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https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-a/section-7-2a-501/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division A - In General.›Section 7-2A-501 - Default: Procedure. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division A - In General. › Section 7-2A-501 - Default: Procedure. | Section 7-2A-501
Default: Procedure.
(1) Whether the lessor or the lessee is in default under a lease contract is determined by the lease agreement and this article.
(2) If the lessor or the lessee is in default under the lease contract, the party seeking enforcement has rights and remedies as provided in this article ... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-a/section-7-2a-502/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division A - In General.›Section 7-2A-502 - Notice After Default. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division A - In General. › Section 7-2A-502 - Notice After Default. | Section 7-2A-502
Notice after default.
Except as otherwise provided in this article or the lease agreement, the lessor or lessee in default under the lease contract is not entitled to notice of default or notice of enforcement from the other party to the lease agreement.
(Acts 1992, 2nd Ex. Sess., No. 92-700, p. 92, §5... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-a/section-7-2a-503/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division A - In General.›Section 7-2A-503 - Modification or Impairment of Rights and Remedies. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division A - In General. › Section 7-2A-503 - Modification or Impairment of Rights and Remedies. | Section 7-2A-503
Modification or impairment of rights and remedies.
(1) Except as otherwise provided in this article, the lease agreement may include rights and remedies for default in addition to or in substitution for those provided in this article and may limit or alter the measure of damages recoverable under this ... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-a/section-7-2a-504/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division A - In General.›Section 7-2A-504 - Liquidation of Damages. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division A - In General. › Section 7-2A-504 - Liquidation of Damages. | Section 7-2A-504
Liquidation of damages.
(1) Damages payable by either party for default, or any other act or omission, including indemnity for loss or diminution of anticipated tax benefits or loss or damage to lessor's residual interest, may be liquidated in the lease agreement but only at an amount or by a formula t... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-a/section-7-2a-505/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division A - In General.›Section 7-2A-505 - Cancellation and Termination and Effect of Cancellation, Termination, Rescission,... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division A - In General. › Section 7-2A-505 - Cancellation and Termination and Effect of Cancellation, Termination, Rescission, or Fraud on Rights and Remedies. | Section 7-2A-505
Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies.
(1) On cancellation of the lease contract, all obligations that are still executory on both sides are discharged, but any right based on prior default or performance survives, and the canc... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-a/section-7-2a-506/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division A - In General.›Section 7-2A-506 - Statute of Limitations. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division A - In General. › Section 7-2A-506 - Statute of Limitations. | Section 7-2A-506
Statute of limitations.
(1) An action for default under a lease contract, including breach of warranty or indemnity, must be commenced within 4 years after the cause of action accrued. By the original lease contract the parties may reduce the period of limitation to not less than one year.
(2) A cause ... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-a/section-7-2a-507/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division A - In General.›Section 7-2A-507 - Proof of Market Rent: Time and Place. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division A - In General. › Section 7-2A-507 - Proof of Market Rent: Time and Place. | Section 7-2A-507
Proof of market rent: Time and place.
(1) Damages based on market rent (Section 7-2A-519 or 7-2A-528) are determined according to the rent for the use of the goods concerned for a lease term identical to the remaining lease term of the original lease agreement and prevailing at the times specified in S... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-b/section-7-2a-508/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division B - Default by Lessor.›Section 7-2A-508 - Lessee's Remedies. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division B - Default by Lessor. › Section 7-2A-508 - Lessee's Remedies. | Section 7-2A-508
Lessee's remedies.
(1) If a lessor fails to deliver the goods in conformity to the lease contract (Section 7-2A-509) or repudiates the lease contract (Section 7-2A-402), or a lessee rightfully rejects the goods (Section 7-2A-509) or justifiably revokes acceptance of the goods (Section 7-2A-517), then w... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-b/section-7-2a-509/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division B - Default by Lessor.›Section 7-2A-509 - Lessee's Rights on Improper Delivery; Rightful Rejection. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division B - Default by Lessor. › Section 7-2A-509 - Lessee's Rights on Improper Delivery; Rightful Rejection. | Section 7-2A-509
Lessee's rights on improper delivery; rightful rejection.
(1) Subject to the provisions of Section 7-2A-510 on default in installment lease contracts, if the goods or the tender or delivery fail in any respect to conform to the lease contract, the lessee may reject or accept the goods or accept any com... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-b/section-7-2a-510/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division B - Default by Lessor.›Section 7-2A-510 - Installment Lease Contracts: Rejection and Default. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division B - Default by Lessor. › Section 7-2A-510 - Installment Lease Contracts: Rejection and Default. | Section 7-2A-510
Installment lease contracts: Rejection and default.
(1) Under an installment lease contract a lessee may reject any delivery that is nonconforming if the nonconformity substantially impairs the value of that delivery and cannot be cured or the nonconformity is a defect in the required documents; but if... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-b/section-7-2a-511/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division B - Default by Lessor.›Section 7-2A-511 - Merchant Lessee's Duties as to Rightfully Rejected Goods. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division B - Default by Lessor. › Section 7-2A-511 - Merchant Lessee's Duties as to Rightfully Rejected Goods. | Section 7-2A-511
Merchant lessee's duties as to rightfully rejected goods.
(1) Subject to any security interest of a lessee (Section 7-2A-508(5)), if a lessor or a supplier has no agent or place of business at the market of rejection, a merchant lessee, after rejection of goods in his or her possession or control, shal... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-b/section-7-2a-512/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division B - Default by Lessor.›Section 7-2A-512 - Lessee's Duties as to Rightfully Rejected Goods. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division B - Default by Lessor. › Section 7-2A-512 - Lessee's Duties as to Rightfully Rejected Goods. | Section 7-2A-512
Lessee's duties as to rightfully rejected goods.
(1) Except as otherwise provided with respect to goods that threaten to decline in value speedily (Section 7-2A-511) and subject to any security interest of a lessee (Section 7-2A-508(5)):
(a) the lessee, after rejection of goods in the lessee's possessi... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-b/section-7-2a-513/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division B - Default by Lessor.›Section 7-2A-513 - Cure by Lessor of Improper Tender or Delivery; Replacement. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division B - Default by Lessor. › Section 7-2A-513 - Cure by Lessor of Improper Tender or Delivery; Replacement. | Section 7-2A-513
Cure by lessor of improper tender or delivery; replacement.
(1) If any tender or delivery by the lessor or the supplier is rejected because it is nonconforming and the time for performance has not yet expired, the lessor or the supplier may seasonably notify the lessee of the lessor's or the supplier's... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-b/section-7-2a-514/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division B - Default by Lessor.›Section 7-2A-514 - Waiver of Lessee's Objections. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division B - Default by Lessor. › Section 7-2A-514 - Waiver of Lessee's Objections. | Section 7-2A-514
Waiver of lessee's objections.
(1) In rejecting goods, a lessee's failure to state a particular defect that is ascertainable by reasonable inspection precludes the lessee from relying on the defect to justify rejection or to establish default:
(a) if, stated seasonably, the lessor or the supplier could... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-b/section-7-2a-515/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division B - Default by Lessor.›Section 7-2A-515 - Acceptance of Goods. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division B - Default by Lessor. › Section 7-2A-515 - Acceptance of Goods. | Section 7-2A-515
Acceptance of goods.
(1) Acceptance of goods occurs after the lessee has had a reasonable opportunity to inspect the goods and
(a) the lessee signifies or acts with respect to the goods in a manner that signifies to the lessor or the supplier that the goods are conforming or that the lessee will take o... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-b/section-7-2a-516/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division B - Default by Lessor.›Section 7-2A-516 - Effect of Acceptance of Goods; Notice of Default; Burden of Establishing Default... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division B - Default by Lessor. › Section 7-2A-516 - Effect of Acceptance of Goods; Notice of Default; Burden of Establishing Default After Acceptance; Notice of Claim or Litigation to Person Answerable Over. | Section 7-2A-516
Effect of acceptance of goods; notice of default; burden of establishing default after acceptance; notice of claim or litigation to person answerable over.
(1) A lessee must pay rent for any goods accepted in accordance with the lease contract, with due allowance for goods rightfully rejected or not de... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-b/section-7-2a-517/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division B - Default by Lessor.›Section 7-2A-517 - Revocation of Acceptance of Goods. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division B - Default by Lessor. › Section 7-2A-517 - Revocation of Acceptance of Goods. | Section 7-2A-517
Revocation of acceptance of goods.
(1) A lessee may revoke acceptance of a lot or commercial unit whose nonconformity substantially impairs its value to the lessee if the lessee has accepted it:
(a) Except in the case of a finance lease, on the reasonable assumption that its nonconformity would be cure... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-b/section-7-2a-518/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division B - Default by Lessor.›Section 7-2A-518 - Cover; Substitute Goods. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division B - Default by Lessor. › Section 7-2A-518 - Cover; Substitute Goods. | Section 7-2A-518
Cover; substitute goods.
(1) After a default by a lessor under the lease contract of the type described in Section 7-2A-508(1), or, if agreed, after other default by the lessor, the lessee may cover by making any purchase or lease of or contract to purchase or lease goods in substitution for those due ... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-b/section-7-2a-519/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division B - Default by Lessor.›Section 7-2A-519 - Lessee's Damages for Nondelivery, Repudiation, Default, and Breach of Warranty in... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division B - Default by Lessor. › Section 7-2A-519 - Lessee's Damages for Nondelivery, Repudiation, Default, and Breach of Warranty in Regard to Accepted Goods. | Section 7-2A-519
Lessee's damages for nondelivery, repudiation, default, and breach of warranty in regard to accepted goods.
(1) Except as otherwise provided with respect to damages liquidated in the lease agreement (Section 7-2A-504) or otherwise determined pursuant to agreement of the parties (Sections 7-1-302 and 7-... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-b/section-7-2a-520/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division B - Default by Lessor.›Section 7-2A-520 - Lessee's Incidental and Consequential Damages. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division B - Default by Lessor. › Section 7-2A-520 - Lessee's Incidental and Consequential Damages. | Section 7-2A-520
Lessee's incidental and consequential damages.
(1) Incidental damages resulting from a lessor's default include expenses reasonably incurred in inspection, receipt, transportation, and care and custody of goods rightfully rejected or goods the acceptance of which is justifiably revoked, any commerciall... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-b/section-7-2a-521/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division B - Default by Lessor.›Section 7-2A-521 - Lessee's Right to Specific Performance or Replevin. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division B - Default by Lessor. › Section 7-2A-521 - Lessee's Right to Specific Performance or Replevin. | Section 7-2A-521
Lessee's right to specific performance or replevin.
(1) Specific performance may be decreed if the goods are unique or in other proper circumstances.
(2) A decree for specific performance may include any terms and conditions as to payment of the rent, damages, or other relief that the court deems just.... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-b/section-7-2a-522/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division B - Default by Lessor.›Section 7-2A-522 - Lessee's Right to Goods on Lessor's Insolvency. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division B - Default by Lessor. › Section 7-2A-522 - Lessee's Right to Goods on Lessor's Insolvency. | Section 7-2A-522
Lessee's right to goods on lessor's insolvency.
(1) Subject to subsection (2) and even though the goods have not been shipped, a lessee who has paid a part or all of the rent and security for goods identified to a lease contract (Section 7-2A-217) on making and keeping good a tender of any unpaid porti... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-c/section-7-2a-523/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division C - Default by Lessee.›Section 7-2A-523 - Lessor's Remedies. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division C - Default by Lessee. › Section 7-2A-523 - Lessor's Remedies. | Section 7-2A-523
Lessor's remedies.
(1) If a lessee wrongfully rejects or revokes acceptance of goods or fails to make a payment when due or repudiates with respect to a part or the whole, then, with respect to any goods involved, and with respect to all of the goods if under an installment lease contract the value of ... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-c/section-7-2a-524/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division C - Default by Lessee.›Section 7-2A-524 - Lessor's Right to Identify Goods to Lease Contract. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division C - Default by Lessee. › Section 7-2A-524 - Lessor's Right to Identify Goods to Lease Contract. | Section 7-2A-524
Lessor's right to identify goods to lease contract.
(1) A lessor aggrieved under Section 7-2A-523(1) may:
(a) identify to the lease contract conforming goods not already identified if at the time the lessor learned of the default they were in the lessor's or the supplier's possession or control; and
(b... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-c/section-7-2a-525/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division C - Default by Lessee.›Section 7-2A-525 - Lessor's Right to Possession of Goods. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division C - Default by Lessee. › Section 7-2A-525 - Lessor's Right to Possession of Goods. | Section 7-2A-525
Lessor's right to possession of goods.
(1) If a lessor discovers the lessee to be insolvent, the lessor may refuse to deliver the goods.
(2) After a default by the lessee under the lease contract of the type described in Section 7-2A-523(1) or 7-2A-523(3)(a) or, if agreed, after other default by the le... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-c/section-7-2a-526/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division C - Default by Lessee.›Section 7-2A-526 - Lessor's Stoppage of Delivery in Transit or Otherwise. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division C - Default by Lessee. › Section 7-2A-526 - Lessor's Stoppage of Delivery in Transit or Otherwise. | Section 7-2A-526
Lessor's stoppage of delivery in transit or otherwise.
(1) A lessor may stop delivery of goods in the possession of a carrier or other bailee if the lessor discovers the lessee to be insolvent and may stop delivery of carload, truckload, planeload, or larger shipments of express or freight if the lesse... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-c/section-7-2a-527/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division C - Default by Lessee.›Section 7-2A-527 - Lessor's Rights to Dispose of Goods. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division C - Default by Lessee. › Section 7-2A-527 - Lessor's Rights to Dispose of Goods. | Section 7-2A-527
Lessor's rights to dispose of goods.
(1) After a default by a lessee under the lease contract of the type described in Section 7-2A-523(1) or 7-2A-523(3)(a) or after the lessor refuses to deliver or takes possession of goods (Section 7-2A-525 or 7-2A-526), or, if agreed, after other default by a lessee... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-c/section-7-2a-528/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division C - Default by Lessee.›Section 7-2A-528 - Lessor's Damages for Nonacceptance, Failure to Pay, Repudiation, or Other Default... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division C - Default by Lessee. › Section 7-2A-528 - Lessor's Damages for Nonacceptance, Failure to Pay, Repudiation, or Other Default. | Section 7-2A-528
Lessor's damages for nonacceptance, failure to pay, repudiation, or other default.
(1) Except as otherwise provided with respect to damages liquidated in the lease agreement (Section 7-2A-504) or otherwise determined pursuant to agreement of the parties (Sections 7-1-302 and 7-2A-503), if a lessor elec... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-c/section-7-2a-529/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division C - Default by Lessee.›Section 7-2A-529 - Lessor's Action for the Rent. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division C - Default by Lessee. › Section 7-2A-529 - Lessor's Action for the Rent. | Section 7-2A-529
Lessor's action for the rent.
(1) After default by the lessee under the lease contract of the type described in Section 7-2A-523(1) or 7-2A-523(3)(a) or, if agreed, after other default by the lessee, if the lessor complies with subsection (2), the lessor may recover from the lessee as damages:
(a) for ... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-c/section-7-2a-530/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division C - Default by Lessee.›Section 7-2A-530 - Lessor's Incidental Damages. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division C - Default by Lessee. › Section 7-2A-530 - Lessor's Incidental Damages. | Section 7-2A-530
Lessor's incidental damages.
Incidental damages to an aggrieved lessor include any commercially reasonable charges, expenses, or commissions incurred in stopping delivery, in the transportation, care and custody of goods after the lessee's default, in connection with return or disposition of the goods,... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-c/section-7-2a-531/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division C - Default by Lessee.›Section 7-2A-531 - Standing to Sue Third Parties for Injury to Goods. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division C - Default by Lessee. › Section 7-2A-531 - Standing to Sue Third Parties for Injury to Goods. | Section 7-2A-531
Standing to sue third parties for injury to goods.
(1) If a third party so deals with goods that have been identified to a lease contract as to cause actionable injury to a party to the lease contract
(a) the lessor has a right of action against the third party, and
(b) the lessee also has a right of a... |
https://law.justia.com/codes/alabama/title-7/article-2a/part-5/division-c/section-7-2a-532/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 2A - Leases.›Part 5 - Default.›Division C - Default by Lessee.›Section 7-2A-532 - Lessor's Rights to Residual Interest. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 2A - Leases. › Part 5 - Default. › Division C - Default by Lessee. › Section 7-2A-532 - Lessor's Rights to Residual Interest. | Section 7-2A-532
Lessor's rights to residual interest.
In addition to any other recovery permitted by this article or other law, the lessor may recover from the lessee an amount that will fully compensate the lessor for any loss of or damage to the lessor's residual interest in the goods caused by the default of the le... |
https://law.justia.com/codes/alabama/title-7/article-3/part-1/section-7-3-101/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 1 - General Provisions and Definitions.›Section 7-3-101 - Short Title. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 1 - General Provisions and Definitions. › Section 7-3-101 - Short Title. | Section 7-3-101
Short title.
This article may be cited as Uniform Commercial Code - Negotiable Instruments.
(Acts 1965, No. 549, p. 811; repealed by Acts 1995, No. 95-668, p. 1381, §1; added by Acts 1995, No. 95-668, p. 1381, §1.) |
https://law.justia.com/codes/alabama/title-7/article-3/part-1/section-7-3-103/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 1 - General Provisions and Definitions.›Section 7-3-103 - Definitions. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 1 - General Provisions and Definitions. › Section 7-3-103 - Definitions. | Section 7-3-103
Definitions.
(a) In this article:
(1) "Acceptor" means a drawee who has accepted a draft.
(2) "Drawee" means a person ordered in a draft to make payment.
(3) "Drawer" means a person who signs or is identified in a draft as a person ordering payment.
(4) "Good faith" means honesty in fact in the conduct ... |
https://law.justia.com/codes/alabama/title-7/article-3/part-1/section-7-3-102/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 1 - General Provisions and Definitions.›Section 7-3-102 - Subject Matter. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 1 - General Provisions and Definitions. › Section 7-3-102 - Subject Matter. | Section 7-3-102
Subject matter.
(a) This article applies to negotiable instruments. It does not apply to money, to payment orders governed by Article 4A, or to securities governed by Article 8.
(b) If there is conflict between this article and Article 4 or 9, Articles 4 and 9 govern.
(c) Regulations of the Board of Gov... |
https://law.justia.com/codes/alabama/title-7/article-3/part-1/section-7-3-104/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 1 - General Provisions and Definitions.›Section 7-3-104 - Negotiable Instrument. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 1 - General Provisions and Definitions. › Section 7-3-104 - Negotiable Instrument. | Section 7-3-104
Negotiable instrument.
(a) Except as provided in subsections (c) and (d), "negotiable instrument" means an unconditional promise or order to pay a fixed amount of money, with or without interest or other charges described in the promise or order, if it:
(1) Is payable to bearer or to order at the time i... |
https://law.justia.com/codes/alabama/title-7/article-3/part-1/section-7-3-105/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 1 - General Provisions and Definitions.›Section 7-3-105 - Issue of Instrument. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 1 - General Provisions and Definitions. › Section 7-3-105 - Issue of Instrument. | Section 7-3-105
Issue of instrument.
(a) "Issue" means the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person.
(b) An unissued instrument, or an unissued incomplete instrument that is completed, is binding on the mak... |
https://law.justia.com/codes/alabama/title-7/article-3/part-1/section-7-3-106/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 1 - General Provisions and Definitions.›Section 7-3-106 - Unconditional Promise or Order. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 1 - General Provisions and Definitions. › Section 7-3-106 - Unconditional Promise or Order. | Section 7-3-106
Unconditional promise or order.
(a) Except as provided in this section, for the purposes of Section 7-3-104(a), a promise or order is unconditional unless it states (i) an express condition to payment, (ii) that the promise or order is subject to or governed by another writing, or (iii) that rights or o... |
https://law.justia.com/codes/alabama/title-7/article-3/part-1/section-7-3-107/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 1 - General Provisions and Definitions.›Section 7-3-107 - Instrument Payable in Foreign Money. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 1 - General Provisions and Definitions. › Section 7-3-107 - Instrument Payable in Foreign Money. | Section 7-3-107
Instrument payable in foreign money.
Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign money or in an equivalent amount in dollars calculated by using the current bank-offered spot rate at the place of payment for the purch... |
https://law.justia.com/codes/alabama/title-7/article-3/part-1/section-7-3-108/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 1 - General Provisions and Definitions.›Section 7-3-108 - Payable on Demand or at Definite Time. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 1 - General Provisions and Definitions. › Section 7-3-108 - Payable on Demand or at Definite Time. | Section 7-3-108
Payable on demand or at definite time.
(a) A promise or order is "payable on demand" if it (i) states that it is payable on demand or at sight, or otherwise indicates that it is payable at the will of the holder, or (ii) does not state any time of payment.
(b) A promise or order is "payable at a definit... |
https://law.justia.com/codes/alabama/title-7/article-3/part-1/section-7-3-109/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 1 - General Provisions and Definitions.›Section 7-3-109 - Payable to Bearer or to Order. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 1 - General Provisions and Definitions. › Section 7-3-109 - Payable to Bearer or to Order. | Section 7-3-109
Payable to bearer or to order.
(a) A promise or order is payable to bearer if it:
(1) States that it is payable to bearer or to the order of bearer or otherwise indicates that the person in possession of the promise or order is entitled to payment;
(2) Does not state a payee; or
(3) States that it is pa... |
https://law.justia.com/codes/alabama/title-7/article-3/part-1/section-7-3-110/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 1 - General Provisions and Definitions.›Section 7-3-110 - Identification of Person to Whom Instrument Is Payable. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 1 - General Provisions and Definitions. › Section 7-3-110 - Identification of Person to Whom Instrument Is Payable. | Section 7-3-110
Identification of person to whom instrument is payable.
(a) The person to whom an instrument is initially payable is determined by the intent of the person, whether or not authorized, signing as, or in the name or behalf of, the issuer of the instrument. The instrument is payable to the person intended ... |
https://law.justia.com/codes/alabama/title-7/article-3/part-1/section-7-3-111/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 1 - General Provisions and Definitions.›Section 7-3-111 - Place of Payment. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 1 - General Provisions and Definitions. › Section 7-3-111 - Place of Payment. | Section 7-3-111
Place of payment.
Except as otherwise provided for items in Article 4, an instrument is payable at the place of payment stated in the instrument. If no place of payment is stated, an instrument is payable at the address of the drawee or maker stated in the instrument. If no address is stated, the place ... |
https://law.justia.com/codes/alabama/title-7/article-3/part-1/section-7-3-112/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 1 - General Provisions and Definitions.›Section 7-3-112 - Interest. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 1 - General Provisions and Definitions. › Section 7-3-112 - Interest. | Section 7-3-112
Interest.
(a) Unless otherwise provided in the instrument, (i) an instrument is not payable with interest until dishonor, and (ii) interest on an interest-bearing instrument is payable from the date of the instrument.
(b) Interest may be stated in an instrument as a fixed or variable amount of money or ... |
https://law.justia.com/codes/alabama/title-7/article-3/part-1/section-7-3-113/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 1 - General Provisions and Definitions.›Section 7-3-113 - Date of Instrument. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 1 - General Provisions and Definitions. › Section 7-3-113 - Date of Instrument. | Section 7-3-113
Date of instrument.
(a) An instrument may be antedated or postdated. The date stated determines the time of payment if the instrument is payable at a fixed period after date. Except as provided in Section 7-4-401(c), an instrument payable on demand is not payable before the date of the instrument.
(b) I... |
https://law.justia.com/codes/alabama/title-7/article-3/part-1/section-7-3-114/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 1 - General Provisions and Definitions.›Section 7-3-114 - Contradictory Terms of Instrument. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 1 - General Provisions and Definitions. › Section 7-3-114 - Contradictory Terms of Instrument. | Section 7-3-114
Contradictory terms of instrument.
If an instrument contains contradictory terms, typewritten terms prevail over printed terms, handwritten terms prevail over both, and words prevail over numbers.
(Acts 1995, No. 95-668, p. 1381, §1.) |
https://law.justia.com/codes/alabama/title-7/article-3/part-1/section-7-3-115/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 1 - General Provisions and Definitions.›Section 7-3-115 - Incomplete Instrument. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 1 - General Provisions and Definitions. › Section 7-3-115 - Incomplete Instrument. | Section 7-3-115
Incomplete instrument.
(a) "Incomplete instrument" means a signed writing, whether or not issued by the signer, the contents of which show at the time of signing that it is incomplete but that the signer intended it to be completed by the addition of words or numbers.
(b) Subject to subsection (c), if a... |
https://law.justia.com/codes/alabama/title-7/article-3/part-1/section-7-3-116/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 1 - General Provisions and Definitions.›Section 7-3-116 - Joint and Several Liability; Contribution. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 1 - General Provisions and Definitions. › Section 7-3-116 - Joint and Several Liability; Contribution. | Section 7-3-116
Joint and several liability; contribution.
(a) Except as otherwise provided in the instrument, two or more persons who have the same liability on an instrument as makers, drawers, acceptors, indorsers who indorse as joint payees, or anomalous indorsers are jointly and severally liable in the capacity in... |
https://law.justia.com/codes/alabama/title-7/article-3/part-1/section-7-3-117/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 1 - General Provisions and Definitions.›Section 7-3-117 - Other Agreements Affecting Instrument. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 1 - General Provisions and Definitions. › Section 7-3-117 - Other Agreements Affecting Instrument. | Section 7-3-117
Other agreements affecting instrument.
Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, supplemented, or nullified by a separate agreement of the obligor and a person entitl... |
https://law.justia.com/codes/alabama/title-7/article-3/part-1/section-7-3-118/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 1 - General Provisions and Definitions.›Section 7-3-118 - Statute of Limitations. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 1 - General Provisions and Definitions. › Section 7-3-118 - Statute of Limitations. | Section 7-3-118
Statute of limitations.
(a) Note payable at a definite time. Except as provided in subsection (e), an action to enforce the obligation of a party to pay a note payable at a definite time must be commenced within six years after the due date or dates stated in the note or, if a due date is accelerated, w... |
https://law.justia.com/codes/alabama/title-7/article-3/part-1/section-7-3-119/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 1 - General Provisions and Definitions.›Section 7-3-119 - Notice of Right to Defend Action. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 1 - General Provisions and Definitions. › Section 7-3-119 - Notice of Right to Defend Action. | Section 7-3-119
Notice of right to defend action.
In an action for breach of an obligation for which a third person is answerable over pursuant to this article or Article 4, the defendant may give the third person written notice of the litigation, and the person notified may then give similar notice to any other person... |
https://law.justia.com/codes/alabama/title-7/article-3/part-2/section-7-3-201/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 2 - Negotiation, Transfer, and Indorsement.›Section 7-3-201 - Negotiation. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 2 - Negotiation, Transfer, and Indorsement. › Section 7-3-201 - Negotiation. | Section 7-3-201
Negotiation.
(a) "Negotiation" means a transfer of possession, whether voluntary or involuntary, of an instrument by a person other than the issuer to a person who thereby becomes its holder.
(b) Except for negotiation by a remitter, if an instrument is payable to an identified person, negotiation requi... |
https://law.justia.com/codes/alabama/title-7/article-3/part-2/section-7-3-202/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 2 - Negotiation, Transfer, and Indorsement.›Section 7-3-202 - Negotiation Subject to Rescission. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 2 - Negotiation, Transfer, and Indorsement. › Section 7-3-202 - Negotiation Subject to Rescission. | Section 7-3-202
Negotiation subject to rescission.
(a) Negotiation is effective even if obtained (i) from an infant, a corporation exceeding its powers, or a person without capacity, (ii) by fraud, duress, or mistake, or (iii) in breach of duty or as part of an illegal transaction.
(b) To the extent permitted by other ... |
https://law.justia.com/codes/alabama/title-7/article-3/part-2/section-7-3-203/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 2 - Negotiation, Transfer, and Indorsement.›Section 7-3-203 - Transfer of Instrument; Rights Acquired by Transfer. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 2 - Negotiation, Transfer, and Indorsement. › Section 7-3-203 - Transfer of Instrument; Rights Acquired by Transfer. | Section 7-3-203
Transfer of instrument; rights acquired by transfer.
(a) An instrument is transferred when it is delivered by a person other than its issuer for the purpose of giving to the person receiving delivery the right to enforce the instrument.
(b) Transfer of an instrument, whether or not the transfer is a neg... |
https://law.justia.com/codes/alabama/title-7/article-3/part-2/section-7-3-204/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 2 - Negotiation, Transfer, and Indorsement.›Section 7-3-204 - Indorsement. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 2 - Negotiation, Transfer, and Indorsement. › Section 7-3-204 - Indorsement. | Section 7-3-204
Indorsement.
(a) "Indorsement" means a signature, other than that of a signer as maker, drawer, or acceptor, that alone or accompanied by other words is made on an instrument for the purpose of (i) negotiating the instrument, (ii) restricting payment of the instrument, or (iii) incurring indorser's liab... |
https://law.justia.com/codes/alabama/title-7/article-3/part-2/section-7-3-205/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 2 - Negotiation, Transfer, and Indorsement.›Section 7-3-205 - Special Indorsement; Blank Indorsement; Anomalous Indorsement. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 2 - Negotiation, Transfer, and Indorsement. › Section 7-3-205 - Special Indorsement; Blank Indorsement; Anomalous Indorsement. | Section 7-3-205
Special indorsement; blank indorsement; anomalous indorsement.
(a) If an indorsement is made by the holder of an instrument, whether payable to an identified person or payable to bearer, and the indorsement identifies a person to whom it makes the instrument payable, it is a "special indorsement." When ... |
https://law.justia.com/codes/alabama/title-7/article-3/part-2/section-7-3-206/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 2 - Negotiation, Transfer, and Indorsement.›Section 7-3-206 - Restrictive Indorsement. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 2 - Negotiation, Transfer, and Indorsement. › Section 7-3-206 - Restrictive Indorsement. | Section 7-3-206
Restrictive indorsement.
(a) An indorsement limiting payment to a particular person or otherwise prohibiting further transfer or negotiation of the instrument is not effective to prevent further transfer or negotiation of the instrument.
(b) An indorsement stating a condition to the right of the indorse... |
https://law.justia.com/codes/alabama/title-7/article-3/part-2/section-7-3-207/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 2 - Negotiation, Transfer, and Indorsement.›Section 7-3-207 - Reacquisition. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 2 - Negotiation, Transfer, and Indorsement. › Section 7-3-207 - Reacquisition. | Section 7-3-207
Reacquisition.
Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiation or otherwise. A former holder who reacquires the instrument may cancel indorsements made after the reacquirer first became a holder of the instrument. If the cancellation causes the instrument to... |
https://law.justia.com/codes/alabama/title-7/article-3/part-3/section-7-3-301/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 3 - Enforcement of Instruments.›Section 7-3-301 - Person Entitled to Enforce Instrument. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 3 - Enforcement of Instruments. › Section 7-3-301 - Person Entitled to Enforce Instrument. | Section 7-3-301
Person entitled to enforce instrument.
"Person entitled to enforce" an instrument means (i) the holder of the instrument, (ii) a nonholder in possession of the instrument who has the rights of a holder, or (iii) a person not in possession of the instrument who is entitled to enforce the instrument pursu... |
https://law.justia.com/codes/alabama/title-7/article-3/part-3/section-7-3-302/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 3 - Enforcement of Instruments.›Section 7-3-302 - Holder in Due Course. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 3 - Enforcement of Instruments. › Section 7-3-302 - Holder in Due Course. | Section 7-3-302
Holder in due course.
(a) Subject to subsection (c) and Section 7-3-106(d), "holder in due course" means the holder of an instrument if:
(1) The instrument when issued or negotiated to the holder does not bear such apparent evidence of forgery or alteration or is not otherwise so irregular or incomplete... |
https://law.justia.com/codes/alabama/title-7/article-3/part-3/section-7-3-303/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 3 - Enforcement of Instruments.›Section 7-3-303 - Value and Consideration. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 3 - Enforcement of Instruments. › Section 7-3-303 - Value and Consideration. | Section 7-3-303
Value and consideration.
(a) An instrument is issued or transferred for value if:
(1) The instrument is issued or transferred for a promise of performance, to the extent the promise has been performed;
(2) The transferee acquires a security interest or other lien in the instrument other than a lien obta... |
https://law.justia.com/codes/alabama/title-7/article-3/part-3/section-7-3-306/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 3 - Enforcement of Instruments.›Section 7-3-306 - Claims to an Instrument. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 3 - Enforcement of Instruments. › Section 7-3-306 - Claims to an Instrument. | Section 7-3-306
Claims to an instrument.
A person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim of a property or possessory right in the instrument or its proceeds, including a claim to rescind a negotiation and to recover the instrument or its proceeds. A pers... |
https://law.justia.com/codes/alabama/title-7/article-3/part-3/section-7-3-304/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 3 - Enforcement of Instruments.›Section 7-3-304 - Overdue Instrument. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 3 - Enforcement of Instruments. › Section 7-3-304 - Overdue Instrument. | Section 7-3-304
Overdue instrument.
(a) An instrument payable on demand becomes overdue at the earliest of the following times:
(1) On the day after the day demand for payment is duly made;
(2) If the instrument is a check, 90 days after its date; or
(3) If the instrument is not a check, when the instrument has been ou... |
https://law.justia.com/codes/alabama/title-7/article-3/part-3/section-7-3-305/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 3 - Enforcement of Instruments.›Section 7-3-305 - Defenses and Claims in Recoupment. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 3 - Enforcement of Instruments. › Section 7-3-305 - Defenses and Claims in Recoupment. | Section 7-3-305
Defenses and claims in recoupment.
(a) Except as stated in subsection (b), the right to enforce the obligation of a party to pay an instrument is subject to the following:
(1) A defense of the obligor based on (i) infancy of the obligor to the extent it is a defense to a simple contract, (ii) duress, la... |
https://law.justia.com/codes/alabama/title-7/article-3/part-3/section-7-3-307/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 3 - Enforcement of Instruments.›Section 7-3-307 - Notice of Breach of Fiduciary Duty. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 3 - Enforcement of Instruments. › Section 7-3-307 - Notice of Breach of Fiduciary Duty. | Section 7-3-307
Notice of breach of fiduciary duty.
(a) In this section:
(1) "Fiduciary" means an agent, trustee, partner, corporate officer or director, or other representative owing a fiduciary duty with respect to an instrument.
(2) "Represented person" means the principal, beneficiary, partnership, corporation, or ... |
https://law.justia.com/codes/alabama/title-7/article-3/part-3/section-7-3-308/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 3 - Enforcement of Instruments.›Section 7-3-308 - Proof of Signatures and Status as Holder in Due Course. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 3 - Enforcement of Instruments. › Section 7-3-308 - Proof of Signatures and Status as Holder in Due Course. | Section 7-3-308
Proof of signatures and status as holder in due course.
(a) In an action with respect to an instrument, the authenticity of, and authority to make, each signature on the instrument is admitted unless specifically denied in the pleadings. If the validity of a signature is denied in the pleadings, the bur... |
https://law.justia.com/codes/alabama/title-7/article-3/part-3/section-7-3-309/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 3 - Enforcement of Instruments.›Section 7-3-309 - Enforcement of Lost, Destroyed, or Stolen Instrument. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 3 - Enforcement of Instruments. › Section 7-3-309 - Enforcement of Lost, Destroyed, or Stolen Instrument. | Section 7-3-309
Enforcement of lost, destroyed, or stolen instrument.
(a) A person not in possession of an instrument is entitled to enforce the instrument if: (i) the person seeking to enforce the instrument: (A) was entitled to enforce it when loss of possession occurred, or (B) has directly or indirectly acquired ow... |
https://law.justia.com/codes/alabama/title-7/article-3/part-3/section-7-3-310/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 3 - Enforcement of Instruments.›Section 7-3-310 - Effect of Instrument on Obligation for Which Taken. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 3 - Enforcement of Instruments. › Section 7-3-310 - Effect of Instrument on Obligation for Which Taken. | Section 7-3-310
Effect of instrument on obligation for which taken.
(a) Unless otherwise agreed, if a certified check, cashier's check, or teller's check is taken for an obligation, the obligation is discharged to the same extent discharge would result if an amount of money equal to the amount of the instrument were ta... |
https://law.justia.com/codes/alabama/title-7/article-3/part-3/section-7-3-311/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 3 - Enforcement of Instruments.›Section 7-3-311 - Accord and Satisfaction by Use of Instrument. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 3 - Enforcement of Instruments. › Section 7-3-311 - Accord and Satisfaction by Use of Instrument. | Section 7-3-311
Accord and satisfaction by use of instrument.
(a) If a person against whom a claim is asserted proves that (i) that person in good faith tendered an instrument to the claimant as full satisfaction of the claim, (ii) the amount of the claim was unliquidated or subject to a bona fide dispute, and (iii) th... |
https://law.justia.com/codes/alabama/title-7/article-3/part-3/section-7-3-312/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 3 - Enforcement of Instruments.›Section 7-3-312 - Lost, Destroyed, or Stolen Cashier's Check, Teller's Check, or Certified Check. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 3 - Enforcement of Instruments. › Section 7-3-312 - Lost, Destroyed, or Stolen Cashier's Check, Teller's Check, or Certified Check. | Section 7-3-312
Lost, destroyed, or stolen cashier's check, teller's check, or certified check.
(a) In this section:
(1) "Check" means a cashier's check, teller's check, or certified check.
(2) "Claimant" means a person who claims the right to receive the amount of a cashier's check, teller's check, or certified check ... |
https://law.justia.com/codes/alabama/title-7/article-3/part-4/section-7-3-401/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 4 - Liability of Parties.›Section 7-3-401 - Signature. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 4 - Liability of Parties. › Section 7-3-401 - Signature. | Section 7-3-401
Signature.
(a) A person is not liable on an instrument unless (i) the person signed the instrument, or (ii) the person is represented by an agent or representative who signed the instrument and the signature is binding on the represented person under Section 7-3-402.
(b) A signature may be made (i) manu... |
https://law.justia.com/codes/alabama/title-7/article-3/part-4/section-7-3-402/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 4 - Liability of Parties.›Section 7-3-402 - Signature by Representative. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 4 - Liability of Parties. › Section 7-3-402 - Signature by Representative. | Section 7-3-402
Signature by representative.
(a) If a person acting, or purporting to act, as a representative signs an instrument by signing either the name of the represented person or the name of the signer, the represented person is bound by the signature to the same extent the represented person would be bound if ... |
https://law.justia.com/codes/alabama/title-7/article-3/part-4/section-7-3-403/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 4 - Liability of Parties.›Section 7-3-403 - Unauthorized Signature. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 4 - Liability of Parties. › Section 7-3-403 - Unauthorized Signature. | Section 7-3-403
Unauthorized signature.
(a) Unless otherwise provided in this article or Article 4, an unauthorized signature is ineffective except as the signature of the unauthorized signer in favor of a person who in good faith pays the instrument or takes it for value. An unauthorized signature may be ratified for ... |
https://law.justia.com/codes/alabama/title-7/article-3/part-4/section-7-3-404/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 4 - Liability of Parties.›Section 7-3-404 - Impostors; Fictitious Payees. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 4 - Liability of Parties. › Section 7-3-404 - Impostors; Fictitious Payees. | Section 7-3-404
Impostors; fictitious payees.
(a) If an impostor, by use of the mails or otherwise, induces the issuer of an instrument to issue the instrument to the impostor, or to a person acting in concert with the impostor, by impersonating the payee of the instrument or a person authorized to act for the payee, a... |
https://law.justia.com/codes/alabama/title-7/article-3/part-4/section-7-3-405/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 4 - Liability of Parties.›Section 7-3-405 - Employer's Responsibility for Fraudulent Indorsement by Employee. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 4 - Liability of Parties. › Section 7-3-405 - Employer's Responsibility for Fraudulent Indorsement by Employee. | Section 7-3-405
Employer's responsibility for fraudulent indorsement by employee.
(a) This section applies to fraudulent indorsements of instruments with respect to which an employer has entrusted an employee with responsibility as part of the employee's duties. The following definitions apply to this section:
(1) "Emp... |
https://law.justia.com/codes/alabama/title-7/article-3/part-4/section-7-3-406/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 4 - Liability of Parties.›Section 7-3-406 - Negligence Contributing to Forged Signature or Alteration of Instrument. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 4 - Liability of Parties. › Section 7-3-406 - Negligence Contributing to Forged Signature or Alteration of Instrument. | Section 7-3-406
Negligence contributing to forged signature or alteration of instrument.
(a) A person whose failure to exercise ordinary care substantially contributes to an alteration of an instrument or to the making of a forged signature on an instrument is precluded from asserting the alteration or the forgery agai... |
https://law.justia.com/codes/alabama/title-7/article-3/part-4/section-7-3-407/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 4 - Liability of Parties.›Section 7-3-407 - Alteration. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 4 - Liability of Parties. › Section 7-3-407 - Alteration. | Section 7-3-407
Alteration.
(a) "Alteration" means (i) an unauthorized change in an instrument that purports to modify in any respect the obligation of a party, or (ii) an unauthorized addition of words or numbers or other change to an incomplete instrument relating to the obligation of a party.
(b) Except as provided ... |
https://law.justia.com/codes/alabama/title-7/article-3/part-4/section-7-3-408/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 4 - Liability of Parties.›Section 7-3-408 - Drawee Not Liable on Unaccepted Draft. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 4 - Liability of Parties. › Section 7-3-408 - Drawee Not Liable on Unaccepted Draft. | Section 7-3-408
Drawee not liable on unaccepted draft.
A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts it.
(Acts 1995, No. 95-668, p. 1381, §1.) |
https://law.justia.com/codes/alabama/title-7/article-3/part-4/section-7-3-409/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 4 - Liability of Parties.›Section 7-3-409 - Acceptance of Draft; Certified Check. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 4 - Liability of Parties. › Section 7-3-409 - Acceptance of Draft; Certified Check. | Section 7-3-409
Acceptance of draft; certified check.
(a) "Acceptance" means the drawee's signed agreement to pay a draft as presented. It must be written on the draft and may consist of the drawee's signature alone. Acceptance may be made at any time and becomes effective when notification pursuant to instructions is ... |
https://law.justia.com/codes/alabama/title-7/article-3/part-4/section-7-3-410/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 4 - Liability of Parties.›Section 7-3-410 - Acceptance Varying Draft. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 4 - Liability of Parties. › Section 7-3-410 - Acceptance Varying Draft. | Section 7-3-410
Acceptance varying draft.
(a) If the terms of a drawee's acceptance vary from the terms of the draft as presented, the holder may refuse the acceptance and treat the draft as dishonored. In that case, the drawee may cancel the acceptance.
(b) The terms of a draft are not varied by an acceptance to pay a... |
https://law.justia.com/codes/alabama/title-7/article-3/part-4/section-7-3-411/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 4 - Liability of Parties.›Section 7-3-411 - Refusal to Pay Cashier's Checks, Teller's Checks, and Certified Checks. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 4 - Liability of Parties. › Section 7-3-411 - Refusal to Pay Cashier's Checks, Teller's Checks, and Certified Checks. | Section 7-3-411
Refusal to pay cashier's checks, teller's checks, and certified checks.
(a) In this section, "obligated bank" means the acceptor of a certified check or the issuer of a cashier's check or teller's check bought from the issuer.
(b) If the obligated bank wrongfully (i) refuses to pay a cashier's check or ... |
https://law.justia.com/codes/alabama/title-7/article-3/part-4/section-7-3-412/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 4 - Liability of Parties.›Section 7-3-412 - Obligation of Issuer of Note or Cashier's Check. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 4 - Liability of Parties. › Section 7-3-412 - Obligation of Issuer of Note or Cashier's Check. | Section 7-3-412
Obligation of issuer of note or cashier's check.
The issuer of a note or cashier's check or other draft drawn on the drawer is obliged to pay the instrument (i) according to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder, or (ii) if the issue... |
https://law.justia.com/codes/alabama/title-7/article-3/part-4/section-7-3-413/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 4 - Liability of Parties.›Section 7-3-413 - Obligation of Acceptor. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 4 - Liability of Parties. › Section 7-3-413 - Obligation of Acceptor. | Section 7-3-413
Obligation of acceptor.
(a) The acceptor of a draft is obliged to pay the draft (i) according to its terms at the time it was accepted, even though the acceptance states that the draft is payable "as originally drawn" or equivalent terms, (ii) if the acceptance varies the terms of the draft, according t... |
https://law.justia.com/codes/alabama/title-7/article-3/part-4/section-7-3-414/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 4 - Liability of Parties.›Section 7-3-414 - Obligation of Drawer. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 4 - Liability of Parties. › Section 7-3-414 - Obligation of Drawer. | Section 7-3-414
Obligation of drawer.
(a) This section does not apply to cashier's checks or other drafts drawn on the drawer.
(b) If an unaccepted draft is dishonored, the drawer is obliged to pay the draft (i) according to its terms at the time it was issued or, if not issued, at the time it first came into possessio... |
https://law.justia.com/codes/alabama/title-7/article-3/part-4/section-7-3-415/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 4 - Liability of Parties.›Section 7-3-415 - Obligation of Indorser. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 4 - Liability of Parties. › Section 7-3-415 - Obligation of Indorser. | Section 7-3-415
Obligation of indorser.
(a) Subject to subsections (b), (c), and (d) and to Section 7-3-419(d), if an instrument is dishonored, an indorser is obliged to pay the amount due on the instrument (i) according to the terms of the instrument at the time it was indorsed, or (ii) if the indorser indorsed an inc... |
https://law.justia.com/codes/alabama/title-7/article-3/part-4/section-7-3-416/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 4 - Liability of Parties.›Section 7-3-416 - Transfer Warranties. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 4 - Liability of Parties. › Section 7-3-416 - Transfer Warranties. | Section 7-3-416
Transfer warranties.
(a) A person who transfers an instrument for consideration warrants to the transferee and, if the transfer is by indorsement, to any subsequent transferee that:
(1) The warrantor is a person entitled to enforce the instrument;
(2) All signatures on the instrument are authentic and a... |
https://law.justia.com/codes/alabama/title-7/article-3/part-4/section-7-3-417/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 4 - Liability of Parties.›Section 7-3-417 - Presentment Warranties. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 4 - Liability of Parties. › Section 7-3-417 - Presentment Warranties. | Section 7-3-417
Presentment warranties.
(a) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, (i) the person obtaining payment or acceptance, at the time of presentment, and (ii) a previous transferor of the draft, at the time of transfer, warrant to t... |
https://law.justia.com/codes/alabama/title-7/article-3/part-4/section-7-3-418/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 4 - Liability of Parties.›Section 7-3-418 - Payment or Acceptance by Mistake. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 4 - Liability of Parties. › Section 7-3-418 - Payment or Acceptance by Mistake. | Section 7-3-418
Payment or acceptance by mistake.
(a) Except as provided in subsection (c), if the drawee of a draft pays or accepts the draft and the drawee acted on the mistaken belief that (i) payment of the draft had not been stopped pursuant to Section 7-4-403 or (ii) the signature of the drawer of the draft was a... |
https://law.justia.com/codes/alabama/title-7/article-3/part-4/section-7-3-419/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 4 - Liability of Parties.›Section 7-3-419 - Instruments Signed for Accommodation. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 4 - Liability of Parties. › Section 7-3-419 - Instruments Signed for Accommodation. | Section 7-3-419
Instruments signed for accommodation.
(a) If an instrument is issued for value given for the benefit of a party to the instrument ("accommodated party") and another party to the instrument ("accommodation party") signs the instrument for the purpose of incurring liability on the instrument without being... |
https://law.justia.com/codes/alabama/title-7/article-3/part-4/section-7-3-420/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 4 - Liability of Parties.›Section 7-3-420 - Conversion of Instrument. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 4 - Liability of Parties. › Section 7-3-420 - Conversion of Instrument. | Section 7-3-420
Conversion of instrument.
(a) An instrument is converted under circumstances which would constitute conversion under personal property law. An instrument is also converted if it is taken by transfer, other than a negotiation, from a person not entitled to enforce the instrument or a bank makes or obtain... |
https://law.justia.com/codes/alabama/title-7/article-3/part-5/section-7-3-502/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 5 - Dishonor.›Section 7-3-502 - Dishonor. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 5 - Dishonor. › Section 7-3-502 - Dishonor. | Section 7-3-502
Dishonor.
(a) Dishonor of a note is governed by the following rules:
(1) If the note is payable on demand, the note is dishonored if presentment is duly made to the maker and the note is not paid on the day of presentment.
(2) If the note is not payable on demand and is payable at or through a bank or t... |
https://law.justia.com/codes/alabama/title-7/article-3/part-5/section-7-3-503/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 5 - Dishonor.›Section 7-3-503 - Notice of Dishonor. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 5 - Dishonor. › Section 7-3-503 - Notice of Dishonor. | Section 7-3-503
Notice of dishonor.
(a) The obligation of an indorser stated in Section 7-3-415(a) and the obligation of a drawer stated in Section 7-3-414(d) may not be enforced unless (i) the indorser or drawer is given notice of dishonor of the instrument complying with this section or (ii) notice of dishonor is exc... |
https://law.justia.com/codes/alabama/title-7/article-3/part-5/section-7-3-501/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 5 - Dishonor.›Section 7-3-501 - Presentment. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 5 - Dishonor. › Section 7-3-501 - Presentment. | Section 7-3-501
Presentment.
(a) "Presentment" means a demand made by or on behalf of a person entitled to enforce an instrument (i) to pay the instrument made to the drawee or a party obliged to pay the instrument or, in the case of a note or accepted draft payable at a bank, to the bank, or (ii) to accept a draft mad... |
https://law.justia.com/codes/alabama/title-7/article-3/part-5/section-7-3-504/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 5 - Dishonor.›Section 7-3-504 - Excused Presentment and Notice of Dishonor. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 5 - Dishonor. › Section 7-3-504 - Excused Presentment and Notice of Dishonor. | Section 7-3-504
Excused presentment and notice of dishonor.
(a) Presentment for payment or acceptance of an instrument is excused if (i) the person entitled to present the instrument cannot with reasonable diligence make presentment, (ii) the maker or acceptor has repudiated an obligation to pay the instrument or is de... |
https://law.justia.com/codes/alabama/title-7/article-3/part-5/section-7-3-505/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 5 - Dishonor.›Section 7-3-505 - Evidence of Dishonor. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 5 - Dishonor. › Section 7-3-505 - Evidence of Dishonor. | Section 7-3-505
Evidence of dishonor.
(a) The following are admissible as evidence and create a presumption of dishonor and of any notice of dishonor stated:
(1) A document regular in form as provided in subsection (b) which purports to be a protest;
(2) A purported stamp or writing of the drawee, payor bank, or presen... |
https://law.justia.com/codes/alabama/title-7/article-3/part-6/section-7-3-601/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 6 - Discharge and Payment.›Section 7-3-601 - Discharge and Effect of Discharge. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 6 - Discharge and Payment. › Section 7-3-601 - Discharge and Effect of Discharge. | Section 7-3-601
Discharge and effect of discharge.
(a) The obligation of a party to pay the instrument is discharged as stated in this article or by an act or agreement with the party which would discharge an obligation to pay money under a simple contract.
(b) Discharge of the obligation of a party is not effective ag... |
https://law.justia.com/codes/alabama/title-7/article-3/part-6/section-7-3-602/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 6 - Discharge and Payment.›Section 7-3-602 - Payment. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 6 - Discharge and Payment. › Section 7-3-602 - Payment. | Section 7-3-602
Payment.
(a) Subject to subsection (b), an instrument is paid to the extent payment is made (i) by or on behalf of a party obliged to pay the instrument, and (ii) to a person entitled to enforce the instrument. To the extent of the payment, the obligation of the party obliged to pay the instrument is di... |
https://law.justia.com/codes/alabama/title-7/article-3/part-6/section-7-3-603/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 6 - Discharge and Payment.›Section 7-3-603 - Tender of Payment. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 6 - Discharge and Payment. › Section 7-3-603 - Tender of Payment. | Section 7-3-603
Tender of payment.
(a) If tender of payment of an amount due on an instrument is made to a person entitled to enforce the instrument, the effect of tender is governed by principles of law applicable to tender of payment under a simple contract and by subsections (b), (c) and (d).
(b) If tender of paymen... |
https://law.justia.com/codes/alabama/title-7/article-3/part-6/section-7-3-604/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 6 - Discharge and Payment.›Section 7-3-604 - Discharge by Cancellation or Renunciation. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 6 - Discharge and Payment. › Section 7-3-604 - Discharge by Cancellation or Renunciation. | Section 7-3-604
Discharge by cancellation or renunciation.
(a) A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument (i) by an intentional voluntary act, such as surrender of the instrument to the party, destruction, mutilation, or cance... |
https://law.justia.com/codes/alabama/title-7/article-3/part-6/section-7-3-605/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 3 - Negotiable Instruments.›Part 6 - Discharge and Payment.›Section 7-3-605 - Discharge of Indorsers and Accommodation Parties. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 3 - Negotiable Instruments. › Part 6 - Discharge and Payment. › Section 7-3-605 - Discharge of Indorsers and Accommodation Parties. | Section 7-3-605
Discharge of indorsers and accommodation parties.
(a) In this section, the term "indorser" includes a drawer having the obligation described in Section 7-3-414(d).
(b) Discharge, under Section 7-3-604, of the obligation of a party to pay an instrument does not discharge the obligation of an indorser or ... |
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