evidence in liquidation proceedings, etc.
In the event the superintendent takes charge of the business and affairs of any bank as authorized in this chapter or in the event a proceeding is instituted to forfeit the charter of any bank, the report of the examiner of such... |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-27/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-27 - Application by Bank for Injunction Against Acquisition of Possession of Business a... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-27 - Application by Bank for Injunction Against Acquisition of Possession of Business and Property by Receiver or Superintendent. | Section 5-8A-27
Application by bank for injunction against acquisition of possession of business and property by receiver or superintendent.
Whenever the superintendent or a receiver has taken charge of the property or business of any bank, such bank may at any time within 10 days after the taking of such possession ap... |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-28/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-28 - Creation of Liens Against Bank After Possession by Superintendent. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-28 - Creation of Liens Against Bank After Possession by Superintendent. | Section 5-8A-28
Creation of liens against bank after possession by superintendent.
After the superintendent has taken possession of the property and business of a bank as provided in this chapter, no judgment lien, attachment lien, or any voluntary lien, except as provided in this chapter, shall attach to any assets of... |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-29/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-29 - Resumption of Business of Bank. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-29 - Resumption of Business of Bank. | Section 5-8A-29
Resumption of business of bank.
After the superintendent has taken possession of a bank, the superintendent may permit such bank to resume business upon such conditions as may be approved by him, including an observance of all the requirements of law and making good of all deficits in the previous obser... |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-30/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-30 - Collection of Claims of Bank, Etc. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-30 - Collection of Claims of Bank, Etc. | Section 5-8A-30
Collection of claims of bank, etc.
Upon taking possession of any of the property and business of any bank, the receiver may collect moneys due to such bank and do such other acts as are necessary to conserve its assets and business, and shall proceed to liquidate the affairs thereof as provided in this ... |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-31/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-31 - Subrogation of Federal Deposit Insurance Corporation. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-31 - Subrogation of Federal Deposit Insurance Corporation. | Section 5-8A-31
Subrogation of Federal Deposit Insurance Corporation.
Whenever any bank shall have been closed as provided under the laws of this state, and the Federal Deposit Insurance Corporation shall pay or make available for payment the insured deposit liabilities of such closed institution, the corporation, whet... |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-32/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-32 - Sale, etc., of Bad Debts and Property of Bank. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-32 - Sale, etc., of Bad Debts and Property of Bank. | Section 5-8A-32
Sale, etc., of bad debts and property of bank.
The receiver, by making application to the receivership court, may procure an order to sell or compound all bad or doubtful debts and on like order may sell all real and personal property of such bank on such terms as the court shall direct; provided, howev... |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-33/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-33 - Negotiation of Loans, Granting of Security, etc., on Behalf of Closed Bank. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-33 - Negotiation of Loans, Granting of Security, etc., on Behalf of Closed Bank. | Section 5-8A-33
Negotiation of loans, granting of security, etc., on behalf of closed bank.
(a) The receiver is authorized to borrow money and pledge the assets of a bank in liquidation for protecting and preserving its assets, for paying secured claims, for aiding in the reorganization or reopening of such bank or for... |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-34/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-34 - Loans From and Sale of Assets to Federal Deposit Insurance Corporation for Bank. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-34 - Loans From and Sale of Assets to Federal Deposit Insurance Corporation for Bank. | Section 5-8A-34
Loans from and sale of assets to Federal Deposit Insurance Corporation for bank.
With respect to any bank which is now or may hereafter be closed as provided under the laws of this state, the receiver of such bank may borrow from the Federal Deposit Insurance Corporation and furnish any part or all of t... |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-35/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-35 - Assumption or Rejection of Executory Contracts by Receiver. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-35 - Assumption or Rejection of Executory Contracts by Receiver. | Section 5-8A-35
Assumption or rejection of executory contracts by receiver.
The receiver shall assume or reject an executory contract, including an unexpired lease of real or personal property, within 60 days after appointment, but the receivership court may for cause shown extend or reduce the time. Any such contract ... |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-36/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-36 - Employment of Counsel, Expert Assistants, etc., in Liquidation of Bank; Compensati... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-36 - Employment of Counsel, Expert Assistants, etc., in Liquidation of Bank; Compensation of Assistants, etc.; Court Approval of Liquidation Expenses. | Section 5-8A-36
Employment of counsel, expert assistants, etc., in liquidation of bank; compensation of assistants, etc.; court approval of liquidation expenses.
The receiver may employ such counsel and procure such expert assistants and advice as may be necessary in the liquidation and distribution of the assets of su... |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-37/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-37 - Payment of Compensation. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-37 - Payment of Compensation. | Section 5-8A-37
Payment of compensation.
When the compensation for the various parties aiding in the liquidation is fixed and approved, the same shall be paid out of the funds of such bank in the hands of the receiver and shall be a prior charge and lien on the assets of such bank.
(Acts 1980, No. 80-658, §5-8-37.) |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-38/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-38 - Deposit of Funds Collected by Receiver. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-38 - Deposit of Funds Collected by Receiver. | Section 5-8A-38
Deposit of funds collected by receiver.
The money collected by the receiver shall be, from time to time, deposited in one or more banks in this state.
(Acts 1980, No. 80-658, §5-8-38.) |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-39/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-39 - Notice for and Filing of Claims Against Bank. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-39 - Notice for and Filing of Claims Against Bank. | Section 5-8A-39
Notice for and filing of claims against bank.
The receiver shall cause notice to be given by advertisement in such newspaper as he may direct, once a week for six consecutive weeks, calling all persons who may have claims, but not including deposits or certificates of deposit shown by the books of the b... |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-40/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-40 - Preferred Claims. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-40 - Preferred Claims. | Section 5-8A-40
Preferred claims.
In addition to any other laws of this state or of the United States granting priority, any draft or cashier's check issued and drawn against actual existing value by any bank prior to its failure or closing and given in payment of clearings and any money paid in the usual course of bus... |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-41/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-41 - Inventory of Assets of Bank; Filing List of Claims. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-41 - Inventory of Assets of Bank; Filing List of Claims. | Section 5-8A-41
Inventory of assets of bank; filing list of claims.
Upon taking possession of the property and assets of such bank, the receiver shall make an inventory of the assets of such bank in duplicate, and upon expiration of time for rejection of claims, make a full and complete list of claims in duplicate, spe... |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-42/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-42 - Objections to Claims; Unproven or Unclaimed Deposits. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-42 - Objections to Claims; Unproven or Unclaimed Deposits. | Section 5-8A-42
Objections to claims; unproven or unclaimed deposits.
Objections to any claim or deposit not rejected by the receiver may be made by any party interested by filing a copy of such objections with the clerk of the receivership court and with the receiver, who shall present the same to the receivership cou... |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-43/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-43 - Rejection of Claims. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-43 - Rejection of Claims. | Section 5-8A-43
Rejection of claims.
If the receiver doubts the validity of any claims or deposits, he may reject the same and serve notice of such rejection upon the claimant or depositor, either by mail or personally, and an affidavit of service of such notice, which shall be prima facie evidence thereof, shall be fi... |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-44/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-44 - Actions Upon Rejected Claims; Late Claims. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-44 - Actions Upon Rejected Claims; Late Claims. | Section 5-8A-44
Actions upon rejected claims; late claims.
Any action upon a claim so rejected must be brought by filing a complaint in the receivership court by the claimant within six months after service of such notice or the same shall be barred. Claims presented and allowed after the expiration of the time fixed i... |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-45/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-45 - Payment of Dividends to Creditors. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-45 - Payment of Dividends to Creditors. | Section 5-8A-45
Payment of dividends to creditors.
At any time after the expiration of the date fixed for the presentation of claims, the receiver may, out of the funds remaining in his hands after the payment of expenses, declare and pay one or more dividends to creditors, and after the expiration of one year from the... |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-46/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-46 - Final Distribution, Termination of Receivership and Dissolution of Bank. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-46 - Final Distribution, Termination of Receivership and Dissolution of Bank. | Section 5-8A-46
Final distribution, termination of receivership and dissolution of bank.
Whenever the receiver shall have paid to each and every depositor and creditor of such bank whose claim or claims as such creditor or depositor shall have been duly proven and allowed the full amount of such claims and shall have m... |
https://law.justia.com/codes/alabama/title-5/chapter-9a/section-5-9a-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 9A - Reorganization of Banks.›Section 5-9A-1 - Cooperation of Superintendent in Reorganization of Bank. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 9A - Reorganization of Banks. › Section 5-9A-1 - Cooperation of Superintendent in Reorganization of Bank. | Section 5-9A-1
Cooperation of superintendent in reorganization of bank.
Whenever the board of directors or a majority of the stockholders of any bank shall request the superintendent to cooperate in a reorganization of such bank, because of a substantial impairment of the capital of such bank, the superintendent is aut... |
https://law.justia.com/codes/alabama/title-5/chapter-9a/section-5-9a-2/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 9A - Reorganization of Banks.›Section 5-9A-2 - Submission of Reorganization Plan to Court for Confirmation and Approval. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 9A - Reorganization of Banks. › Section 5-9A-2 - Submission of Reorganization Plan to Court for Confirmation and Approval. | Section 5-9A-2
Submission of reorganization plan to court for confirmation and approval.
After such plan for reorganization has been submitted to the board of directors of the bank so making such request for a reorganization, the directors of such bank by and with the consent of 75 percent in value of the stockholders ... |
https://law.justia.com/codes/alabama/title-5/chapter-9a/section-5-9a-3/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 9A - Reorganization of Banks.›Section 5-9A-3 - Publication of Reorganization Plan. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 9A - Reorganization of Banks. › Section 5-9A-3 - Publication of Reorganization Plan. | Section 5-9A-3
Publication of reorganization plan.
Upon the filing of such report and petition, the court shall order notice to be given to all parties in interest by publication in some newspaper published in the county where the principal business office of such bank is located once a week for two consecutive weeks, ... |
https://law.justia.com/codes/alabama/title-5/chapter-9a/section-5-9a-4/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 9A - Reorganization of Banks.›Section 5-9A-4 - Hearing Upon Plan; Entry of Judgment. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 9A - Reorganization of Banks. › Section 5-9A-4 - Hearing Upon Plan; Entry of Judgment. | Section 5-9A-4
Hearing upon plan; entry of judgment.
At the time of the hearing of the petition, the court shall hear such legal evidence as may be submitted for and against such petition and plan for reorganization, and if the court is of the opinion it is for the best interest of all parties interested in such bank t... |
https://law.justia.com/codes/alabama/title-5/chapter-9a/section-5-9a-5/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 9A - Reorganization of Banks.›Section 5-9A-5 - Appeals. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 9A - Reorganization of Banks. › Section 5-9A-5 - Appeals. | Section 5-9A-5
Appeals.
If any stockholder, depositor or creditor shall not be satisfied with such judgment, he may file a notice of appeal to the Supreme Court of Alabama within 42 days from the day of entry of such judgment, provided he shall give security for cost of such appeal and indemnity in an amount to be fixe... |
https://law.justia.com/codes/alabama/title-5/chapter-9a/section-5-9a-6/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 9A - Reorganization of Banks.›Section 5-9A-6 - Manner of Reorganization Not Exclusive. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 9A - Reorganization of Banks. › Section 5-9A-6 - Manner of Reorganization Not Exclusive. | Section 5-9A-6
Manner of reorganization not exclusive.
The plan for reorganization of a bank or banks as provided in this chapter shall not be exclusive and shall not be construed to prohibit or prevent a reorganization of a bank as now permitted under existing laws.
(Acts 1980, No. 80-658, §5-9-6.) |
https://law.justia.com/codes/alabama/title-5/chapter-10a/section-5-10a-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-1 - Authorization or Direction of Banks to Postpone Paying Liabilities, Segregate Depo... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-1 - Authorization or Direction of Banks to Postpone Paying Liabilities, Segregate Deposits and Assets, Renew Loans, Etc. | Section 5-10A-1
Authorization or direction of banks to postpone paying liabilities, segregate deposits and assets, renew loans, etc.
The superintendent with the concurrence of not less than two other members of the Banking Board, or any three members of the Banking Board without action by said superintendent, are hereb... |
https://law.justia.com/codes/alabama/title-5/chapter-10a/section-5-10a-2/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-2 - Promulgation of Rules and Regulations; Requirements of Reports, etc., Generally. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-2 - Promulgation of Rules and Regulations; Requirements of Reports, etc., Generally. | Section 5-10A-2
Promulgation of rules and regulations; requirements of reports, etc., generally.
The superintendent with the concurrence of not less than two members of the Banking Board, or any three members of the Banking Board without action by said superintendent may authorize and empower any bank to act under the ... |
https://law.justia.com/codes/alabama/title-5/chapter-10a/section-5-10a-3/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-3 - Declaration of Banking Holidays; Promulgation of Emergency Rules or Regulations. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-3 - Declaration of Banking Holidays; Promulgation of Emergency Rules or Regulations. | Section 5-10A-3
Declaration of banking holidays; promulgation of emergency rules or regulations.
Whenever, in the opinion of the superintendent it shall be deemed that an emergency exists, the superintendent with the concurrence of not less than two other members of the Banking Board, or any three members of the Bankin... |
https://law.justia.com/codes/alabama/title-5/chapter-10a/section-5-10a-4/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-4 - Extension, etc., of Banking Holiday or Emergency Rules or Regulations. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-4 - Extension, etc., of Banking Holiday or Emergency Rules or Regulations. | Section 5-10A-4
Extension, etc., of banking holiday or emergency rules or regulations.
Any such bank holiday or any such rule or regulation may be extended, modified, suspended or terminated by the superintendent with the concurrence of not less than two other members of the Banking Board or by any three members of the... |
https://law.justia.com/codes/alabama/title-5/chapter-10a/section-5-10a-5/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-5 - Sections 5-10a-1 Through 5-10a-4 Applicable Only in Emergencies; Duration of Emerg... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-5 - Sections 5-10a-1 Through 5-10a-4 Applicable Only in Emergencies; Duration of Emergency Action. | Section 5-10A-5
Sections 5-10A-1 through 5-10A-4 applicable only in emergencies; duration of emergency action.
The provisions of Sections 5-10A-1 through 5-10A-4 authorize actions to be taken during an emergency. Any action taken pursuant to these sections shall be reported to the Banking Board and shall automatically ... |
https://law.justia.com/codes/alabama/title-5/chapter-10a/section-5-10a-6/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-6 - Operation of Banks Under Federal Laws. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-6 - Operation of Banks Under Federal Laws. | Section 5-10A-6
Operation of banks under federal laws.
Any bank may do any and all things necessary or desirable to permit it to operate under the provisions of any act of Congress of the United States now or hereafter enacted.
(Acts 1980, No. 80-658, §5-10-7.) |
https://law.justia.com/codes/alabama/title-5/chapter-10a/section-5-10a-7/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-7 - Payment of Expenses of Bank Operating Without Receivership Liquidation. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-7 - Payment of Expenses of Bank Operating Without Receivership Liquidation. | Section 5-10A-7
Payment of expenses of bank operating without receivership liquidation.
Whenever, pursuant to any provision of this chapter, any bank is authorized to do any one or more of the things specified in this chapter without receivership liquidation, its operating expenses, including compensation to officers a... |
https://law.justia.com/codes/alabama/title-5/chapter-10a/section-5-10a-8/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-8 - Segregation of Assets - Manner of Segregation Generally; Distribution of Segregate... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-8 - Segregation of Assets - Manner of Segregation Generally; Distribution of Segregated Assets Upon Receivership Liquidation of Bank. | Section 5-10A-8
Segregation of assets - Manner of segregation generally; distribution of segregated assets upon receivership liquidation of bank.
Whenever pursuant to any provision of state or federal law or of any rule or regulation by any state or federal authority made or adopted pursuant thereto or whenever pursuan... |
https://law.justia.com/codes/alabama/title-5/chapter-10a/section-5-10a-9/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-9 - Segregation of Assets - Manners of Segregation. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-9 - Segregation of Assets - Manners of Segregation. | Section 5-10A-9
Segregation of assets - Manners of segregation.
Whenever pursuant to any provision of state or federal law or of any rule or regulation by any state or federal authority made or adopted pursuant thereto, or whenever pursuant to contractual arrangement any bank is under duty or obligation to segregate pa... |
https://law.justia.com/codes/alabama/title-5/chapter-10a/section-5-10a-10/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-10 - Segregation of Assets - Commingling of Items in Classes of Deposits. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-10 - Segregation of Assets - Commingling of Items in Classes of Deposits. | Section 5-10A-10
Segregation of assets - Commingling of items in classes of deposits.
Within any class of deposits in any bank for the purpose of which class particular assets are segregated, the separate items may be mingled and commingled.
(Acts 1980, No. 80-658, §5-10-11.) |
https://law.justia.com/codes/alabama/title-5/chapter-10a/section-5-10a-11/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-11 - Segregation of Assets - Adjustments; Identification of Segregated Items. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-11 - Segregation of Assets - Adjustments; Identification of Segregated Items. | Section 5-10A-11
Segregation of assets - Adjustments; identification of segregated items.
Whenever any bank is required to segregate particular assets under any rule or regulation promulgated or extended or modified under this chapter, it shall accomplish such segregation as promptly as reasonably possible and shall at... |
https://law.justia.com/codes/alabama/title-5/chapter-10a/section-5-10a-12/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-12 - Discharge of Deposits of Script, Clearinghouse Certificates or Emergency Currency... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-12 - Discharge of Deposits of Script, Clearinghouse Certificates or Emergency Currency. | Section 5-10A-12
Discharge of deposits of script, clearinghouse certificates or emergency currency.
Any deposit of script, clearinghouse certificates or emergency currency in any form or of any order on any such deposit shall be dischargeable in whole or in part either in kind or in legal tender of the United States of... |
https://law.justia.com/codes/alabama/title-5/chapter-10a/section-5-10a-13/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-13 - Issuance and Reissuance of Script, Clearinghouse Certificates or Emergency Curren... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-13 - Issuance and Reissuance of Script, Clearinghouse Certificates or Emergency Currency. | Section 5-10A-13
Issuance and reissuance of script, clearinghouse certificates or emergency currency.
The superintendent with the concurrence of not less than two other members of the Banking Board, or any three members of the Banking Board without action by said superintendent may from time to time authorize any bank ... |
https://law.justia.com/codes/alabama/title-5/chapter-10a/section-5-10a-14/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-14 - Issuance of Notes or Certificates of Indebtedness as Evidence of Compensation for... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-14 - Issuance of Notes or Certificates of Indebtedness as Evidence of Compensation for Services or Labor During Banking Emergency. | Section 5-10A-14
Issuance of notes or certificates of indebtedness as evidence of compensation for services or labor during banking emergency.
Where a banking emergency has been proclaimed by the superintendent and until such time as such emergency is declared to have ended by proclamation of the superintendent, it sha... |
https://law.justia.com/codes/alabama/title-5/chapter-10a/section-5-10a-15/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-15 - Authorization and Approval of Reorganization of Bank Without Receivership Liquida... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-15 - Authorization and Approval of Reorganization of Bank Without Receivership Liquidation. | Section 5-10A-15
Authorization and approval of reorganization of bank without receivership liquidation.
The superintendent with the concurrence of not less than two other members of the Banking Board or any three members of the Banking Board without action by said superintendent are hereby further authorized and empowe... |
https://law.justia.com/codes/alabama/title-5/chapter-10a/section-5-10a-16/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-16 - Compliance With Chapter, Federal Laws, etc., Not to Entail Liability. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-16 - Compliance With Chapter, Federal Laws, etc., Not to Entail Liability. | Section 5-10A-16
Compliance with chapter, federal laws, etc., not to entail liability.
No bank nor any surety or guarantor of any bank shall suffer any penalty or liability for damages or increase of liability or be in default, nor shall any maker, endorser, guarantor or other party or person be released from liability... |
https://law.justia.com/codes/alabama/title-5/chapter-10a/section-5-10a-17/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-17 - Officers Not to Incur Liability or Penalties for Compliance With Orders of Superi... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-17 - Officers Not to Incur Liability or Penalties for Compliance With Orders of Superintendent, Federal Laws, Etc. | Section 5-10A-17
Officers not to incur liability or penalties for compliance with orders of superintendent, federal laws, etc.
No public officer or surety on his official bond shall suffer any penalty or liability for damages or increase of liability or be in default by reason of any failure on his part to perform any ... |
https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-1 - Amenability of Trust Companies to Banking Laws; Use of Word "Trust" in Corporate... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-1 - Amenability of Trust Companies to Banking Laws; Use of Word "Trust" in Corporate Name Generally; Operation of Trust Departme... | Section 5-11A-1
Amenability of trust companies to banking laws; use of word "trust" in corporate name generally; operation of trust departments, etc., by banks.
All corporations organized and operating as trust companies shall have the word "trust" as a part of their corporate names, shall be amenable to the general ba... |
https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-1-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-1.1 - Branching of Trust Companies; Branching of Out-of-State Trust Companies; Recip... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-1.1 - Branching of Trust Companies; Branching of Out-of-State Trust Companies; Reciprocity; Cooperative Agreements. | Section 5-11A-1.1
Branching of trust companies; branching of out-of-state trust companies; reciprocity; cooperative agreements.
All corporations organized under this chapter shall have the right to establish offices in the same manner as a bank may establish branches under this title. At the discretion of the superinte... |
https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-2/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-2 - Written Approval of Superintendent to Conduct Trust Business. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-2 - Written Approval of Superintendent to Conduct Trust Business. | Section 5-11A-2
Written approval of superintendent to conduct trust business.
No bank shall have the right to operate or conduct a trust department or become a trustee or a fiduciary without having received the prior written approval of the superintendent and otherwise complied with Section 5-11A-1, even though the cer... |
https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-3/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-3 - Capital Stock Requirements for Trust Companies. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-3 - Capital Stock Requirements for Trust Companies. | Section 5-11A-3
Capital stock requirements for trust companies.
No trust company hereafter organized under the laws of Alabama shall have total initial capital accounts actually paid in of less than $1,000,000.00.
(Acts 1980, No. 80-658, §5-11-3.) |
https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-4/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-4 - Use of Word "Trust" in Designation or Name of Entity. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-4 - Use of Word "Trust" in Designation or Name of Entity. | Section 5-11A-4
Use of word "trust" in designation or name of entity.
Except in the case of any entity which is organized and operating under the laws of Alabama, other states, or the United States as a trust company or as a combined bank and trust company and which has complied with the requirements of Sections 5-11A-... |
https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-5/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-5 - Deposit of Security for Operation of Trust Business - Amount Required and Form; ... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-5 - Deposit of Security for Operation of Trust Business - Amount Required and Form; Charges Against Deposit. | Section 5-11A-5
Deposit of security for operation of trust business - Amount required and form; charges against deposit.
Any corporation organized and operating as a trust company or as a bank authorized by law to do a trust business may deposit with the State Treasurer or elsewhere United States bonds, bonds, notes or... |
https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-6/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-6 - Deposit of Security for a Operation of Trust Business - State Treasurer to Decli... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-6 - Deposit of Security for a Operation of Trust Business - State Treasurer to Decline Certain Bonds or Securities. | Section 5-11A-6
Deposit of security for a operation of trust business - State Treasurer to decline certain bonds or securities.
The State Treasurer shall decline to receive bonds or other securities of a market value less than par and may, in his discretion, decline to receive any bonds or other securities that he cons... |
https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-7/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-7 - Deposit of Security for a Operation of Trust Business - Certificate of Deposit; ... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-7 - Deposit of Security for a Operation of Trust Business - Certificate of Deposit; Purpose. | Section 5-11A-7
Deposit of security for a operation of trust business - Certificate of deposit; purpose.
The State Treasurer shall, from time to time, furnish the company making such deposit with a proper certificate showing the fact of the deposit and containing an exact description of the bonds or other securities de... |
https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-8/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-8 - Sale of Bonds or Securities for Satisfaction of Judgment Against Trust Company. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-8 - Sale of Bonds or Securities for Satisfaction of Judgment Against Trust Company. | Section 5-11A-8
Sale of bonds or securities for satisfaction of judgment against trust company.
When any person, firm or corporation has established by final court proceedings a claim against said company to secure which said bonds or other securities were deposited and said claim is not paid within 30 days by said com... |
https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-9/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-9 - Exemption of Trust Companies, etc., Acting as Administrators, etc., From Bond Re... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-9 - Exemption of Trust Companies, etc., Acting as Administrators, etc., From Bond Requirement. | Section 5-11A-9
Exemption of trust companies, etc., acting as administrators, etc., from bond requirement.
Any trust company or bank which is authorized by law to act as a guardian, administrator, executor, receiver or trustee, except as may be otherwise provided in this code for the administration of the affairs of wa... |
https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-10/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-10 - Withdrawal of Bonds or Securities From Deposit With Trustees. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-10 - Withdrawal of Bonds or Securities From Deposit With Trustees. | Section 5-11A-10
Withdrawal of bonds or securities from deposit with trustees.
All trust companies organized under the laws of this state which are now required by their charters to keep on deposit with trustees any bonds, stocks or other securities to be held subject to the payment of any judgment which may be rendere... |
https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-11/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-11 - Interest on Bonds or Securities Deposited With Treasurer Payable to Trust Compa... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-11 - Interest on Bonds or Securities Deposited With Treasurer Payable to Trust Companies. | Section 5-11A-11
Interest on bonds or securities deposited with Treasurer payable to trust companies.
The interest falling due from time to time on bonds or other securities on deposit with the State Treasurer in accordance with Section 5-11A-5 shall be payable to the corporation depositing such bonds or other securiti... |
https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-12/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-12 - Trust Company Authorized to Purchase Its Own Securities in Fiduciary Capacity. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-12 - Trust Company Authorized to Purchase Its Own Securities in Fiduciary Capacity. | Section 5-11A-12
Trust company authorized to purchase its own securities in fiduciary capacity.
A trust company or other financial institution with fiduciary powers may, in its fiduciary capacity, purchase bonds or other securities underwritten or otherwise distributed by the financial institution or by a syndicate whi... |
https://law.justia.com/codes/alabama/title-5/chapter-11a/article-2/section-5-11a-30/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 2 - Transfer of Fiduciary Accounts.›Section 5-11A-30 - Transfer Between Related Institutions. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 2 - Transfer of Fiduciary Accounts. › Section 5-11A-30 - Transfer Between Related Institutions. | Section 5-11A-30
Transfer between related institutions.
Absent written objection from the Superintendent of the State Banking Department, a bank, trust company or trust department (hereinafter to be known as the "transferor") may transfer one or more fiduciary accounts administered by such bank, trust company or trust ... |
https://law.justia.com/codes/alabama/title-5/chapter-11a/article-2/section-5-11a-31/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 2 - Transfer of Fiduciary Accounts.›Section 5-11A-31 - Approval of Superintendent. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 2 - Transfer of Fiduciary Accounts. › Section 5-11A-31 - Approval of Superintendent. | Section 5-11A-31
Approval of superintendent.
Approval of the superintendent shall be deemed granted in the absence of written objection from the superintendent within 10 days after receipt by the superintendent of written notice from the transferor bank of the proposed transfer.
(Acts 1989, No. 89-539, p. 1127, §2.) |
https://law.justia.com/codes/alabama/title-5/chapter-11a/article-2/section-5-11a-32/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 2 - Transfer of Fiduciary Accounts.›Section 5-11A-32 - Notice of Transfer. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 2 - Transfer of Fiduciary Accounts. › Section 5-11A-32 - Notice of Transfer. | Section 5-11A-32
Notice of transfer.
(a) Within 30 days after the date of the transfer of the fiduciary accounts, the transferor shall send written notice by first class mail to the last known address (as then set forth on the records of the transferor, or if not set forth, as may be determined by the transferor in the... |
https://law.justia.com/codes/alabama/title-5/chapter-11a/article-2/section-5-11a-33/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 2 - Transfer of Fiduciary Accounts.›Section 5-11A-33 - Objection to Transfer; Hearing on Objection; Appointment of Related... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 2 - Transfer of Fiduciary Accounts. › Section 5-11A-33 - Objection to Transfer; Hearing on Objection; Appointment of Related Institution as Agent. | Section 5-11A-33
Objection to transfer; hearing on objection; appointment of related institution as agent.
(a) Any person given notice pursuant to Section 5-11A-32 may file a written objection to the fiduciary transfer with the Superintendent of the State Banking Department, stating grounds for objection, within 30 day... |
https://law.justia.com/codes/alabama/title-5/chapter-11a/article-2/section-5-11a-34/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 2 - Transfer of Fiduciary Accounts.›Section 5-11A-34 - Filing of Affidavit in Office of Judge of Probate; Filing of Notice... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 2 - Transfer of Fiduciary Accounts. › Section 5-11A-34 - Filing of Affidavit in Office of Judge of Probate; Filing of Notice of Abandonment. | Section 5-11A-34
Filing of affidavit in office of judge of probate; filing of notice of abandonment.
(a) Within a reasonable time after the date of a transfer of the fiduciary accounts in accordance with the procedures set forth in Sections 5-11A-32 and 5-11A-33, the transferor shall file an affidavit in the office of ... |
https://law.justia.com/codes/alabama/title-5/chapter-11a/article-2/section-5-11a-35/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 2 - Transfer of Fiduciary Accounts.›Section 5-11A-35 - Substitution of Transferee Bank, Trust Company or Trust Department ... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 2 - Transfer of Fiduciary Accounts. › Section 5-11A-35 - Substitution of Transferee Bank, Trust Company or Trust Department as Fiduciary; Effect. | Section 5-11A-35
Substitution of transferee bank, trust company or trust department as fiduciary; effect.
If a bank, trust company or trust department completes a fiduciary transfer, the bank, trust company or trust department to which such fiduciary accounts have been transferred shall be automatically substituted as ... |
https://law.justia.com/codes/alabama/title-5/chapter-11a/article-2/section-5-11a-36/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 2 - Transfer of Fiduciary Accounts.›Section 5-11A-36 - "Related" Defined. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 2 - Transfer of Fiduciary Accounts. › Section 5-11A-36 - "Related" Defined. | Section 5-11A-36
"Related" defined.
A transferor bank, trust company or trust department is "related" to a transferee bank, trust company or trust department if:
(1) Such transferee controls the transferor;
(2) Such transferor controls the transferee;
(3) The same entity controls, directly or indirectly, the transferor... |
https://law.justia.com/codes/alabama/title-5/chapter-11a/article-2/section-5-11a-37/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 2 - Transfer of Fiduciary Accounts.›Section 5-11A-37 - Appointment of Agent. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 2 - Transfer of Fiduciary Accounts. › Section 5-11A-37 - Appointment of Agent. | Section 5-11A-37
Appointment of agent.
Regardless of objection to any fiduciary transfer as provided in Section 5-11A-33 and the outcome thereof, and notwithstanding any procedure under this article, any bank may appoint a related bank, trust company or trust department as its agent for the performance of all acts, obl... |
https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-1 - Definitions. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-1 - Definitions. | Section 5-12A-1
Definitions.
As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise:
(1) TRUST INSTITUTION. Any state bank, any national bank or any trust company authorized to act in a fiduciary capacity in this state and under the s... |
https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-2/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-2 - Trust Institutions May Establish, etc., Common Trust Funds. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-2 - Trust Institutions May Establish, etc., Common Trust Funds. | Section 5-12A-2
Trust institutions may establish, etc., common trust funds.
Any trust institution may establish, maintain and administer one or more common trust funds.
(Acts 1980, No. 80-658, §5-12-2.) |
https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-3/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-3 - Investments by Trust Institutions. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-3 - Investments by Trust Institutions. | Section 5-12A-3
Investments by trust institutions.
Any trust institution, in its capacity as fiduciary or cofiduciary, whether such fiduciary capacity arose before or was created after July 8, 1943, may invest funds which it lawfully holds for investment in such capacity in interests or participations in one or more co... |
https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-4/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-4 - Common Trust Fund Plan. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-4 - Common Trust Fund Plan. | Section 5-12A-4
Common trust fund plan.
Each common trust fund shall be established and maintained in accordance with a written plan (referred to herein as the plan) approved by resolution of the board of directors of the trust institution and approved in writing by competent legal counsel. The plan shall provide that ... |
https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-5/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-5 - Amendment of Plan. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-5 - Amendment of Plan. | Section 5-12A-5
Amendment of plan.
The plan may be amended from time to time by the fiduciary with the approval of the board of directors of the trust institution. Any such amendment shall be filed with the original plan, together with a certified copy of the resolution of the board of directors of the trust institutio... |
https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-6/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-6 - Control of Investments by Instrument Under Which Trust Institution Acts. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-6 - Control of Investments by Instrument Under Which Trust Institution Acts. | Section 5-12A-6
Control of investments by instrument under which trust institution acts.
If the instrument under which a trust institution acts as fiduciary, whether such fiduciary capacity arose before or is created after July 8, 1943, shall either expressly or by its silence limit or restrict the investment of moneys... |
https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-7/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-7 - Investment of Estate Moneys in Fund; Withdrawals. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-7 - Investment of Estate Moneys in Fund; Withdrawals. | Section 5-12A-7
Investment of estate moneys in fund; withdrawals.
The trust institution shall invest the moneys of an estate (whether the estate is administered by such trust institution or by an affiliated trust institution) in such common trust fund by adding the same thereto and by apportioning a participation there... |
https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-8/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-8 - Record of Fiduciary Accounts Owning Interest in Fund; Extent of Interest. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-8 - Record of Fiduciary Accounts Owning Interest in Fund; Extent of Interest. | Section 5-12A-8
Record of fiduciary accounts owning interest in fund; extent of interest.
The trust institution shall designate clearly upon its records the names of the fiduciary accounts which own a participation in the common trust fund and the extent of the interest of such fiduciary accounts therein. No fiduciary ... |
https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-9/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-9 - Annual Audit. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-9 - Annual Audit. | Section 5-12A-9
Annual audit.
At least once during each period of 12 months, the trust institution shall cause an audit to be made of the common trust fund by an auditor or auditors responsible only to the board of directors of the trust institution. The report of such audit shall include a list of the investments comp... |
https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-10/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-10 - Quarterly Valuation of Securities in Fund. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-10 - Quarterly Valuation of Securities in Fund. | Section 5-12A-10
Quarterly valuation of securities in fund.
No less frequently than once during each period of three months, the trust institution administering a common trust fund shall determine the value of the securities in the common trust fund as of the dates set for the valuation thereof. No participation shall ... |
https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-11/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-11 - Management and Control of Fund; Ownership of Assets. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-11 - Management and Control of Fund; Ownership of Assets. | Section 5-12A-11
Management and control of fund; ownership of assets.
The trust institution shall have the exclusive management and control of each common trust fund administered by it and the sole right at any time to sell, convert, exchange, transfer or otherwise change or dispose of the assets comprising the same. T... |
https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-12/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-12 - Mistakes in Administration of Fund. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-12 - Mistakes in Administration of Fund. | Section 5-12A-12
Mistakes in administration of fund.
No mistake made in good faith and in the exercise of due care in connection with the administration of a common trust fund shall be deemed to be a violation of this chapter or of any rules or regulations issued pursuant thereto if promptly after discovery of the mist... |
https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-13/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-13 - Administration, etc., of Common Trust Funds Differing From Funds Permitted by Thi... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-13 - Administration, etc., of Common Trust Funds Differing From Funds Permitted by This Chapter. | Section 5-12A-13
Administration, etc., of common trust funds differing from funds permitted by this chapter.
Nothing contained in this chapter shall prohibit a trust institution, when it acts in accordance with specific authority contained in the instrument or instruments under which the trust institution acts, from es... |
https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-14/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-14 - Accountings. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-14 - Accountings. | Section 5-12A-14
Accountings.
Unless ordered by a court of competent jurisdiction, a trust institution administering a common trust fund shall not be required to render a court accounting with regard to such fund, but it may file returns and make accountings in the same manner and for the same purposes as is provided b... |
https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-15/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-15 - Taxation. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-15 - Taxation. | Section 5-12A-15
Taxation.
A common trust fund, whether established, maintained, and administered pursuant to the requirements of this chapter or established, maintained, administered, and invested in without regard to the requirements and limitations of this chapter, as provided in Section 5-12A-13, shall not be subje... |
https://law.justia.com/codes/alabama/title-5/chapter-13b/article-1/section-5-13b-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 1 - Acquisitions of Banks by Bank Holding Companies.›Section 5-13B-1 - Short Title. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 1 - Acquisitions of Banks by Bank Holding Companies. › Section 5-13B-1 - Short Title. | Section 5-13B-1
Short title.
This chapter shall be known and may be cited as the "Alabama Interstate and International Banking Act of 1995."
(Acts 1995, No. 95-115, p. 134, §1.) |
https://law.justia.com/codes/alabama/title-5/chapter-13b/article-1/section-5-13b-2/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 1 - Acquisitions of Banks by Bank Holding Companies.›Section 5-13B-2 - Definitions. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 1 - Acquisitions of Banks by Bank Holding Companies. › Section 5-13B-2 - Definitions. | Section 5-13B-2
Definitions.
For purposes of this article:
(a) "Acquire" means:
(1) For a company to merge or consolidate with a bank holding company;
(2) For a company to assume direct or indirect ownership or control of:
(I) More than 25 percent of any class of voting shares of a bank holding company or a bank, if th... |
https://law.justia.com/codes/alabama/title-5/chapter-13b/article-1/section-5-13b-3/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 1 - Acquisitions of Banks by Bank Holding Companies.›Section 5-13B-3 - Scope of Article and Statement of Legis... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 1 - Acquisitions of Banks by Bank Holding Companies. › Section 5-13B-3 - Scope of Article and Statement of Legislative Intent. | Section 5-13B-3
Scope of article and statement of legislative intent.
This article sets forth the conditions under which a company may acquire an Alabama bank or an Alabama bank holding company or an Alabama bank holding company may acquire an out-of-state bank or bank holding company. This article is intended not to d... |
https://law.justia.com/codes/alabama/title-5/chapter-13b/article-1/section-5-13b-4/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 1 - Acquisitions of Banks by Bank Holding Companies.›Section 5-13B-4 - Permitted Acquisitions. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 1 - Acquisitions of Banks by Bank Holding Companies. › Section 5-13B-4 - Permitted Acquisitions. | Section 5-13B-4
Permitted acquisitions.
(a) No company may acquire an Alabama bank holding company or an Alabama state bank without the prior approval of the superintendent.
(b) The approval of the superintendent under subsection (a) shall not be required where the acquisition is made:
(1) In a transaction arranged by ... |
https://law.justia.com/codes/alabama/title-5/chapter-13b/article-1/section-5-13b-5/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 1 - Acquisitions of Banks by Bank Holding Companies.›Section 5-13B-5 - Required Application. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 1 - Acquisitions of Banks by Bank Holding Companies. › Section 5-13B-5 - Required Application. | Section 5-13B-5
Required application.
(a) A company that proposes to make an acquisition under this article shall:
(1) File with the superintendent a copy of the application that such company has filed with the responsible federal bank supervisory agency together with such additional information as the superintendent m... |
https://law.justia.com/codes/alabama/title-5/chapter-13b/article-1/section-5-13b-6/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 1 - Acquisitions of Banks by Bank Holding Companies.›Section 5-13B-6 - Standards for Approval. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 1 - Acquisitions of Banks by Bank Holding Companies. › Section 5-13B-6 - Standards for Approval. | Section 5-13B-6
Standards for approval.
(a) In deciding whether to approve an application for a proposed acquisition under this article, the superintendent shall consider whether the acquisition may:
(1) Be detrimental to the safety and soundness of the Alabama state bank or the Alabama bank holding company ;
(2) Resul... |
https://law.justia.com/codes/alabama/title-5/chapter-13b/article-1/section-5-13b-7/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 1 - Acquisitions of Banks by Bank Holding Companies.›Section 5-13B-7 - Procedures Relating to Applications. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 1 - Acquisitions of Banks by Bank Holding Companies. › Section 5-13B-7 - Procedures Relating to Applications. | Section 5-13B-7
Procedures relating to applications.
(a) The superintendent shall decide whether to approve an acquisition under this article within 60 days after receipt of a completed application; provided, that if the superintendent requests additional information from the applicant following receipt of a completed ... |
https://law.justia.com/codes/alabama/title-5/chapter-13b/article-1/section-5-13b-8/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 1 - Acquisitions of Banks by Bank Holding Companies.›Section 5-13B-8 - Reports; Examinations. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 1 - Acquisitions of Banks by Bank Holding Companies. › Section 5-13B-8 - Reports; Examinations. | Section 5-13B-8
Reports; examinations.
(a) To the extent specified by the superintendent by regulation, order, or written request, each bank holding company that directly or indirectly controls an Alabama state bank or an Alabama bank holding company, or the home state regulator of such company, shall submit to the sup... |
https://law.justia.com/codes/alabama/title-5/chapter-13b/article-1/section-5-13b-9/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 1 - Acquisitions of Banks by Bank Holding Companies.›Section 5-13B-9 - Agency Activities. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 1 - Acquisitions of Banks by Bank Holding Companies. › Section 5-13B-9 - Agency Activities. | Section 5-13B-9
Agency activities.
(a) Any Alabama state bank may, upon compliance with the requirements of this section, agree to receive deposits, renew time deposits, close loans, service loans, receive payments on loans and other obligations and, with the prior approval of the superintendent, perform other services... |
https://law.justia.com/codes/alabama/title-5/chapter-13b/article-1/section-5-13b-10/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 1 - Acquisitions of Banks by Bank Holding Companies.›Section 5-13B-10 - Penalties. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 1 - Acquisitions of Banks by Bank Holding Companies. › Section 5-13B-10 - Penalties. | Section 5-13B-10
Penalties.
The superintendent may enforce the provisions of this article by any appropriate action in the circuit courts of this state, including an action for civil money penalties or injunctive relief, provided, that the superintendent shall promptly give notice to the home state regulator of any enf... |
https://law.justia.com/codes/alabama/title-5/chapter-13b/article-1/section-5-13b-11/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 1 - Acquisitions of Banks by Bank Holding Companies.›Section 5-13B-11 - Authority to Issue Regulations; Cooper... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 1 - Acquisitions of Banks by Bank Holding Companies. › Section 5-13B-11 - Authority to Issue Regulations; Cooperative Agreements; Fees. | Section 5-13B-11
Authority to issue regulations; cooperative agreements; fees.
In order to carry out the purposes of this title, in addition to and cumulative with the authority and powers of the superintendent set forth elsewhere in this title, the superintendent may:
(1) Adopt regulations;
(2) Enter into cooperative,... |
https://law.justia.com/codes/alabama/title-5/chapter-13b/article-2/section-5-13b-20/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 2 - Interstate Bank Mergers and Branching.›Section 5-13B-20 - Purpose. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 2 - Interstate Bank Mergers and Branching. › Section 5-13B-20 - Purpose. | Section 5-13B-20
Purpose.
It is the express intent of this article to permit interstate branching by merger under Section 102 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law No. 103-328, in accordance with the provisions set forth in this article.
(Acts 1995, No. 95-115, p. 134, §... |
https://law.justia.com/codes/alabama/title-5/chapter-13b/article-2/section-5-13b-21/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 2 - Interstate Bank Mergers and Branching.›Section 5-13B-21 - Definitions. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 2 - Interstate Bank Mergers and Branching. › Section 5-13B-21 - Definitions. | 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) "Ba... |
https://law.justia.com/codes/alabama/title-5/chapter-13b/article-2/section-5-13b-22/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 2 - Interstate Bank Mergers and Branching.›Section 5-13B-22 - Establishment of Interstate Branches by Acquisit... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 2 - Interstate Bank Mergers and Branching. › Section 5-13B-22 - Establishment of Interstate Branches by Acquisition or Merger; Branching. | Section 5-13B-22
Establishment of interstate branches by acquisition or merger; branching.
With the prior approval of the superintendent, an Alabama state bank may establish, maintain, and operate one or more branches in a state other than Alabama or a foreign country on a de novo basis, by acquisition of a branch, or ... |
https://law.justia.com/codes/alabama/title-5/chapter-13b/article-2/section-5-13b-23/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 2 - Interstate Bank Mergers and Branching.›Section 5-13B-23 - Interstate Merger Transactions and Branching; Op... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 2 - Interstate Bank Mergers and Branching. › Section 5-13B-23 - Interstate Merger Transactions and Branching; Operation of Branches. | Section 5-13B-23
Interstate merger transactions and branching; operation of branches.
(a) One or more Alabama state banks may enter into an interstate merger transaction with one or more out-of-state banks under this article, and an out-of-state bank resulting from such transaction may maintain and operate the branches... |
https://law.justia.com/codes/alabama/title-5/chapter-13b/article-2/section-5-13b-24/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 2 - Interstate Bank Mergers and Branching.›Section 5-13B-24 - Notice and Filing Requirements. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 2 - Interstate Bank Mergers and Branching. › Section 5-13B-24 - Notice and Filing Requirements. | Section 5-13B-24
Notice and filing requirements.
Any out-of-state bank that will be the resulting bank pursuant to an interstate merger transaction involving an Alabama state bank shall notify the superintendent of the proposed merger not later than the date on which it files an application for an interstate merger tra... |
https://law.justia.com/codes/alabama/title-5/chapter-13b/article-2/section-5-13b-25/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 2 - Interstate Bank Mergers and Branching.›Section 5-13B-25 - Powers. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 2 - Interstate Bank Mergers and Branching. › Section 5-13B-25 - Powers. | Section 5-13B-25
Powers.
(a) An out-of-state state bank which establishes and maintains one or more branches in Alabama under this article may conduct any activities at such branch or branches that are authorized under the laws of this state for Alabama state banks.
(b) An Alabama state bank may conduct any activities ... |
https://law.justia.com/codes/alabama/title-5/chapter-13b/article-2/section-5-13b-26/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 2 - Interstate Bank Mergers and Branching.›Section 5-13B-26 - Examinations; Periodic Reports; Cooperative Agre... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 2 - Interstate Bank Mergers and Branching. › Section 5-13B-26 - Examinations; Periodic Reports; Cooperative Agreements; Assessment of Fees. | Section 5-13B-26
Examinations; periodic reports; cooperative agreements; assessment of fees.
(a) To the extent consistent with subsection (c), the superintendent may make such examinations of any branch established and maintained in this state pursuant to this article by an out-of-state state bank as the superintendent... |
https://law.justia.com/codes/alabama/title-5/chapter-13b/article-2/section-5-13b-27/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 2 - Interstate Bank Mergers and Branching.›Section 5-13B-27 - Enforcement. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 2 - Interstate Bank Mergers and Branching. › Section 5-13B-27 - Enforcement. | Section 5-13B-27
Enforcement.
If the superintendent determines that a branch maintained by an out-of-state state bank in this state is being operated in violation of any provision of the laws of this state, or that such branch is being operated in an unsafe and unsound manner, the superintendent shall have the authorit... |
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