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https://law.justia.com/codes/alabama/title-7/article-4/part-1/section-7-4-101/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 1 - General Provisions and Definitions.›Section 7-4-101 - Short Title. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 1 - General Provisions and Definitions. › Section 7-4-101 - Short Title. | Section 7-4-101
Short title.
This article may be cited as Uniform Commercial Code - Bank Deposits and Collections.
(Acts 1965, No. 549, p. 811; repealed by Acts 1995, No. 95-668, p. 1381, §2; added by Acts 1995, No. 95-668, p. 1381, §2.) |
https://law.justia.com/codes/alabama/title-7/article-4/part-1/section-7-4-102/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 1 - General Provisions and Definitions.›Section 7-4-102 - Applicability. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 1 - General Provisions and Definitions. › Section 7-4-102 - Applicability. | Section 7-4-102
Applicability.
(a) To the extent that items within this article are also within Articles 3 and 8, they are subject to those articles. If there is conflict, this article governs Article 3, but Article 8 governs this article.
(b) The liability of a bank for action or non-action with respect to an item han... |
https://law.justia.com/codes/alabama/title-7/article-4/part-1/section-7-4-103/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 1 - General Provisions and Definitions.›Section 7-4-103 - Variation by Agreement; Measure of Damages; Action Constituting Ordinary Care. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 1 - General Provisions and Definitions. › Section 7-4-103 - Variation by Agreement; Measure of Damages; Action Constituting Ordinary Care. | Section 7-4-103
Variation by agreement; measure of damages; action constituting ordinary care.
(a) The effect of the provisions of this article may be varied by agreement, but the parties to the agreement cannot disclaim a bank's responsibility for its lack of good faith or failure to exercise ordinary care or limit th... |
https://law.justia.com/codes/alabama/title-7/article-4/part-1/section-7-4-104/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 1 - General Provisions and Definitions.›Section 7-4-104 - Definitions and Index of Definitions. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 1 - General Provisions and Definitions. › Section 7-4-104 - Definitions and Index of Definitions. | Section 7-4-104
Definitions and index of definitions.
(a) In this article, unless the context otherwise requires:
(1) "Account" means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit;
(2) "Af... |
https://law.justia.com/codes/alabama/title-7/article-4/part-1/section-7-4-105/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 1 - General Provisions and Definitions.›Section 7-4-105 - "Bank"; "Depositary Bank"; "Payor Bank"; "Intermediary Bank"; "Collecting Bank"; "... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 1 - General Provisions and Definitions. › Section 7-4-105 - "Bank"; "Depositary Bank"; "Payor Bank"; "Intermediary Bank"; "Collecting Bank"; "Presenting bank." | Section 7-4-105
"Bank"; "depositary bank"; "payor bank"; "intermediary bank"; "collecting bank"; "presenting bank."
In this article:
(1) "Bank" means a person engaged in the business of banking, including a savings bank, savings and loan association, credit union, or trust company;
(2) "Depositary bank" means the first... |
https://law.justia.com/codes/alabama/title-7/article-4/part-1/section-7-4-106/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 1 - General Provisions and Definitions.›Section 7-4-106 - Payable Through or Payable at Bank; Collecting Bank. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 1 - General Provisions and Definitions. › Section 7-4-106 - Payable Through or Payable at Bank; Collecting Bank. | Section 7-4-106
Payable through or payable at bank; collecting bank.
(a) If an item states that it is "payable through" a bank identified in the item, (i) the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item, and (ii) the item may be presented for payment only by o... |
https://law.justia.com/codes/alabama/title-7/article-4/part-1/section-7-4-107/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 1 - General Provisions and Definitions.›Section 7-4-107 - Separate Office of Bank. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 1 - General Provisions and Definitions. › Section 7-4-107 - Separate Office of Bank. | Section 7-4-107
Separate office of bank.
A branch or separate office of a bank is a separate bank for the purpose of computing the time within which and determining the place at or to which action may be taken or notice or orders must be given under this article and under Article 3.
(Acts 1995, No. 95-668, p. 1381, §2.... |
https://law.justia.com/codes/alabama/title-7/article-4/part-1/section-7-4-108/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 1 - General Provisions and Definitions.›Section 7-4-108 - Time of Receipt of Items. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 1 - General Provisions and Definitions. › Section 7-4-108 - Time of Receipt of Items. | Section 7-4-108
Time of receipt of items.
(a) For the purpose of allowing time to process items, prove balances, and make the necessary entries on its books to determine its position for the day, a bank may fix an afternoon hour of 2 p.m. or later as a cutoff hour for the handling of money and items and the making of e... |
https://law.justia.com/codes/alabama/title-7/article-4/part-1/section-7-4-109/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 1 - General Provisions and Definitions.›Section 7-4-109 - Delays. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 1 - General Provisions and Definitions. › Section 7-4-109 - Delays. | Section 7-4-109
Delays.
(a) Unless otherwise instructed, a collecting bank in a good faith effort to secure payment of a specific item drawn on a payor other than a bank, and with or without the approval of any person involved, may waive, modify, or extend time limits imposed or permitted by this article for a period n... |
https://law.justia.com/codes/alabama/title-7/article-4/part-1/section-7-4-110/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 1 - General Provisions and Definitions.›Section 7-4-110 - Electronic Presentment. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 1 - General Provisions and Definitions. › Section 7-4-110 - Electronic Presentment. | Section 7-4-110
Electronic presentment.
(a) "Agreement for electronic presentment" means an agreement, clearing-house rule, or Federal Reserve regulation or operating circular, providing that presentment of an item may be made by transmission of an image of an item or information describing the item ("presentment notic... |
https://law.justia.com/codes/alabama/title-7/article-4/part-1/section-7-4-111/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 1 - General Provisions and Definitions.›Section 7-4-111 - Statute of Limitations; Accrual of Action. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 1 - General Provisions and Definitions. › Section 7-4-111 - Statute of Limitations; Accrual of Action. | Section 7-4-111
Statute of limitations; accrual of action.
An action to enforce an obligation, duty, or right arising under this article must be commenced within three years after the cause of action accrues. A cause of action accrues for payment of a time deposit upon the earlier of: (1) the date demand for payment is... |
https://law.justia.com/codes/alabama/title-7/article-4/part-2/section-7-4-201/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 2 - Collection of Items: Depositary and Collecting Banks.›Section 7-4-201 - Status of Collecting Bank as Agent and Provisional Status of Credits, Applicabilit... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 2 - Collection of Items: Depositary and Collecting Banks. › Section 7-4-201 - Status of Collecting Bank as Agent and Provisional Status of Credits, Applicability of Article; Item Indorsed "Pay Any bank." | Section 7-4-201
Status of collecting bank as agent and provisional status of credits, applicability of article; item indorsed "pay any bank."
(a) Unless a contrary intent clearly appears and before the time that a settlement given by a collecting bank for an item is or becomes final, the bank, with respect to the item,... |
https://law.justia.com/codes/alabama/title-7/article-4/part-2/section-7-4-202/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 2 - Collection of Items: Depositary and Collecting Banks.›Section 7-4-202 - Responsibility for Collection or Return; When Action Timely. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 2 - Collection of Items: Depositary and Collecting Banks. › Section 7-4-202 - Responsibility for Collection or Return; When Action Timely. | Section 7-4-202
Responsibility for collection or return; when action timely.
(a) A collecting bank must exercise ordinary care in:
(1) Presenting an item or sending it for presentment;
(2) Sending notice of dishonor or nonpayment or returning an item other than a documentary draft to the bank's transferor after learnin... |
https://law.justia.com/codes/alabama/title-7/article-4/part-2/section-7-4-203/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 2 - Collection of Items: Depositary and Collecting Banks.›Section 7-4-203 - Effect of Instructions. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 2 - Collection of Items: Depositary and Collecting Banks. › Section 7-4-203 - Effect of Instructions. | Section 7-4-203
Effect of instructions.
Subject to Article 3 concerning conversion of instruments (Section 7-3-420) and restrictive indorsements (Section 7-3-206), only a collecting bank's transferor can give instructions that affect the bank or constitute notice to it, and a collecting bank is not liable to prior part... |
https://law.justia.com/codes/alabama/title-7/article-4/part-2/section-7-4-204/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 2 - Collection of Items: Depositary and Collecting Banks.›Section 7-4-204 - Methods of Sending and Presenting; Sending Directly to Payor Bank. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 2 - Collection of Items: Depositary and Collecting Banks. › Section 7-4-204 - Methods of Sending and Presenting; Sending Directly to Payor Bank. | Section 7-4-204
Methods of sending and presenting; sending directly to payor bank.
(a) A collecting bank shall send items by a reasonably prompt method, taking into consideration relevant instructions, the nature of the item, the number of those items on hand, the cost of collection involved, and the method generally u... |
https://law.justia.com/codes/alabama/title-7/article-4/part-2/section-7-4-205/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 2 - Collection of Items: Depositary and Collecting Banks.›Section 7-4-205 - Depositary Bank Holder of Unindorsed Item. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 2 - Collection of Items: Depositary and Collecting Banks. › Section 7-4-205 - Depositary Bank Holder of Unindorsed Item. | Section 7-4-205
Depositary bank holder of unindorsed item.
If a customer delivers an item to a depositary bank for collection:
(1) The depositary bank becomes a holder of the item at the time it receives the item for collection if the customer at the time of delivery was a holder of the item, whether or not the custome... |
https://law.justia.com/codes/alabama/title-7/article-4/part-2/section-7-4-206/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 2 - Collection of Items: Depositary and Collecting Banks.›Section 7-4-206 - Transfer Between Banks. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 2 - Collection of Items: Depositary and Collecting Banks. › Section 7-4-206 - Transfer Between Banks. | Section 7-4-206
Transfer between banks.
Any agreed method that identifies the transferor bank is sufficient for the item's further transfer to another bank.
(Acts 1965, No. 549, p. 811; repealed by Acts 1995, No. 95-668, p. 1381, §2; added by Acts 1995, No. 95-668, p. 1381, §2.) |
https://law.justia.com/codes/alabama/title-7/article-4/part-2/section-7-4-208/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 2 - Collection of Items: Depositary and Collecting Banks.›Section 7-4-208 - Presentment Warranties. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 2 - Collection of Items: Depositary and Collecting Banks. › Section 7-4-208 - Presentment Warranties. | Section 7-4-208
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-4/part-2/section-7-4-207/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 2 - Collection of Items: Depositary and Collecting Banks.›Section 7-4-207 - Transfer Warranties. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 2 - Collection of Items: Depositary and Collecting Banks. › Section 7-4-207 - Transfer Warranties. | Section 7-4-207
Transfer warranties.
(a) A customer or collecting bank that transfers an item and receives a settlement or other consideration warrants to the transferee and to any subsequent collecting bank that:
(1) The warrantor is a person entitled to enforce the item;
(2) All signatures on the item are authentic a... |
https://law.justia.com/codes/alabama/title-7/article-4/part-2/section-7-4-209/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 2 - Collection of Items: Depositary and Collecting Banks.›Section 7-4-209 - Encoding and Retention Warranties. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 2 - Collection of Items: Depositary and Collecting Banks. › Section 7-4-209 - Encoding and Retention Warranties. | Section 7-4-209
Encoding and retention warranties.
(a) A person who encodes information on or with respect to an item after issue warrants to any subsequent collecting bank and to the payor bank or other payor that the information is correctly encoded. If the customer of a depositary bank encodes, that bank also makes ... |
https://law.justia.com/codes/alabama/title-7/article-4/part-2/section-7-4-210/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 2 - Collection of Items: Depositary and Collecting Banks.›Section 7-4-210 - Security Interest of Collecting Bank in Items, Accompanying Documents, and Proceed... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 2 - Collection of Items: Depositary and Collecting Banks. › Section 7-4-210 - Security Interest of Collecting Bank in Items, Accompanying Documents, and Proceeds. | Section 7-4-210
Security interest of collecting bank in items, accompanying documents, and proceeds.
(a) A collecting bank has a security interest in an item and any accompanying documents or the proceeds of either:
(1) In case of an item deposited in an account, to the extent to which credit given for the item has bee... |
https://law.justia.com/codes/alabama/title-7/article-4/part-2/section-7-4-211/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 2 - Collection of Items: Depositary and Collecting Banks.›Section 7-4-211 - When Bank Gives Value for Purposes of Holder in Due Course. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 2 - Collection of Items: Depositary and Collecting Banks. › Section 7-4-211 - When Bank Gives Value for Purposes of Holder in Due Course. | Section 7-4-211
When bank gives value for purposes of holder in due course.
For purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest in an item, if the bank otherwise complies with the requirements of Section 7-3-302 on what constitutes a holder i... |
https://law.justia.com/codes/alabama/title-7/article-4/part-2/section-7-4-212/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 2 - Collection of Items: Depositary and Collecting Banks.›Section 7-4-212 - Presentment by Notice of Item Not Payable By, Through, or at Bank; Liability of Dr... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 2 - Collection of Items: Depositary and Collecting Banks. › Section 7-4-212 - Presentment by Notice of Item Not Payable By, Through, or at Bank; Liability of Drawer or Indorser. | Section 7-4-212
Presentment by notice of item not payable by, through, or at bank; liability of drawer or indorser.
(a) Unless otherwise instructed, a collecting bank may present an item not payable by, through, or at a bank by sending to the party to accept or pay a written notice that the bank holds the item for acce... |
https://law.justia.com/codes/alabama/title-7/article-4/part-2/section-7-4-213/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 2 - Collection of Items: Depositary and Collecting Banks.›Section 7-4-213 - Medium and Time of Settlement by Bank. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 2 - Collection of Items: Depositary and Collecting Banks. › Section 7-4-213 - Medium and Time of Settlement by Bank. | Section 7-4-213
Medium and time of settlement by bank.
(a) With respect to settlement by a bank, the medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearing-house rules, and the like, or agreement. In the absence of such prescription:
(1) The medium of settlement is cash or... |
https://law.justia.com/codes/alabama/title-7/article-4/part-2/section-7-4-214/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 2 - Collection of Items: Depositary and Collecting Banks.›Section 7-4-214 - Right of Charge-Back or Refund; Liability of Collecting Bank; Return of Item. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 2 - Collection of Items: Depositary and Collecting Banks. › Section 7-4-214 - Right of Charge-Back or Refund; Liability of Collecting Bank; Return of Item. | Section 7-4-214
Right of charge-back or refund; liability of collecting bank; return of item.
(a) If a collecting bank has made provisional settlement with its customer for an item and fails by reason of dishonor, suspension of payments by a bank, or otherwise to receive settlement for the item which is or becomes fina... |
https://law.justia.com/codes/alabama/title-7/article-4/part-2/section-7-4-215/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 2 - Collection of Items: Depositary and Collecting Banks.›Section 7-4-215 - Final Payment of Item by Payor Bank; When Provisional Debits and Credits Become Fi... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 2 - Collection of Items: Depositary and Collecting Banks. › Section 7-4-215 - Final Payment of Item by Payor Bank; When Provisional Debits and Credits Become Final; When Certain Credits Become Available for Withdrawal. | Section 7-4-215
Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal.
(a) An item is finally paid by a payor bank when the bank has first done any of the following:
(1) Paid the item in cash;
(2) Settled for the item without having a... |
https://law.justia.com/codes/alabama/title-7/article-4/part-2/section-7-4-216/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 2 - Collection of Items: Depositary and Collecting Banks.›Section 7-4-216 - Insolvency and Preference. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 2 - Collection of Items: Depositary and Collecting Banks. › Section 7-4-216 - Insolvency and Preference. | Section 7-4-216
Insolvency and preference.
(a) If an item is in or comes into the possession of a payor or collecting bank that suspends payment and the item has not been finally paid, the item must be returned by the receiver, trustee, or agent in charge of the closed bank to the presenting bank or the closed bank's c... |
https://law.justia.com/codes/alabama/title-7/article-4/part-3/section-7-4-301/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 3 - Collection of Items: Payor Banks.›Section 7-4-301 - Deferred Posting; Recovery of Payment by Return of Items; Time of Dishonor; Return... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 3 - Collection of Items: Payor Banks. › Section 7-4-301 - Deferred Posting; Recovery of Payment by Return of Items; Time of Dishonor; Return of Items by Payor Bank. | Section 7-4-301
Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank.
(a) If a payor bank settles for a demand item other than a documentary draft presented otherwise than for immediate payment over the counter before midnight of the banking day of receipt, the payor... |
https://law.justia.com/codes/alabama/title-7/article-4/part-3/section-7-4-302/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 3 - Collection of Items: Payor Banks.›Section 7-4-302 - Payor Bank's Responsibility for Late Return of Item. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 3 - Collection of Items: Payor Banks. › Section 7-4-302 - Payor Bank's Responsibility for Late Return of Item. | Section 7-4-302
Payor bank's responsibility for late return of item.
(a) If an item is presented to and received by a payor bank, the bank is accountable for the amount of:
(1) A demand item, other than a documentary draft, whether properly payable or not, if the bank, in any case in which it is not also the depositary... |
https://law.justia.com/codes/alabama/title-7/article-4/part-3/section-7-4-303/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 3 - Collection of Items: Payor Banks.›Section 7-4-303 - When Items Subject to Notice, Stop-Payment Order, Legal Process, or Setoff; Order... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 3 - Collection of Items: Payor Banks. › Section 7-4-303 - When Items Subject to Notice, Stop-Payment Order, Legal Process, or Setoff; Order in Which Items May Be Charged or Certified. | Section 7-4-303
When items subject to notice, stop-payment order, legal process, or setoff; order in which items may be charged or certified.
(a) Any knowledge, notice, or stop-payment order received by, legal process served upon, or setoff exercised by a payor bank comes too late to terminate, suspend, or modify the b... |
https://law.justia.com/codes/alabama/title-7/article-4/part-4/section-7-4-401/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 4 - Relationship Between Payor Bank and Its Customer.›Section 7-4-401 - When Bank May Charge Customer's Account. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 4 - Relationship Between Payor Bank and Its Customer. › Section 7-4-401 - When Bank May Charge Customer's Account. | Section 7-4-401
When bank may charge customer's account.
(a) A bank may charge against the account of a customer an item that is properly payable from that account even though the charge creates an overdraft. An item is properly payable if it is authorized by the customer and is in accordance with any agreement between... |
https://law.justia.com/codes/alabama/title-7/article-4/part-4/section-7-4-402/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 4 - Relationship Between Payor Bank and Its Customer.›Section 7-4-402 - Bank's Liability to Customer for Wrongful Dishonor; Time of Determining Insufficie... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 4 - Relationship Between Payor Bank and Its Customer. › Section 7-4-402 - Bank's Liability to Customer for Wrongful Dishonor; Time of Determining Insufficiency of Account. | Section 7-4-402
Bank's liability to customer for wrongful dishonor; time of determining insufficiency of account.
(a) Except as otherwise provided in this article, a payor bank wrongfully dishonors an item if it dishonors an item that is properly payable, but a bank may dishonor an item that would create an overdraft u... |
https://law.justia.com/codes/alabama/title-7/article-4/part-4/section-7-4-403/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 4 - Relationship Between Payor Bank and Its Customer.›Section 7-4-403 - Customer's Right to Stop Payment; Burden of Proof of Loss. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 4 - Relationship Between Payor Bank and Its Customer. › Section 7-4-403 - Customer's Right to Stop Payment; Burden of Proof of Loss. | Section 7-4-403
Customer's right to stop payment; burden of proof of loss.
(a) A customer or any person authorized to draw on the account if there is more than one person may stop payment of any item drawn on the customer's account or close the account by an order to the bank describing the item or account with reasona... |
https://law.justia.com/codes/alabama/title-7/article-4/part-4/section-7-4-404/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 4 - Relationship Between Payor Bank and Its Customer.›Section 7-4-404 - Bank Not Obligated to Pay Check More Than Six Months Old. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 4 - Relationship Between Payor Bank and Its Customer. › Section 7-4-404 - Bank Not Obligated to Pay Check More Than Six Months Old. | Section 7-4-404
Bank not obligated to pay check more than six months old.
A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, which is presented more than six months after its date, but it may charge its customer's account for a payment made thereafter in ... |
https://law.justia.com/codes/alabama/title-7/article-4/part-4/section-7-4-405/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 4 - Relationship Between Payor Bank and Its Customer.›Section 7-4-405 - Death or Incompetence of Customer. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 4 - Relationship Between Payor Bank and Its Customer. › Section 7-4-405 - Death or Incompetence of Customer. | Section 7-4-405
Death or incompetence of customer.
(a) A payor or collecting bank's authority to accept, pay, or collect an item or to account for proceeds of its collection, if otherwise effective, is not rendered ineffective by incompetence of a customer of either bank existing at the time the item is issued or its c... |
https://law.justia.com/codes/alabama/title-7/article-4/part-4/section-7-4-406/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 4 - Relationship Between Payor Bank and Its Customer.›Section 7-4-406 - Customer's Duty to Discover and Report Unauthorized Signature or Alteration. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 4 - Relationship Between Payor Bank and Its Customer. › Section 7-4-406 - Customer's Duty to Discover and Report Unauthorized Signature or Alteration. | Section 7-4-406
Customer's duty to discover and report unauthorized signature or alteration.
(a) A bank that sends or makes available to a customer a statement of account showing payment of items for the account shall either return or make available to the customer the items paid or provide information in the statement... |
https://law.justia.com/codes/alabama/title-7/article-4/part-4/section-7-4-407/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 4 - Relationship Between Payor Bank and Its Customer.›Section 7-4-407 - Payor Bank's Right to Subrogation on Improper Payment. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 4 - Relationship Between Payor Bank and Its Customer. › Section 7-4-407 - Payor Bank's Right to Subrogation on Improper Payment. | Section 7-4-407
Payor bank's right to subrogation on improper payment.
If a payor bank has paid an item over the order of the drawer or maker to stop payment, or after an account has been closed, or otherwise under circumstances giving a basis for objection by the drawer or maker, to prevent unjust enrichment and only ... |
https://law.justia.com/codes/alabama/title-7/article-4/part-5/section-7-4-501/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 5 - Collection of Documentary Drafts.›Section 7-4-501 - Handling of Documentary Drafts; Duty to Send for Presentment and to Notify Custome... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 5 - Collection of Documentary Drafts. › Section 7-4-501 - Handling of Documentary Drafts; Duty to Send for Presentment and to Notify Customer of Dishonor. | Section 7-4-501
Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor.
A bank that takes a documentary draft for collection shall present or send the draft and accompanying documents for presentment and, upon learning that the draft has not been paid or accepted in due course, ... |
https://law.justia.com/codes/alabama/title-7/article-4/part-5/section-7-4-502/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 5 - Collection of Documentary Drafts.›Section 7-4-502 - Presentment of "On Arrival" Drafts. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 5 - Collection of Documentary Drafts. › Section 7-4-502 - Presentment of "On Arrival" Drafts. | Section 7-4-502
Presentment of "on arrival" drafts.
If a draft or the relevant instructions require presentment "on arrival", "when goods arrive" or the like, the collecting bank need not present until in its judgment a reasonable time for arrival of the goods has expired. Refusal to pay or accept because the goods hav... |
https://law.justia.com/codes/alabama/title-7/article-4/part-5/section-7-4-503/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 5 - Collection of Documentary Drafts.›Section 7-4-503 - Responsibility of Presenting Bank for Documents and Goods; Report of Reasons for D... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 5 - Collection of Documentary Drafts. › Section 7-4-503 - Responsibility of Presenting Bank for Documents and Goods; Report of Reasons for Dishonor; Referee in Case of Need. | Section 7-4-503
Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need.
Unless otherwise instructed and except as provided in Article 5, a bank presenting a documentary draft:
(1) Must deliver the documents to the drawee on acceptance of the draft if it is pay... |
https://law.justia.com/codes/alabama/title-7/article-4/part-5/section-7-4-504/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4 - Bank Deposits and Collections.›Part 5 - Collection of Documentary Drafts.›Section 7-4-504 - Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4 - Bank Deposits and Collections. › Part 5 - Collection of Documentary Drafts. › Section 7-4-504 - Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses. | Section 7-4-504
Privilege of presenting bank to deal with goods; security interest for expenses.
(a) A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell, or otherwise deal with the goods in any re... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-1/section-7-4a-101/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 1 - Subject Matter and Definitions.›Section 7-4A-101 - Short Title. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 1 - Subject Matter and Definitions. › Section 7-4A-101 - Short Title. | Section 7-4A-101
Short title.
This article shall be known as and may be cited as the Uniform Commercial Code - Funds Transfers.
(Acts 1992, 2nd Ex. Sess., No. 92-701, p. 145, §1.) |
https://law.justia.com/codes/alabama/title-7/article-4a/part-1/section-7-4a-103/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 1 - Subject Matter and Definitions.›Section 7-4A-103 - Payment Order - Definitions. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 1 - Subject Matter and Definitions. › Section 7-4A-103 - Payment Order - Definitions. | Section 7-4A-103
Payment order - Definitions.
(a) In this article:
(1) "Payment order" means an instruction of a sender to a receiving bank, transmitted orally, electronically, or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if:
(i) the instruction does n... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-1/section-7-4a-102/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 1 - Subject Matter and Definitions.›Section 7-4A-102 - Subject Matter. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 1 - Subject Matter and Definitions. › Section 7-4A-102 - Subject Matter. | Section 7-4A-102
Subject matter.
Except as otherwise provided in Section 7-4A-108, this article applies to funds transfers defined in Section 7-4A-104.
(Acts 1992, 2nd Ex. Sess., No. 92-701, p. 145, §1.) |
https://law.justia.com/codes/alabama/title-7/article-4a/part-1/section-7-4a-104/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 1 - Subject Matter and Definitions.›Section 7-4A-104 - Funds Transfer - Definitions. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 1 - Subject Matter and Definitions. › Section 7-4A-104 - Funds Transfer - Definitions. | Section 7-4A-104
Funds transfer - Definitions.
In this article:
(a) "Funds transfer" means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued by the originator's bank or an intermed... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-1/section-7-4a-105/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 1 - Subject Matter and Definitions.›Section 7-4A-105 - Other Definitions. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 1 - Subject Matter and Definitions. › Section 7-4A-105 - Other Definitions. | Section 7-4A-105
Other definitions.
(a) In this article:
(1) "Authorized account" means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an account, any account of the customer is an auth... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-1/section-7-4a-106/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 1 - Subject Matter and Definitions.›Section 7-4A-106 - Time Payment Order Is Received. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 1 - Subject Matter and Definitions. › Section 7-4A-106 - Time Payment Order Is Received. | Section 7-4A-106
Time payment order is received.
(a) The time of receipt of a payment order or communication cancelling or amending a payment order is determined by the rules applicable to receipt of a notice stated in Section 7-1-202. A receiving bank may fix a cut-off time or times on a funds-transfer business day fo... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-1/section-7-4a-107/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 1 - Subject Matter and Definitions.›Section 7-4A-107 - Federal Reserve Regulations and Operating Circulars. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 1 - Subject Matter and Definitions. › Section 7-4A-107 - Federal Reserve Regulations and Operating Circulars. | Section 7-4A-107
Federal Reserve regulations and operating circulars.
Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of this article to the extent of the inconsistency.
(Acts 1992, 2nd Ex. Sess., No. 92-701, p... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-1/section-7-4a-108/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 1 - Subject Matter and Definitions.›Section 7-4A-108 - Applicability to Consumer Transactions Governed by Federal Law. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 1 - Subject Matter and Definitions. › Section 7-4A-108 - Applicability to Consumer Transactions Governed by Federal Law. | Section 7-4A-108
Applicability to consumer transactions governed by federal law.
(a) Except as provided in subsection (b), this article does not apply to a funds transfer any part of which is governed by the Electronic Fund Transfer Act of 1978 (Title XX, Public Law 95-630, 92 Stat. 3728, 15 U.S.C. §1693 et seq.), as a... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-2/section-7-4a-201/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 2 - Issue and Acceptance of Payment Order.›Section 7-4A-201 - Security Procedure. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 2 - Issue and Acceptance of Payment Order. › Section 7-4A-201 - Security Procedure. | Section 7-4A-201
Security procedure.
"Security procedure" means a procedure established by agreement of a customer and a receiving bank for the purpose of (i) verifying that a payment order or communication amending or cancelling a payment order is that of the customer, or (ii) detecting error in the transmission or th... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-2/section-7-4a-202/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 2 - Issue and Acceptance of Payment Order.›Section 7-4A-202 - Authorized and Verified Payment Orders. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 2 - Issue and Acceptance of Payment Order. › Section 7-4A-202 - Authorized and Verified Payment Orders. | Section 7-4A-202
Authorized and verified payment orders.
(a) A payment order received by the receiving bank is the authorized order of the person identified as sender if that person authorized the order or is otherwise bound by it under the law of agency.
(b) If a bank and its customer have agreed that the authenticity... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-2/section-7-4a-203/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 2 - Issue and Acceptance of Payment Order.›Section 7-4A-203 - Unenforceability of Certain Verified Payment Orders. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 2 - Issue and Acceptance of Payment Order. › Section 7-4A-203 - Unenforceability of Certain Verified Payment Orders. | Section 7-4A-203
Unenforceability of certain verified payment orders.
(a) If an accepted payment order is not, under Section 7-4A-202(a), an authorized order of a customer identified as sender, but is effective as an order of the customer pursuant to Section 7-4A-202(b), the following rules apply:
(1) By express writte... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-2/section-7-4a-204/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 2 - Issue and Acceptance of Payment Order.›Section 7-4A-204 - Refund of Payment and Duty of Customer to Report With Respect to Unauthorized Pay... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 2 - Issue and Acceptance of Payment Order. › Section 7-4A-204 - Refund of Payment and Duty of Customer to Report With Respect to Unauthorized Payment Order. | Section 7-4A-204
Refund of payment and duty of customer to report with respect to unauthorized payment order.
(a) If a receiving bank accepts a payment order issued in the name of its customer as sender which is (i) not authorized and not effective as the order of the customer under Section 7-4A-202, or (ii) not enforc... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-2/section-7-4a-205/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 2 - Issue and Acceptance of Payment Order.›Section 7-4A-205 - Erroneous Payment Orders. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 2 - Issue and Acceptance of Payment Order. › Section 7-4A-205 - Erroneous Payment Orders. | Section 7-4A-205
Erroneous payment orders.
(a) If an accepted payment order was transmitted pursuant to a security procedure for the detection of error and the payment order (i) erroneously instructed payment to a beneficiary not intended by the sender, (ii) erroneously instructed payment in an amount greater than the ... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-2/section-7-4a-206/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 2 - Issue and Acceptance of Payment Order.›Section 7-4A-206 - Transmission of Payment Order Through Funds-Transfer or Other Communication Syste... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 2 - Issue and Acceptance of Payment Order. › Section 7-4A-206 - Transmission of Payment Order Through Funds-Transfer or Other Communication System. | Section 7-4A-206
Transmission of payment order through funds-transfer or other communication system.
(a) If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the bank, the system is deemed to be an agent of the sender for... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-2/section-7-4a-207/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 2 - Issue and Acceptance of Payment Order.›Section 7-4A-207 - Misdescription of Beneficiary. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 2 - Issue and Acceptance of Payment Order. › Section 7-4A-207 - Misdescription of Beneficiary. | Section 7-4A-207
Misdescription of beneficiary.
(a) Subject to subsection (b), if, in a payment order received by the beneficiary's bank, the name, bank account number, or other identification of the beneficiary refers to a nonexistent or unidentifiable person or account, no person has rights as a beneficiary of the or... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-2/section-7-4a-208/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 2 - Issue and Acceptance of Payment Order.›Section 7-4A-208 - Misdescription of Intermediary Bank or Beneficiary's Bank. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 2 - Issue and Acceptance of Payment Order. › Section 7-4A-208 - Misdescription of Intermediary Bank or Beneficiary's Bank. | Section 7-4A-208
Misdescription of intermediary bank or beneficiary's bank.
(a) This subsection applies to a payment order identifying an intermediary bank or the beneficiary's bank only by an identifying number.
(1) The receiving bank may rely on the number as the proper identification of the intermediary or beneficia... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-2/section-7-4a-209/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 2 - Issue and Acceptance of Payment Order.›Section 7-4A-209 - Acceptance of Payment Order. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 2 - Issue and Acceptance of Payment Order. › Section 7-4A-209 - Acceptance of Payment Order. | Section 7-4A-209
Acceptance of payment order.
(a) Subject to subsection (d), a receiving bank other than the beneficiary's bank accepts a payment order when it executes the order.
(b) Subject to subsections (c) and (d), a beneficiary's bank accepts a payment order at the earliest of the following times:
(1) when the ba... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-2/section-7-4a-210/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 2 - Issue and Acceptance of Payment Order.›Section 7-4A-210 - Rejection of Payment Order. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 2 - Issue and Acceptance of Payment Order. › Section 7-4A-210 - Rejection of Payment Order. | Section 7-4A-210
Rejection of payment order.
(a) A payment order is rejected by the receiving bank by a notice of rejection transmitted to the sender orally, electronically, or in writing. A notice of rejection need not use any particular words and is sufficient if it indicates that the receiving bank is rejecting the ... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-2/section-7-4a-211/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 2 - Issue and Acceptance of Payment Order.›Section 7-4A-211 - Cancellation and Amendment of Payment Order. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 2 - Issue and Acceptance of Payment Order. › Section 7-4A-211 - Cancellation and Amendment of Payment Order. | Section 7-4A-211
Cancellation and amendment of payment order.
(a) A communication of the sender of a payment order cancelling or amending the order may be transmitted to the receiving bank orally, electronically, or in writing. If a security procedure is in effect between the sender and the receiving bank, the communic... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-2/section-7-4a-212/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 2 - Issue and Acceptance of Payment Order.›Section 7-4A-212 - Liability and Duty of Receiving Bank Regarding Unaccepted Payment Order. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 2 - Issue and Acceptance of Payment Order. › Section 7-4A-212 - Liability and Duty of Receiving Bank Regarding Unaccepted Payment Order. | Section 7-4A-212
Liability and duty of receiving bank regarding unaccepted payment order.
If a receiving bank fails to accept a payment order that it is obliged by express agreement to accept, the bank is liable for breach of the agreement to the extent provided in the agreement or in this article, but does not otherwi... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-3/section-7-4a-301/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 3 - Execution of Sender's Payment Order by Receiving Bank.›Section 7-4A-301 - Execution and Execution Date. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 3 - Execution of Sender's Payment Order by Receiving Bank. › Section 7-4A-301 - Execution and Execution Date. | Section 7-4A-301
Execution and execution date.
(a) A payment order is "executed" by the receiving bank when it issues a payment order intended to carry out the payment order received by the bank. A payment order received by the beneficiary's bank can be accepted but cannot be executed.
(b) "Execution date" of a payment... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-3/section-7-4a-302/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 3 - Execution of Sender's Payment Order by Receiving Bank.›Section 7-4A-302 - Obligations of Receiving Bank in Execution of Payment Order. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 3 - Execution of Sender's Payment Order by Receiving Bank. › Section 7-4A-302 - Obligations of Receiving Bank in Execution of Payment Order. | Section 7-4A-302
Obligations of receiving bank in execution of payment order.
(a) Except as provided in subsections (b) through (d), if the receiving bank accepts a payment order pursuant to Section 7-4A-209(a), the bank has the following obligations in executing the order:
(1) The receiving bank is obliged to issue, o... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-3/section-7-4a-303/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 3 - Execution of Sender's Payment Order by Receiving Bank.›Section 7-4A-303 - Erroneous Execution of Payment Order. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 3 - Execution of Sender's Payment Order by Receiving Bank. › Section 7-4A-303 - Erroneous Execution of Payment Order. | Section 7-4A-303
Erroneous execution of payment order.
(a) A receiving bank that (i) executes the payment order of the sender by issuing a payment order in an amount greater than the amount of the sender's order, or (ii) issues a payment order in execution of the sender's order and then issues a duplicate order, is ent... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-3/section-7-4a-304/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 3 - Execution of Sender's Payment Order by Receiving Bank.›Section 7-4A-304 - Duty of Sender to Report Erroneously Executed Payment Order. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 3 - Execution of Sender's Payment Order by Receiving Bank. › Section 7-4A-304 - Duty of Sender to Report Erroneously Executed Payment Order. | Section 7-4A-304
Duty of sender to report erroneously executed payment order.
If the sender of a payment order that is erroneously executed as stated in Section 7-4A-303 receives notification from the receiving bank that the order was executed or that the sender's account was debited with respect to the order, the send... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-3/section-7-4a-305/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 3 - Execution of Sender's Payment Order by Receiving Bank.›Section 7-4A-305 - Liability for Late or Improper Execution or Failure to Execute Payment Order. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 3 - Execution of Sender's Payment Order by Receiving Bank. › Section 7-4A-305 - Liability for Late or Improper Execution or Failure to Execute Payment Order. | Section 7-4A-305
Liability for late or improper execution or failure to execute payment order.
(a) If a funds transfer is completed but execution of a payment order by the receiving bank in breach of Section 7-4A-302 results in delay in payment to the beneficiary, the bank is obliged to pay interest to either the origi... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-4/section-7-4a-401/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 4 - Payment.›Section 7-4A-401 - Payment Date. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 4 - Payment. › Section 7-4A-401 - Payment Date. | Section 7-4A-401
Payment date.
"Payment date" of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary's bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received by the beneficiary's bank and,... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-4/section-7-4a-402/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 4 - Payment.›Section 7-4A-402 - Obligation of Sender to Pay Receiving Bank. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 4 - Payment. › Section 7-4A-402 - Obligation of Sender to Pay Receiving Bank. | Section 7-4A-402
Obligation of sender to pay receiving bank.
(a) This section is subject to Sections 7-4A-205 and 7-4A-207.
(b) With respect to a payment order issued to the beneficiary's bank, acceptance of the order by the bank obliges the sender to pay the bank the amount of the order, but payment is not due until t... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-4/section-7-4a-403/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 4 - Payment.›Section 7-4A-403 - Payment by Sender to Receiving Bank. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 4 - Payment. › Section 7-4A-403 - Payment by Sender to Receiving Bank. | Section 7-4A-403
Payment by sender to receiving bank.
(a) Payment of the sender's obligation under Section 7-4A-402 to pay the receiving bank occurs as follows:
(1) If the sender is a bank, payment occurs when the receiving bank receives final settlement of the obligation through a Federal Reserve Bank or through a fun... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-4/section-7-4a-404/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 4 - Payment.›Section 7-4A-404 - Obligation of Beneficiary's Bank to Pay and Give Notice to Beneficiary. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 4 - Payment. › Section 7-4A-404 - Obligation of Beneficiary's Bank to Pay and Give Notice to Beneficiary. | Section 7-4A-404
Obligation of beneficiary's bank to pay and give notice to beneficiary.
(a) Subject to Sections 7-4A-211(e), 7-4A-405(d), and 7-4A-405(e), if a beneficiary's bank accepts a payment order, the bank is obliged to pay the amount of the order to the beneficiary of the order. Payment is due on the payment d... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-4/section-7-4a-405/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 4 - Payment.›Section 7-4A-405 - Payment by Beneficiary's Bank to Beneficiary. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 4 - Payment. › Section 7-4A-405 - Payment by Beneficiary's Bank to Beneficiary. | Section 7-4A-405
Payment by beneficiary's bank to beneficiary.
(a) If the beneficiary's bank credits an account of the beneficiary of a payment order, payment of the bank's obligation under Section 7-4A-404(a) occurs when and to the extent (i) the beneficiary is notified of the right to withdraw the credit, (ii) the ba... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-4/section-7-4a-406/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 4 - Payment.›Section 7-4A-406 - Payment by Originator to Beneficiary; Discharge of Underlying Obligation. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 4 - Payment. › Section 7-4A-406 - Payment by Originator to Beneficiary; Discharge of Underlying Obligation. | Section 7-4A-406
Payment by originator to beneficiary; discharge of underlying obligation.
(a) Subject to Sections 7-4A-211(e), 7-4A-405(d), and 7-4A-405(e), the originator of a funds transfer pays the beneficiary of the originator's payment order (i) at the time a payment order for the benefit of the beneficiary is ac... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-5/section-7-4a-501/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 5 - Miscellaneous Provisions.›Section 7-4A-501 - Variation by Agreement and Effect of Funds-Transfer System Rule. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 5 - Miscellaneous Provisions. › Section 7-4A-501 - Variation by Agreement and Effect of Funds-Transfer System Rule. | Section 7-4A-501
Variation by agreement and effect of funds-transfer system rule.
(a) Except as otherwise provided in this article, the rights and obligations of a party to a funds transfer may be varied by agreement of the affected party.
(b) "Funds-transfer system rule" means a rule of an association of banks (i) gov... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-5/section-7-4a-502/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 5 - Miscellaneous Provisions.›Section 7-4A-502 - Creditor Process Served on Receiving Bank; Setoff by Beneficiary's Bank. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 5 - Miscellaneous Provisions. › Section 7-4A-502 - Creditor Process Served on Receiving Bank; Setoff by Beneficiary's Bank. | Section 7-4A-502
Creditor process served on receiving bank; setoff by beneficiary's bank.
(a) As used in this section, "creditor process" means levy, attachment, garnishment, notice of lien, sequestration, or similar process issued by, or on behalf of a creditor or other claimant with respect to an account.
(b) This su... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-5/section-7-4a-503/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 5 - Miscellaneous Provisions.›Section 7-4A-503 - Injunction or Restraining Order With Respect to Funds Transfer. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 5 - Miscellaneous Provisions. › Section 7-4A-503 - Injunction or Restraining Order With Respect to Funds Transfer. | Section 7-4A-503
Injunction or restraining order with respect to funds transfer.
For proper cause and in compliance with applicable law, a court may restrain (i) a person from issuing a payment order to initiate a funds transfer, (ii) an originator's bank from executing the payment order of the originator, or (iii) the... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-5/section-7-4a-504/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 5 - Miscellaneous Provisions.›Section 7-4A-504 - Order in Which Items and Payment Orders May Be Charged to Account; Order of Withd... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 5 - Miscellaneous Provisions. › Section 7-4A-504 - Order in Which Items and Payment Orders May Be Charged to Account; Order of Withdrawals From Account. | Section 7-4A-504
Order in which items and payment orders may be charged to account; order of withdrawals from account.
(a) If a receiving bank has received more than one payment order of the sender or one or more payment orders and other items that are payable from the sender's account, the bank may charge the sender's... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-5/section-7-4a-505/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 5 - Miscellaneous Provisions.›Section 7-4A-505 - Preclusion of Objection to Debit of Customer's Account. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 5 - Miscellaneous Provisions. › Section 7-4A-505 - Preclusion of Objection to Debit of Customer's Account. | Section 7-4A-505
Preclusion of objection to debit of customer's account.
If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender and accepted by the bank, and the customer received notification reasonably identifying the order, the customer... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-5/section-7-4a-506/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 5 - Miscellaneous Provisions.›Section 7-4A-506 - Rate of Interest. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 5 - Miscellaneous Provisions. › Section 7-4A-506 - Rate of Interest. | Section 7-4A-506
Rate of interest.
(a) If, under this article, a receiving bank is obliged to pay interest with respect to a payment order issued to the bank, the amount payable may be determined (i) by agreement of the sender and receiving bank, or (ii) by a funds-transfer system rule if the payment order is transmitt... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-5/section-7-4a-507/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 5 - Miscellaneous Provisions.›Section 7-4A-507 - Choice of Law. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 5 - Miscellaneous Provisions. › Section 7-4A-507 - Choice of Law. | Section 7-4A-507
Choice of law.
(a) The following rules apply unless the affected parties otherwise agree or subsection (c) applies:
(1) The rights and obligations between the sender of a payment order and the receiving bank are governed by the law of the jurisdiction in which the receiving bank is located.
(2) The rig... |
https://law.justia.com/codes/alabama/title-7/article-4a/part-6/section-7-4a-601/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 4A - Funds Transfers.›Part 6 - Uniformity.›Section 7-4A-601 - Uniformity of Application and Construction. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 4A - Funds Transfers. › Part 6 - Uniformity. › Section 7-4A-601 - Uniformity of Application and Construction. | Section 7-4A-601
Uniformity of application and construction.
This article shall be applied and construed so as to effectuate its general purpose to make uniform the law with respect to the subject of this article among states enacting it.
(Acts 1992, 2nd Ex. Sess., No. 92-701, p. 145, §1.) |
https://law.justia.com/codes/alabama/title-7/article-5/section-7-5-101/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 5 - Letters of Credit.›Section 7-5-101 - Short Title. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 5 - Letters of Credit. › Section 7-5-101 - Short Title. | Section 7-5-101
Short title.
This article may be cited as Uniform Commercial Code - Letters of Credit.
(Acts 1997, No. 97-702, p. 1427, §1.) |
https://law.justia.com/codes/alabama/title-7/article-5/section-7-5-102/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 5 - Letters of Credit.›Section 7-5-102 - Definitions. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 5 - Letters of Credit. › Section 7-5-102 - Definitions. | Section 7-5-102
Definitions.
(a) In this article:
(1) "Adviser" means a person who, at the request of the issuer, a confirmer, or another adviser, notifies, or requests another adviser to notify, the beneficiary that a letter of credit has been issued, confirmed, or amended.
(2) "Applicant" means a person at whose requ... |
https://law.justia.com/codes/alabama/title-7/article-5/section-7-5-103/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 5 - Letters of Credit.›Section 7-5-103 - Scope. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 5 - Letters of Credit. › Section 7-5-103 - Scope. | Section 7-5-103
Scope.
(a) This article applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit.
(b) The statement of a rule in this article does not by itself require, imply, or negate application of the same or a different rule to a situation not prov... |
https://law.justia.com/codes/alabama/title-7/article-5/section-7-5-104/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 5 - Letters of Credit.›Section 7-5-104 - Formal Requirements. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 5 - Letters of Credit. › Section 7-5-104 - Formal Requirements. | Section 7-5-104
Formal requirements.
A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a record and is authenticated (i) by a signature or (ii) in accordance with the agreement of the parties or the standard practice referred to in Section 7-5-108(e).
(Acts... |
https://law.justia.com/codes/alabama/title-7/article-5/section-7-5-105/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 5 - Letters of Credit.›Section 7-5-105 - Consideration. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 5 - Letters of Credit. › Section 7-5-105 - Consideration. | Section 7-5-105
Consideration.
Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.
(Acts 1997, No. 97-702, p. 1427, §1.) |
https://law.justia.com/codes/alabama/title-7/article-5/section-7-5-106/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 5 - Letters of Credit.›Section 7-5-106 - Issuance, Amendment, Cancellation, and Duration. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 5 - Letters of Credit. › Section 7-5-106 - Issuance, Amendment, Cancellation, and Duration. | Section 7-5-106
Issuance, amendment, cancellation, and duration.
(a) A letter of credit is issued and becomes enforceable according to its terms against the issuer when the issuer sends or otherwise transmits it to the person requested to advise or to the beneficiary. A letter of credit is revocable only if it so provi... |
https://law.justia.com/codes/alabama/title-7/article-5/section-7-5-107/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 5 - Letters of Credit.›Section 7-5-107 - Confirmer, Nominated Person, and Adviser. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 5 - Letters of Credit. › Section 7-5-107 - Confirmer, Nominated Person, and Adviser. | Section 7-5-107
Confirmer, nominated person, and adviser.
(a) A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to the extent of its confirmation. The confirmer also has rights against and obligations to the issuer as if the issuer were an applicant and the confirme... |
https://law.justia.com/codes/alabama/title-7/article-5/section-7-5-108/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 5 - Letters of Credit.›Section 7-5-108 - Issuer's Rights and Obligations. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 5 - Letters of Credit. › Section 7-5-108 - Issuer's Rights and Obligations. | Section 7-5-108
Issuer's rights and obligations.
(a) Except as otherwise provided in Section 7-5-109, an issuer shall honor a presentation that, as determined by the standard practice referred to in subsection (e), appears on its face strictly to comply with the terms and conditions of the letter of credit. Except as o... |
https://law.justia.com/codes/alabama/title-7/article-5/section-7-5-109/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 5 - Letters of Credit.›Section 7-5-109 - Fraud and Forgery. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 5 - Letters of Credit. › Section 7-5-109 - Fraud and Forgery. | Section 7-5-109
Fraud and forgery.
(a) If a presentation is made that appears on its face strictly to comply with the terms and conditions of the letter of credit, but a required document is forged or materially fraudulent, or honor of the presentation would facilitate a material fraud by the beneficiary on the issuer ... |
https://law.justia.com/codes/alabama/title-7/article-5/section-7-5-110/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 5 - Letters of Credit.›Section 7-5-110 - Warranties. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 5 - Letters of Credit. › Section 7-5-110 - Warranties. | Section 7-5-110
Warranties.
(a) If its presentation is honored, the beneficiary warrants:
(1) to the issuer, any other person to whom presentation is made, and the applicant that there is no fraud or forgery of the kind described in Section 7-5-109(a); and
(2) to the applicant that the drawing does not violate any agre... |
https://law.justia.com/codes/alabama/title-7/article-5/section-7-5-111/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 5 - Letters of Credit.›Section 7-5-111 - Remedies. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 5 - Letters of Credit. › Section 7-5-111 - Remedies. | Section 7-5-111
Remedies.
(a) If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit before presentation, the beneficiary, successor, or nominated person presenting on its own behalf may recover from the issuer the amount that is the subject of the dishonor or repudiation. ... |
https://law.justia.com/codes/alabama/title-7/article-5/section-7-5-112/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 5 - Letters of Credit.›Section 7-5-112 - Transfer of Letter of Credit. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 5 - Letters of Credit. › Section 7-5-112 - Transfer of Letter of Credit. | Section 7-5-112
Transfer of letter of credit.
(a) Except as otherwise provided in Section 7-5-113, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or otherwise demand performance under a letter of credit may not be transferred.
(b) Even if a letter of credit provides that ... |
https://law.justia.com/codes/alabama/title-7/article-5/section-7-5-113/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 5 - Letters of Credit.›Section 7-5-113 - Transfer by Operation of Law. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 5 - Letters of Credit. › Section 7-5-113 - Transfer by Operation of Law. | Section 7-5-113
Transfer by operation of law.
(a) A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor.
(b) A successor of a beneficiary may consent to amendments, sign ... |
https://law.justia.com/codes/alabama/title-7/article-5/section-7-5-114/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 5 - Letters of Credit.›Section 7-5-114 - Assignment of Proceeds. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 5 - Letters of Credit. › Section 7-5-114 - Assignment of Proceeds. | Section 7-5-114
Assignment of proceeds.
(a) In this section, "proceeds of a letter of credit" means the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. The term does not include a beneficiary's drawing ... |
https://law.justia.com/codes/alabama/title-7/article-5/section-7-5-115/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 5 - Letters of Credit.›Section 7-5-115 - Statute of Limitations. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 5 - Letters of Credit. › Section 7-5-115 - Statute of Limitations. | Section 7-5-115
Statute of limitations.
An action to enforce a right or obligation arising under this article must be commenced within two years after the expiration date of the relevant letter of credit or one year after the cause of action accrues, whichever occurs later. A cause of action accrues when the breach occ... |
https://law.justia.com/codes/alabama/title-7/article-5/section-7-5-116/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 5 - Letters of Credit.›Section 7-5-116 - Choice of Law and Forum. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 5 - Letters of Credit. › Section 7-5-116 - Choice of Law and Forum. | Section 7-5-116
Choice of law and forum.
(a) The liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction chosen by an agreement in the form of a record signed or otherwise authenticated by the affected parties in the manner provided in Section 7-5-104 or by... |
https://law.justia.com/codes/alabama/title-7/article-5/section-7-5-117/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 5 - Letters of Credit.›Section 7-5-117 - Subrogation of Issuer, Applicant, and Nominated Person. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 5 - Letters of Credit. › Section 7-5-117 - Subrogation of Issuer, Applicant, and Nominated Person. | Section 7-5-117
Subrogation of issuer, applicant, and nominated person.
(a) An issuer that honors a beneficiary's presentation is subrogated to the rights of the beneficiary to the same extent as if the issuer were a secondary obligor of the underlying obligation owed to the beneficiary and of the applicant to the same... |
https://law.justia.com/codes/alabama/title-7/article-5/section-7-5-118/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 5 - Letters of Credit.›Section 7-5-118 - Security Interest of Issuer or Nominated Person. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 5 - Letters of Credit. › Section 7-5-118 - Security Interest of Issuer or Nominated Person. | Section 7-5-118
Security interest of issuer or nominated person.
(a) An issuer or nominated person has a security interest in a document presented under a letter of credit to the extent that the issuer or nominated person honors or gives value for the presentation.
(b) So long as and to the extent that an issuer or nom... |
https://law.justia.com/codes/alabama/title-7/article-7/part-1/section-7-7-101/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title.›Part 1 - General.›Section 7-7-101 - Short Title. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 1 - General. › Section 7-7-101 - Short Title. | Section 7-7-101
Short title.
This article may be cited as Uniform Commercial Code Documents of Title.
(Prior version of this section added by Acts 1965, No. 549, p. 811; repealed by Act 2004-315, p. 464, §1; current section added by Act 2004-315, p. 464, §1.) |
https://law.justia.com/codes/alabama/title-7/article-7/part-1/section-7-7-102/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title.›Part 1 - General.›Section 7-7-102 - Definitions and Index of Definitions. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 1 - General. › Section 7-7-102 - Definitions and Index of Definitions. | Section 7-7-102
Definitions and index of definitions.
(a) In this article, unless the context otherwise requires:
(1) "Bailee" means a person that by a warehouse receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them.
(2) A "carrier" means a person that issues... |
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