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https://law.justia.com/codes/alabama/title-7/article-7/part-1/section-7-7-103/ | 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 7-7-103 - Relation of Article to Treaty or Statute. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 1 - General. › Section 7-7-103 - Relation of Article to Treaty or Statute. | Section 7-7-103
Relation of article to treaty or statute.
(a) This article is subject to any treaty or statute of the United States or regulatory statute of this state to the extent the treaty, statute, or regulatory statute is applicable.
(b) This article does not modify or repeal any law prescribing the form or conte... |
https://law.justia.com/codes/alabama/title-7/article-7/part-1/section-7-7-104/ | 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 7-7-104 - Negotiable and Nonnegotiable Document of 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 7-7-104 - Negotiable and Nonnegotiable Document of Title. | Section 7-7-104
Negotiable and nonnegotiable document of title.
(a) Except as otherwise provided in subsection (c), a document of title is negotiable if by its terms the goods are to be delivered to bearer or to the order of a named person.
(b) A document of title other than one described in subsection (a) is nonnegoti... |
https://law.justia.com/codes/alabama/title-7/article-7/part-1/section-7-7-105/ | 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 7-7-105 - Reissuance in Alternative Medium. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 1 - General. › Section 7-7-105 - Reissuance in Alternative Medium. | Section 7-7-105
Reissuance in alternative medium.
(a) Upon request of a person entitled under an electronic document of title, the issuer of the electronic document may issue a tangible document of title as a substitute for the electronic document if:
(1) The person entitled under the electronic document surrenders con... |
https://law.justia.com/codes/alabama/title-7/article-7/part-1/section-7-7-106/ | 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 7-7-106 - Control of Electronic Document of 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 7-7-106 - Control of Electronic Document of Title. | Section 7-7-106
Control of electronic document of title.
(a) A person has control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that person as the person to which the electronic document was issued or transferred.
(b) A s... |
https://law.justia.com/codes/alabama/title-7/article-7/part-2/section-7-7-201/ | 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 2 - Warehouse Receipts: Special Provisions.›Section 7-7-201 - Person That May Issue a Warehouse Receipt; Storage Under Bond. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 2 - Warehouse Receipts: Special Provisions. › Section 7-7-201 - Person That May Issue a Warehouse Receipt; Storage Under Bond. | Section 7-7-201
Person that may issue a warehouse receipt; storage under bond.
(a) A warehouse receipt may be issued by any warehouse.
(b) If goods, including distilled spirits and agricultural commodities, are stored under a statute requiring a bond against withdrawal or a license for the issuance of receipts in the n... |
https://law.justia.com/codes/alabama/title-7/article-7/part-2/section-7-7-202/ | 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 2 - Warehouse Receipts: Special Provisions.›Section 7-7-202 - Form of Warehouse Receipt; Effect of Omission. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 2 - Warehouse Receipts: Special Provisions. › Section 7-7-202 - Form of Warehouse Receipt; Effect of Omission. | Section 7-7-202
Form of warehouse receipt; effect of omission.
(a) A warehouse receipt need not be in any particular form.
(b) Unless a warehouse receipt provides for each of the following, the warehouse is liable for damages caused to a person injured by its omission:
(1) A statement of the location of the warehouse f... |
https://law.justia.com/codes/alabama/title-7/article-7/part-2/section-7-7-203/ | 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 2 - Warehouse Receipts: Special Provisions.›Section 7-7-203 - Liability for Nonreceipt or Misdescription. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 2 - Warehouse Receipts: Special Provisions. › Section 7-7-203 - Liability for Nonreceipt or Misdescription. | Section 7-7-203
Liability for nonreceipt or misdescription.
A party to or purchaser for value in good faith of a document of title, other than a bill of lading, that relies upon the description of the goods in the document may recover from the issuer damages caused by the nonreceipt or misdescription of the goods, exce... |
https://law.justia.com/codes/alabama/title-7/article-7/part-2/section-7-7-204/ | 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 2 - Warehouse Receipts: Special Provisions.›Section 7-7-204 - Duty of Care; Contractual Limitation of Warehouse's Liability. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 2 - Warehouse Receipts: Special Provisions. › Section 7-7-204 - Duty of Care; Contractual Limitation of Warehouse's Liability. | Section 7-7-204
Duty of care; contractual limitation of warehouse's liability.
(a) A warehouse is liable for damages for loss of or injury to the goods caused by its failure to exercise care with regard to the goods that a reasonably careful person would exercise under similar circumstances. Unless otherwise agreed, th... |
https://law.justia.com/codes/alabama/title-7/article-7/part-2/section-7-7-205/ | 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 2 - Warehouse Receipts: Special Provisions.›Section 7-7-205 - Title Under Warehouse Receipt Defeated in Certain Cases. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 2 - Warehouse Receipts: Special Provisions. › Section 7-7-205 - Title Under Warehouse Receipt Defeated in Certain Cases. | Section 7-7-205
Title under warehouse receipt defeated in certain cases.
A buyer in ordinary course of business of fungible goods sold and delivered by a warehouse that is also in the business of buying and selling such goods takes the goods free of any claim under a warehouse receipt even if the receipt is negotiable ... |
https://law.justia.com/codes/alabama/title-7/article-7/part-2/section-7-7-206/ | 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 2 - Warehouse Receipts: Special Provisions.›Section 7-7-206 - Termination of Storage at Warehouse's Option. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 2 - Warehouse Receipts: Special Provisions. › Section 7-7-206 - Termination of Storage at Warehouse's Option. | Section 7-7-206
Termination of storage at warehouse's option.
(a) A warehouse, by giving notice to the person on whose account the goods are held and any other person known to claim an interest in the goods, may require payment of any charges and removal of the goods from the warehouse at the termination of the period ... |
https://law.justia.com/codes/alabama/title-7/article-7/part-2/section-7-7-207/ | 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 2 - Warehouse Receipts: Special Provisions.›Section 7-7-207 - Goods Must Be Kept Separate; Fungible Goods. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 2 - Warehouse Receipts: Special Provisions. › Section 7-7-207 - Goods Must Be Kept Separate; Fungible Goods. | Section 7-7-207
Goods must be kept separate; fungible goods.
(a) Unless the warehouse receipt provides otherwise, a warehouse shall keep separate the goods covered by each receipt so as to permit at all times identification and delivery of those goods. However, different lots of fungible goods may be commingled.
(b) If... |
https://law.justia.com/codes/alabama/title-7/article-7/part-2/section-7-7-208/ | 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 2 - Warehouse Receipts: Special Provisions.›Section 7-7-208 - Altered Warehouse Receipts. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 2 - Warehouse Receipts: Special Provisions. › Section 7-7-208 - Altered Warehouse Receipts. | Section 7-7-208
Altered warehouse receipts.
If a blank in a negotiable tangible warehouse receipt has been filled in without authority, a good faith purchaser for value and without notice of the lack of authority may treat the insertion as authorized. Any other unauthorized alteration leaves any tangible or electronic ... |
https://law.justia.com/codes/alabama/title-7/article-7/part-2/section-7-7-209/ | 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 2 - Warehouse Receipts: Special Provisions.›Section 7-7-209 - Lien of Warehouse. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 2 - Warehouse Receipts: Special Provisions. › Section 7-7-209 - Lien of Warehouse. | Section 7-7-209
Lien of warehouse.
(a) A warehouse has a lien against the bailor on the goods covered by a warehouse receipt or storage agreement or on the proceeds thereof in its possession for charges for storage or transportation, including demurrage and terminal charges, insurance, labor, or other charges, present ... |
https://law.justia.com/codes/alabama/title-7/article-7/part-2/section-7-7-210/ | 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 2 - Warehouse Receipts: Special Provisions.›Section 7-7-210 - Enforcement of Warehouse's Lien. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 2 - Warehouse Receipts: Special Provisions. › Section 7-7-210 - Enforcement of Warehouse's Lien. | Section 7-7-210
Enforcement of warehouse's lien.
(a) Except as otherwise provided in subsection (b), a warehouse's lien may be enforced by public or private sale of the goods, in bulk or in packages, at any time or place and on any terms that are commercially reasonable, after notifying all persons known to claim an in... |
https://law.justia.com/codes/alabama/title-7/article-7/part-3/section-7-7-301/ | 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 3 - Bills of Lading: Special Provisions.›Section 7-7-301 - Liability for Nonreceipt or Misdescription; "Said to Contain"; "Shipper's Weig... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 3 - Bills of Lading: Special Provisions. › Section 7-7-301 - Liability for Nonreceipt or Misdescription; "Said to Contain"; "Shipper's Weight, Load, and Count"; Improper Handling. | Section 7-7-301
Liability for nonreceipt or misdescription; "said to contain"; "shipper's weight, load, and count"; improper handling.
(a) A consignee of a nonnegotiable bill of lading which has given value in good faith, or a holder to which a negotiable bill has been duly negotiated, relying upon the description of t... |
https://law.justia.com/codes/alabama/title-7/article-7/part-3/section-7-7-302/ | 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 3 - Bills of Lading: Special Provisions.›Section 7-7-302 - Through Bills of Lading and Similar Documents of Title. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 3 - Bills of Lading: Special Provisions. › Section 7-7-302 - Through Bills of Lading and Similar Documents of Title. | Section 7-7-302
Through bills of lading and similar documents of title.
(a) The issuer of a through bill of lading, or other document of title embodying an undertaking to be performed in part by a person acting as its agent or by a performing carrier, is liable to any person entitled to recover on the bill or other doc... |
https://law.justia.com/codes/alabama/title-7/article-7/part-3/section-7-7-303/ | 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 3 - Bills of Lading: Special Provisions.›Section 7-7-303 - Diversion; Reconsignment; Change of Instructions. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 3 - Bills of Lading: Special Provisions. › Section 7-7-303 - Diversion; Reconsignment; Change of Instructions. | Section 7-7-303
Diversion; reconsignment; change of instructions.
(a) Unless the bill of lading otherwise provides, a carrier may deliver the goods to a person or destination other than that stated in the bill or may otherwise dispose of the goods, without liability for misdelivery, on instructions from:
(1) The holder... |
https://law.justia.com/codes/alabama/title-7/article-7/part-3/section-7-7-304/ | 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 3 - Bills of Lading: Special Provisions.›Section 7-7-304 - Tangible Bills of Lading in a Set. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 3 - Bills of Lading: Special Provisions. › Section 7-7-304 - Tangible Bills of Lading in a Set. | Section 7-7-304
Tangible bills of lading in a set.
(a) Except as customary in international transportation, a tangible bill of lading may not be issued in a set of parts. The issuer is liable for damages caused by violation of this subsection.
(b) If a tangible bill of lading is lawfully issued in a set of parts, each ... |
https://law.justia.com/codes/alabama/title-7/article-7/part-3/section-7-7-305/ | 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 3 - Bills of Lading: Special Provisions.›Section 7-7-305 - Destination Bills. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 3 - Bills of Lading: Special Provisions. › Section 7-7-305 - Destination Bills. | Section 7-7-305
Destination bills.
(a) Instead of issuing a bill of lading to the consignor at the place of shipment, a carrier, at the request of the consignor, may procure the bill to be issued at destination or at any other place designated in the request.
(b) Upon request of any person entitled as against a carrier... |
https://law.justia.com/codes/alabama/title-7/article-7/part-3/section-7-7-306/ | 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 3 - Bills of Lading: Special Provisions.›Section 7-7-306 - Altered Bills of Lading. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 3 - Bills of Lading: Special Provisions. › Section 7-7-306 - Altered Bills of Lading. | Section 7-7-306
Altered bills of lading.
An unauthorized alteration or filling in of a blank in a bill of lading leaves the bill enforceable according to its original tenor.
(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... |
https://law.justia.com/codes/alabama/title-7/article-7/part-3/section-7-7-307/ | 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 3 - Bills of Lading: Special Provisions.›Section 7-7-307 - Lien of Carrier. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 3 - Bills of Lading: Special Provisions. › Section 7-7-307 - Lien of Carrier. | Section 7-7-307
Lien of carrier.
(a) A carrier has a lien on the goods covered by a bill of lading or on the proceeds thereof in its possession for charges after the date of the carrier's receipt of the goods for storage or transportation, including demurrage and terminal charges, and for expenses necessary for preserv... |
https://law.justia.com/codes/alabama/title-7/article-7/part-3/section-7-7-308/ | 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 3 - Bills of Lading: Special Provisions.›Section 7-7-308 - Enforcement of Carrier's Lien. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 3 - Bills of Lading: Special Provisions. › Section 7-7-308 - Enforcement of Carrier's Lien. | Section 7-7-308
Enforcement of carrier's lien.
(a) A carrier's lien on goods may be enforced by public or private sale of the goods, in bulk or in packages, at any time or place and on any terms that are commercially reasonable, after notifying all persons known to claim an interest in the goods. The notification must ... |
https://law.justia.com/codes/alabama/title-7/article-7/part-3/section-7-7-309/ | 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 3 - Bills of Lading: Special Provisions.›Section 7-7-309 - Duty of Care; Contractual Limitation of Carrier's Liability. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 3 - Bills of Lading: Special Provisions. › Section 7-7-309 - Duty of Care; Contractual Limitation of Carrier's Liability. | Section 7-7-309
Duty of care; contractual limitation of carrier's liability.
(a) A carrier that issues a bill of lading, whether negotiable or nonnegotiable, shall exercise the degree of care in relation to the goods which a reasonably careful person would exercise under similar circumstances. This subsection does not ... |
https://law.justia.com/codes/alabama/title-7/article-7/part-4/section-7-7-401/ | 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 4 - Warehouse Receipts and Bills of Lading: General Obligations.›Section 7-7-401 - Irregularities in Issue of Receipt or Bill or Conduct ... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 4 - Warehouse Receipts and Bills of Lading: General Obligations. › Section 7-7-401 - Irregularities in Issue of Receipt or Bill or Conduct of Issuer. | Section 7-7-401
Irregularities in issue of receipt or bill or conduct of issuer.
The obligations imposed by this article on an issuer apply to a document of title even if:
(1) The document does not comply with the requirements of this article or of any other statute, rule, or regulation regarding its issuance, form, or... |
https://law.justia.com/codes/alabama/title-7/article-7/part-4/section-7-7-402/ | 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 4 - Warehouse Receipts and Bills of Lading: General Obligations.›Section 7-7-402 - Duplicate Document of Title; Overissue. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 4 - Warehouse Receipts and Bills of Lading: General Obligations. › Section 7-7-402 - Duplicate Document of Title; Overissue. | Section 7-7-402
Duplicate document of title; overissue.
A duplicate or any other document of title purporting to cover goods already represented by an outstanding document of the same issuer does not confer any right in the goods, except as provided in the case of tangible bills of lading in a set of parts, overissue o... |
https://law.justia.com/codes/alabama/title-7/article-7/part-4/section-7-7-403/ | 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 4 - Warehouse Receipts and Bills of Lading: General Obligations.›Section 7-7-403 - Obligation of Bailee to Deliver; Excuse. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 4 - Warehouse Receipts and Bills of Lading: General Obligations. › Section 7-7-403 - Obligation of Bailee to Deliver; Excuse. | Section 7-7-403
Obligation of bailee to deliver; excuse.
(a) A bailee shall deliver the goods to a person entitled under a document of title if the person complies with subsections (b) and (c), unless and to the extent that the bailee establishes any of the following:
(1) Delivery of the goods to a person whose receipt... |
https://law.justia.com/codes/alabama/title-7/article-7/part-4/section-7-7-404/ | 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 4 - Warehouse Receipts and Bills of Lading: General Obligations.›Section 7-7-404 - No Liability for Good Faith Delivery Pursuant to Docum... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 4 - Warehouse Receipts and Bills of Lading: General Obligations. › Section 7-7-404 - No Liability for Good Faith Delivery Pursuant to Document of Title. | Section 7-7-404
No liability for good faith delivery pursuant to document of title.
A bailee that in good faith has received goods and delivered or otherwise disposed of the goods according to the terms of a document of title or pursuant to this article is not liable for the goods even if:
(1) The person from which the... |
https://law.justia.com/codes/alabama/title-7/article-7/part-5/section-7-7-501/ | 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 5 - Warehouse Receipts and Bills of Lading: Negotiation and Transfer.›Section 7-7-501 - Form of Negotiation and Requirements of Due Negot... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 5 - Warehouse Receipts and Bills of Lading: Negotiation and Transfer. › Section 7-7-501 - Form of Negotiation and Requirements of Due Negotiation. | Section 7-7-501
Form of negotiation and requirements of due negotiation.
(a) The following rules apply to a negotiable tangible document of title:
(1) If the document's original terms run to the order of a named person, the document is negotiated by the named person's indorsement and delivery. After the named person's ... |
https://law.justia.com/codes/alabama/title-7/article-7/part-5/section-7-7-502/ | 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 5 - Warehouse Receipts and Bills of Lading: Negotiation and Transfer.›Section 7-7-502 - Rights Acquired by Due Negotiation. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 5 - Warehouse Receipts and Bills of Lading: Negotiation and Transfer. › Section 7-7-502 - Rights Acquired by Due Negotiation. | Section 7-7-502
Rights acquired by due negotiation.
(a) Subject to Sections 7-7-205 and 7-7-503, a holder to which a negotiable document of title has been duly negotiated acquires thereby:
(1) Title to the document;
(2) Title to the goods;
(3) All rights accruing under the law of agency or estoppel, including rights to... |
https://law.justia.com/codes/alabama/title-7/article-7/part-5/section-7-7-503/ | 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 5 - Warehouse Receipts and Bills of Lading: Negotiation and Transfer.›Section 7-7-503 - Document of Title to Goods Defeated in Certain Ca... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 5 - Warehouse Receipts and Bills of Lading: Negotiation and Transfer. › Section 7-7-503 - Document of Title to Goods Defeated in Certain Cases. | Section 7-7-503
Document of title to goods defeated in certain cases.
(a) A document of title confers no right in goods against a person that before issuance of the document had a legal interest or a perfected security interest in the goods and that did not:
(1) Deliver or entrust the goods or any document of title cov... |
https://law.justia.com/codes/alabama/title-7/article-7/part-5/section-7-7-504/ | 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 5 - Warehouse Receipts and Bills of Lading: Negotiation and Transfer.›Section 7-7-504 - Rights Acquired in Absence of Due Negotiation; Ef... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 5 - Warehouse Receipts and Bills of Lading: Negotiation and Transfer. › Section 7-7-504 - Rights Acquired in Absence of Due Negotiation; Effect of Diversion; Stoppage of Delivery. | Section 7-7-504
Rights acquired in absence of due negotiation; effect of diversion; stoppage of delivery.
(a) A transferee of a document of title, whether negotiable or nonnegotiable, to which the document has been delivered but not duly negotiated, acquires the title and rights that its transferor had or had actual au... |
https://law.justia.com/codes/alabama/title-7/article-7/part-5/section-7-7-505/ | 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 5 - Warehouse Receipts and Bills of Lading: Negotiation and Transfer.›Section 7-7-505 - Indorser Not Guarantor for Other Parties. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 5 - Warehouse Receipts and Bills of Lading: Negotiation and Transfer. › Section 7-7-505 - Indorser Not Guarantor for Other Parties. | Section 7-7-505
Indorser not guarantor for other parties.
The indorsement of a tangible document of title issued by a bailee does not make the indorser liable for any default by the bailee or previous indorsers.
(Prior version of this section added by Acts 1965, No. 549, p. 811; repealed by Act 2004-315, p. 464, §1; cu... |
https://law.justia.com/codes/alabama/title-7/article-7/part-5/section-7-7-506/ | 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 5 - Warehouse Receipts and Bills of Lading: Negotiation and Transfer.›Section 7-7-506 - Delivery Without Indorsement: Right to Compel Ind... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 5 - Warehouse Receipts and Bills of Lading: Negotiation and Transfer. › Section 7-7-506 - Delivery Without Indorsement: Right to Compel Indorsement. | Section 7-7-506
Delivery without indorsement: right to compel indorsement.
The transferee of a negotiable tangible document of title has a specifically enforceable right to have its transferor supply any necessary indorsement, but the transfer becomes a negotiation only as of the time the indorsement is supplied.
(Prio... |
https://law.justia.com/codes/alabama/title-7/article-7/part-5/section-7-7-507/ | 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 5 - Warehouse Receipts and Bills of Lading: Negotiation and Transfer.›Section 7-7-507 - Warranties on Negotiation or Delivery of Document... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 5 - Warehouse Receipts and Bills of Lading: Negotiation and Transfer. › Section 7-7-507 - Warranties on Negotiation or Delivery of Document of Title. | Section 7-7-507
Warranties on negotiation or delivery of document of title.
If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under Section 7-7-508, unless otherwise agreed, the transferor, in addition to any warranty made in selling or leasing the goods, warrants t... |
https://law.justia.com/codes/alabama/title-7/article-7/part-5/section-7-7-508/ | 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 5 - Warehouse Receipts and Bills of Lading: Negotiation and Transfer.›Section 7-7-508 - Warranties of Collecting Bank as to Documents of ... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 5 - Warehouse Receipts and Bills of Lading: Negotiation and Transfer. › Section 7-7-508 - Warranties of Collecting Bank as to Documents of Title. | Section 7-7-508
Warranties of collecting bank as to documents of title.
A collecting bank or other intermediary known to be entrusted with documents of title on behalf of another or with collection of a draft or other claim against delivery of documents warrants by the delivery of the documents only its own good faith ... |
https://law.justia.com/codes/alabama/title-7/article-7/part-5/section-7-7-509/ | 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 5 - Warehouse Receipts and Bills of Lading: Negotiation and Transfer.›Section 7-7-509 - Adequate Compliance With Commercial Contract. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 5 - Warehouse Receipts and Bills of Lading: Negotiation and Transfer. › Section 7-7-509 - Adequate Compliance With Commercial Contract. | Section 7-7-509
Adequate compliance with commercial contract.
Whether a document of title is adequate to fulfill the obligations of a contract for sale, a contract for lease, or the conditions of a letter of credit is determined by Article 2, 2A, or 5.
(Prior version of this section added by Acts 1965, No. 549, p. 811;... |
https://law.justia.com/codes/alabama/title-7/article-7/part-6/section-7-7-601/ | 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 6 - Warehouse Receipts and Bills of Lading: Miscellaneous Provisions.›Section 7-7-601 - Lost, Stolen, or Destroyed Documents of Title. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 6 - Warehouse Receipts and Bills of Lading: Miscellaneous Provisions. › Section 7-7-601 - Lost, Stolen, or Destroyed Documents of Title. | Section 7-7-601
Lost, stolen, or destroyed documents of title.
(a) If a document of title is lost, stolen, or destroyed, a court may order delivery of the goods or issuance of a substitute document and the bailee may without liability to any person comply with the order. If the document was negotiable, a court may not ... |
https://law.justia.com/codes/alabama/title-7/article-7/part-6/section-7-7-602/ | 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 6 - Warehouse Receipts and Bills of Lading: Miscellaneous Provisions.›Section 7-7-602 - Judicial Process Against Goods Covered by Negotia... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 6 - Warehouse Receipts and Bills of Lading: Miscellaneous Provisions. › Section 7-7-602 - Judicial Process Against Goods Covered by Negotiable Document of Title. | Section 7-7-602
Judicial process against goods covered by negotiable document of title.
Unless a document of title was originally issued upon delivery of the goods by a person that did not have power to dispose of them, a lien does not attach by virtue of any judicial process to goods in the possession of a bailee for ... |
https://law.justia.com/codes/alabama/title-7/article-7/part-6/section-7-7-603/ | 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 6 - Warehouse Receipts and Bills of Lading: Miscellaneous Provisions.›Section 7-7-603 - Conflicting Claims; Interpleader. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 6 - Warehouse Receipts and Bills of Lading: Miscellaneous Provisions. › Section 7-7-603 - Conflicting Claims; Interpleader. | Section 7-7-603
Conflicting claims; interpleader.
If more than one person claims title to or possession of the goods, the bailee is excused from delivery until the bailee has a reasonable time to ascertain the validity of the adverse claims or to commence an action for interpleader. The bailee may assert an interpleade... |
https://law.justia.com/codes/alabama/title-7/article-7/part-7/section-7-7-701/ | 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 7 - Miscellanous Provisions.›Section 7-7-701 - Effective Date. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 7 - Miscellanous Provisions. › Section 7-7-701 - Effective Date. | Section 7-7-701
Effective date.
This article takes effect on January 1, 2005.
(Act 2004-315, p. 464, §1.) |
https://law.justia.com/codes/alabama/title-7/article-7/part-7/section-7-7-702/ | 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 7 - Miscellanous Provisions.›Section 7-7-702 - Repeals. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 7 - Miscellanous Provisions. › Section 7-7-702 - Repeals. | Section 7-7-702
Repeals.
Existing Sections 7-7-101 through 7-7-603 and Section 7-10-104, are repealed.
(Act 2004-315, p. 464, §1.) |
https://law.justia.com/codes/alabama/title-7/article-7/part-7/section-7-7-703/ | 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 7 - Miscellanous Provisions.›Section 7-7-703 - Applicability. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 7 - Miscellanous Provisions. › Section 7-7-703 - Applicability. | Section 7-7-703
Applicability.
This article applies to a document of title that is issued or a bailment that arises on or after January 1, 2005. This article does not apply to a document of title that is issued or a bailment that arises before January 1, 2005, even if the document of title or bailment would be subject ... |
https://law.justia.com/codes/alabama/title-7/article-7/part-7/section-7-7-704/ | 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 7 - Miscellanous Provisions.›Section 7-7-704 - Savings Clause. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title. › Part 7 - Miscellanous Provisions. › Section 7-7-704 - Savings Clause. | Section 7-7-704
Savings clause.
A document of title issued or a bailment that arises before January 1, 2005, and the rights, obligations, and interests flowing from that document or bailment are governed by any statute or other rule amended or repealed by this article as if the amendment or repeal had not occurred and ... |
https://law.justia.com/codes/alabama/title-7/article-8/part-1/section-7-8-101/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 1 - Short Title and General Matters.›Section 7-8-101 - Short Title. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 1 - Short Title and General Matters. › Section 7-8-101 - Short Title. | Section 7-8-101
Short title.
This article may be cited as Uniform Commercial Code - Investment Securities.
(Acts 1965, No. 549, p. 811; repealed by Acts 1996, No. 96-742, p. 1241, §1; added by Acts 1996, No. 96-742, p. 1241, §1.) |
https://law.justia.com/codes/alabama/title-7/article-8/part-1/section-7-8-102/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 1 - Short Title and General Matters.›Section 7-8-102 - Definitions. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 1 - Short Title and General Matters. › Section 7-8-102 - Definitions. | Section 7-8-102
Definitions.
(a) In this article:
(1) "Adverse claim" means a claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer, or deal with the financial asset.
(2) "Bearer form," as applied to a certificate... |
https://law.justia.com/codes/alabama/title-7/article-8/part-1/section-7-8-103/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 1 - Short Title and General Matters.›Section 7-8-103 - Rules for Determining Whether Certain Obligations and Interests Are Securities or... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 1 - Short Title and General Matters. › Section 7-8-103 - Rules for Determining Whether Certain Obligations and Interests Are Securities or Financial Assets. | Section 7-8-103
Rules for determining whether certain obligations and interests are securities or financial assets.
(a) A share or similar equity interest issued by a corporation, business trust, joint stock company, or similar entity is a security.
(b) An "investment company security" is a security. "Investment compan... |
https://law.justia.com/codes/alabama/title-7/article-8/part-1/section-7-8-104/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 1 - Short Title and General Matters.›Section 7-8-104 - Acquisition of Security or Financial Asset or Interest Therein. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 1 - Short Title and General Matters. › Section 7-8-104 - Acquisition of Security or Financial Asset or Interest Therein. | Section 7-8-104
Acquisition of security or financial asset or interest therein.
(a) A person acquires a security or an interest therein, under this article, if:
(1) the person is a purchaser to whom a security is delivered pursuant to Section 7-8-301; or
(2) the person acquires a security entitlement to the security pu... |
https://law.justia.com/codes/alabama/title-7/article-8/part-1/section-7-8-105/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 1 - Short Title and General Matters.›Section 7-8-105 - Notice of Adverse Claim. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 1 - Short Title and General Matters. › Section 7-8-105 - Notice of Adverse Claim. | Section 7-8-105
Notice of adverse claim.
(a) A person has notice of an adverse claim if:
(1) the person knows of the adverse claim;
(2) the person is aware of facts sufficient to indicate that there is a significant probability that the adverse claim exists and deliberately avoids information that would establish the e... |
https://law.justia.com/codes/alabama/title-7/article-8/part-1/section-7-8-106/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 1 - Short Title and General Matters.›Section 7-8-106 - Control. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 1 - Short Title and General Matters. › Section 7-8-106 - Control. | Section 7-8-106
Control.
(a) A purchaser has "control" of a certificated security in bearer form if the certificated security is delivered to the purchaser.
(b) A purchaser has "control" of a certificated security in registered form if the certificated security is delivered to the purchaser, and:
(1) the certificate is... |
https://law.justia.com/codes/alabama/title-7/article-8/part-1/section-7-8-107/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 1 - Short Title and General Matters.›Section 7-8-107 - Whether Indorsement, Instruction, or Entitlement Order Is Effective. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 1 - Short Title and General Matters. › Section 7-8-107 - Whether Indorsement, Instruction, or Entitlement Order Is Effective. | Section 7-8-107
Whether indorsement, instruction, or entitlement order is effective.
(a) "Appropriate person" means:
(1) with respect to an indorsement, the person specified by a security certificate or by an effective special indorsement to be entitled to the security;
(2) with respect to an instruction, the registere... |
https://law.justia.com/codes/alabama/title-7/article-8/part-1/section-7-8-108/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 1 - Short Title and General Matters.›Section 7-8-108 - Warranties in Direct Holding. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 1 - Short Title and General Matters. › Section 7-8-108 - Warranties in Direct Holding. | Section 7-8-108
Warranties in direct holding.
(a) A person who transfers a certificated security to a purchaser for value warrants to the purchaser, and an indorser, if the transfer is by indorsement, warrants to any subsequent purchaser, that:
(1) the certificate is genuine and has not been materially altered;
(2) the... |
https://law.justia.com/codes/alabama/title-7/article-8/part-1/section-7-8-109/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 1 - Short Title and General Matters.›Section 7-8-109 - Warranties in Indirect Holding. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 1 - Short Title and General Matters. › Section 7-8-109 - Warranties in Indirect Holding. | Section 7-8-109
Warranties in indirect holding.
(a) A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary that:
(1) the entitlement order is made by an appropriate person, or if the entitlement order is by an agent, the agent has actual authority to act on beh... |
https://law.justia.com/codes/alabama/title-7/article-8/part-1/section-7-8-110/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 1 - Short Title and General Matters.›Section 7-8-110 - Applicability; Choice of Law. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 1 - Short Title and General Matters. › Section 7-8-110 - Applicability; Choice of Law. | Section 7-8-110
Applicability; choice of law.
(a) The local law of the issuer's jurisdiction, as specified in subsection (d), governs:
(1) the validity of a security;
(2) the rights and duties of the issuer with respect to registration of transfer;
(3) the effectiveness of registration of transfer by the issuer;
(4) wh... |
https://law.justia.com/codes/alabama/title-7/article-8/part-1/section-7-8-111/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 1 - Short Title and General Matters.›Section 7-8-111 - Clearing Corporation Rules. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 1 - Short Title and General Matters. › Section 7-8-111 - Clearing Corporation Rules. | Section 7-8-111
Clearing corporation rules.
A rule adopted by a clearing corporation governing rights and obligations among the clearing corporation and its participants in the clearing corporation is effective even if the rule conflicts with this title and affects another party who does not consent to the rule.
(Acts ... |
https://law.justia.com/codes/alabama/title-7/article-8/part-1/section-7-8-112/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 1 - Short Title and General Matters.›Section 7-8-112 - Creditor's Legal Process. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 1 - Short Title and General Matters. › Section 7-8-112 - Creditor's Legal Process. | Section 7-8-112
Creditor's legal process.
(a) The interest of a debtor in a certificated security may be reached by a creditor only by actual seizure of the security certificate by the officer making the attachment or levy, except as otherwise provided in subsection (d). However, a certificated security for which the c... |
https://law.justia.com/codes/alabama/title-7/article-8/part-1/section-7-8-113/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 1 - Short Title and General Matters.›Section 7-8-113 - Statute of Frauds Inapplicable. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 1 - Short Title and General Matters. › Section 7-8-113 - Statute of Frauds Inapplicable. | Section 7-8-113
Statute of frauds inapplicable.
A contract or modification of a contract for the sale or purchase of a security is enforceable whether or not there is a writing signed or record authenticated by a party against whom enforcement is sought, even if the contract or modification is not capable of performanc... |
https://law.justia.com/codes/alabama/title-7/article-8/part-1/section-7-8-114/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 1 - Short Title and General Matters.›Section 7-8-114 - Evidentiary Rules Concerning Certificated Securities. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 1 - Short Title and General Matters. › Section 7-8-114 - Evidentiary Rules Concerning Certificated Securities. | Section 7-8-114
Evidentiary rules concerning certificated securities.
The following rules apply in an action on a certificated security against the issuer:
(1) Unless specifically denied in the pleadings, each signature on a security certificate or in a necessary indorsement is admitted.
(2) If the effectiveness of a s... |
https://law.justia.com/codes/alabama/title-7/article-8/part-1/section-7-8-115/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 1 - Short Title and General Matters.›Section 7-8-115 - Securities Intermediary and Others Not Liable to Adverse Claimant. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 1 - Short Title and General Matters. › Section 7-8-115 - Securities Intermediary and Others Not Liable to Adverse Claimant. | Section 7-8-115
Securities intermediary and others not liable to adverse claimant.
A securities intermediary that has transferred a financial asset pursuant to an effective entitlement order, or a broker or other agent or bailee that has dealt with a financial asset at the direction of its customer or principal, is not... |
https://law.justia.com/codes/alabama/title-7/article-8/part-1/section-7-8-116/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 1 - Short Title and General Matters.›Section 7-8-116 - Securities Intermediary as Purchaser for Value. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 1 - Short Title and General Matters. › Section 7-8-116 - Securities Intermediary as Purchaser for Value. | Section 7-8-116
Securities intermediary as purchaser for value.
A securities intermediary that receives a financial asset and establishes a security entitlement to the financial asset in favor of an entitlement holder is a purchaser for value of the financial asset. A securities intermediary that acquires a security en... |
https://law.justia.com/codes/alabama/title-7/article-8/part-2/section-7-8-201/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 2 - Issue and Issuer.›Section 7-8-201 - Issuer. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 2 - Issue and Issuer. › Section 7-8-201 - Issuer. | Section 7-8-201
Issuer.
(a) With respect to an obligation on or a defense to a security, an "issuer" includes a person that:
(1) places or authorizes the placing of its name on a security certificate, other than as authenticating trustee, registrar, transfer agent, or the like, to evidence a share, participation, or ot... |
https://law.justia.com/codes/alabama/title-7/article-8/part-2/section-7-8-202/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 2 - Issue and Issuer.›Section 7-8-202 - Issuer's Responsibility and Defenses; Notice of Defect or Defense. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 2 - Issue and Issuer. › Section 7-8-202 - Issuer's Responsibility and Defenses; Notice of Defect or Defense. | Section 7-8-202
Issuer's responsibility and defenses; notice of defect or defense.
(a) Even against a purchaser for value and without notice, the terms of a certificated security include terms stated on the certificate and terms made part of the security by reference on the certificate to another instrument, indenture,... |
https://law.justia.com/codes/alabama/title-7/article-8/part-2/section-7-8-203/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 2 - Issue and Issuer.›Section 7-8-203 - Staleness as Notice of Defect or Defense. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 2 - Issue and Issuer. › Section 7-8-203 - Staleness as Notice of Defect or Defense. | Section 7-8-203
Staleness as notice of defect or defense.
After an act or event, other than a call that has been revoked, creating a right to immediate performance of the principal obligation represented by a certificated security or setting a date on or after which the security is to be presented or surrendered for re... |
https://law.justia.com/codes/alabama/title-7/article-8/part-2/section-7-8-204/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 2 - Issue and Issuer.›Section 7-8-204 - Effect of Issuer's Restriction on Transfer. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 2 - Issue and Issuer. › Section 7-8-204 - Effect of Issuer's Restriction on Transfer. | Section 7-8-204
Effect of issuer's restriction on transfer.
A restriction on transfer of a security imposed by the issuer, even if otherwise lawful, is ineffective against a person without knowledge of the restriction unless:
(1) the security is certificated and the restriction is noted conspicuously on the security ce... |
https://law.justia.com/codes/alabama/title-7/article-8/part-2/section-7-8-205/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 2 - Issue and Issuer.›Section 7-8-205 - Effect of Unauthorized Signature on Security Certificate. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 2 - Issue and Issuer. › Section 7-8-205 - Effect of Unauthorized Signature on Security Certificate. | Section 7-8-205
Effect of unauthorized signature on security certificate.
An unauthorized signature placed on a security certificate before or in the course of issue is ineffective, but the signature is effective in favor of a purchaser for value of the certificated security if the purchaser is without notice of the la... |
https://law.justia.com/codes/alabama/title-7/article-8/part-2/section-7-8-206/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 2 - Issue and Issuer.›Section 7-8-206 - Completion or Alteration of Security Certificate. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 2 - Issue and Issuer. › Section 7-8-206 - Completion or Alteration of Security Certificate. | Section 7-8-206
Completion or alteration of security certificate.
(a) If a security certificate contains the signatures necessary to its issue or transfer but is incomplete in any other respect:
(1) any person may complete it by filling in the blanks as authorized; and
(2) even if the blanks are incorrectly filled in, ... |
https://law.justia.com/codes/alabama/title-7/article-8/part-2/section-7-8-207/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 2 - Issue and Issuer.›Section 7-8-207 - Rights and Duties of Issuer With Respect to Registered Owners. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 2 - Issue and Issuer. › Section 7-8-207 - Rights and Duties of Issuer With Respect to Registered Owners. | Section 7-8-207
Rights and duties of issuer with respect to registered owners.
(a) Before due presentment for registration of transfer of a certificated security in registered form or of an instruction requesting registration of transfer of an uncertificated security, the issuer or indenture trustee may treat the regis... |
https://law.justia.com/codes/alabama/title-7/article-8/part-2/section-7-8-208/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 2 - Issue and Issuer.›Section 7-8-208 - Effect of Signature of Authenticating Trustee, Registrar, or Transfer Agent. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 2 - Issue and Issuer. › Section 7-8-208 - Effect of Signature of Authenticating Trustee, Registrar, or Transfer Agent. | Section 7-8-208
Effect of signature of authenticating trustee, registrar, or transfer agent.
(a) A person signing a security certificate as authenticating trustee, registrar, transfer agent, or the like, warrants to a purchaser for value of the certificated security, if the purchaser is without notice of a particular d... |
https://law.justia.com/codes/alabama/title-7/article-8/part-2/section-7-8-209/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 2 - Issue and Issuer.›Section 7-8-209 - Issuer's Lien. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 2 - Issue and Issuer. › Section 7-8-209 - Issuer's Lien. | Section 7-8-209
Issuer's lien.
A lien in favor of an issuer upon a certificated security is valid against a purchaser only if the right of the issuer to the lien is noted conspicuously on the security certificate.
(Acts 1996, No. 96-742, p. 1241, §1.) |
https://law.justia.com/codes/alabama/title-7/article-8/part-2/section-7-8-210/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 2 - Issue and Issuer.›Section 7-8-210 - Overissue. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 2 - Issue and Issuer. › Section 7-8-210 - Overissue. | Section 7-8-210
Overissue.
(a) In this section, "overissue" means the issue of securities in excess of the amount the issuer has corporate power to issue, but an overissue does not occur if appropriate action has cured the overissue.
(b) Except as otherwise provided in subsections (c) and (d), the provisions of this ar... |
https://law.justia.com/codes/alabama/title-7/article-8/part-3/section-7-8-301/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 3 - Transfer of Certificated and Uncertificated Securities.›Section 7-8-301 - Delivery. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 3 - Transfer of Certificated and Uncertificated Securities. › Section 7-8-301 - Delivery. | Section 7-8-301
Delivery.
(a) Delivery of a certificated security to a purchaser occurs when:
(1) the purchaser acquires possession of the security certificate;
(2) another person, other than a securities intermediary, either acquires possession of the security certificate on behalf of the purchaser or, having previous... |
https://law.justia.com/codes/alabama/title-7/article-8/part-3/section-7-8-302/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 3 - Transfer of Certificated and Uncertificated Securities.›Section 7-8-302 - Rights of Purchaser. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 3 - Transfer of Certificated and Uncertificated Securities. › Section 7-8-302 - Rights of Purchaser. | Section 7-8-302
Rights of purchaser.
(a) Except as otherwise provided in subsections (b) and (c), a purchaser of a certificated or uncertificated security acquires all rights in the security that the transferor had or had power to transfer.
(b) A purchaser of a limited interest acquires rights only to the extent of the... |
https://law.justia.com/codes/alabama/title-7/article-8/part-3/section-7-8-303/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 3 - Transfer of Certificated and Uncertificated Securities.›Section 7-8-303 - Protected Purchaser. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 3 - Transfer of Certificated and Uncertificated Securities. › Section 7-8-303 - Protected Purchaser. | Section 7-8-303
Protected purchaser.
(a) "Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest therein, who:
(1) gives value;
(2) does not have notice of any adverse claim to the security; and
(3) obtains control of the certificated or uncertificated security.
(b) In ad... |
https://law.justia.com/codes/alabama/title-7/article-8/part-3/section-7-8-304/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 3 - Transfer of Certificated and Uncertificated Securities.›Section 7-8-304 - Indorsement. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 3 - Transfer of Certificated and Uncertificated Securities. › Section 7-8-304 - Indorsement. | Section 7-8-304
Indorsement.
(a) An indorsement may be in blank or special. An indorsement in blank includes an indorsement to bearer. A special indorsement specifies to whom a security is to be transferred or who has power to transfer it. A holder may convert a blank indorsement to a special indorsement.
(b) An indors... |
https://law.justia.com/codes/alabama/title-7/article-8/part-3/section-7-8-305/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 3 - Transfer of Certificated and Uncertificated Securities.›Section 7-8-305 - Instruction. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 3 - Transfer of Certificated and Uncertificated Securities. › Section 7-8-305 - Instruction. | Section 7-8-305
Instruction.
(a) If an instruction has been originated by an appropriate person but is incomplete in any other respect, any person may complete it as authorized and the issuer may rely on it as completed, even though it has been completed incorrectly.
(b) Unless otherwise agreed, a person initiating an ... |
https://law.justia.com/codes/alabama/title-7/article-8/part-3/section-7-8-306/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 3 - Transfer of Certificated and Uncertificated Securities.›Section 7-8-306 - Effect of Guaranteeing Signature, Indorsement, or Instruction. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 3 - Transfer of Certificated and Uncertificated Securities. › Section 7-8-306 - Effect of Guaranteeing Signature, Indorsement, or Instruction. | Section 7-8-306
Effect of guaranteeing signature, indorsement, or instruction.
(a) A person who guarantees a signature of an indorser of a security certificate warrants that at the time of signing:
(1) the signature was genuine;
(2) the signer was an appropriate person to indorse, or if the signature is by an agent, th... |
https://law.justia.com/codes/alabama/title-7/article-8/part-3/section-7-8-307/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 3 - Transfer of Certificated and Uncertificated Securities.›Section 7-8-307 - Purchaser's Right to Requisites for Registration of Transfer. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 3 - Transfer of Certificated and Uncertificated Securities. › Section 7-8-307 - Purchaser's Right to Requisites for Registration of Transfer. | Section 7-8-307
Purchaser's right to requisites for registration of transfer.
Unless otherwise agreed, the transferor of a security on due demand shall supply the purchaser with proof of authority to transfer or with any other requisite necessary to obtain registration of the transfer of the security, but if the transf... |
https://law.justia.com/codes/alabama/title-7/article-8/part-4/section-7-8-401/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 4 - Registration.›Section 7-8-401 - Duty of Issuer to Register Transfer. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 4 - Registration. › Section 7-8-401 - Duty of Issuer to Register Transfer. | Section 7-8-401
Duty of issuer to register transfer.
(a) If a certificated security in registered form is presented to an issuer with a request to register transfer or an instruction is presented to an issuer with a request to register transfer of an uncertificated security, the issuer shall register the transfer as re... |
https://law.justia.com/codes/alabama/title-7/article-8/part-4/section-7-8-402/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 4 - Registration.›Section 7-8-402 - Assurance That Indorsement or Instruction Is Effective. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 4 - Registration. › Section 7-8-402 - Assurance That Indorsement or Instruction Is Effective. | Section 7-8-402
Assurance that indorsement or instruction is effective.
(a) An issuer may require the following assurance that each necessary indorsement or each instruction is genuine and authorized:
(1) in all cases, a guaranty of the signature of the person making an indorsement or originating an instruction includi... |
https://law.justia.com/codes/alabama/title-7/article-8/part-4/section-7-8-403/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 4 - Registration.›Section 7-8-403 - Demand That Issuer Not Register Transfer. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 4 - Registration. › Section 7-8-403 - Demand That Issuer Not Register Transfer. | Section 7-8-403
Demand that issuer not register transfer.
(a) A person who is an appropriate person to make an indorsement or originate an instruction may demand that the issuer not register transfer of a security by communicating to the issuer a notification that identifies the registered owner and the issue of which ... |
https://law.justia.com/codes/alabama/title-7/article-8/part-4/section-7-8-404/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 4 - Registration.›Section 7-8-404 - Wrongful Registration. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 4 - Registration. › Section 7-8-404 - Wrongful Registration. | Section 7-8-404
Wrongful registration.
(a) Except as otherwise provided in Section 7-8-406, an issuer is liable for wrongful registration of transfer if the issuer has registered a transfer of a security to a person not entitled to it, and the transfer was registered:
(1) pursuant to an ineffective indorsement or instr... |
https://law.justia.com/codes/alabama/title-7/article-8/part-4/section-7-8-405/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 4 - Registration.›Section 7-8-405 - Replacement of Lost, Destroyed, or Wrongfully Taken Security Certificate. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 4 - Registration. › Section 7-8-405 - Replacement of Lost, Destroyed, or Wrongfully Taken Security Certificate. | Section 7-8-405
Replacement of lost, destroyed, or wrongfully taken security certificate.
(a) If an owner of a certificated security, whether in registered or bearer form, claims that the certificate has been lost, destroyed, or wrongfully taken, the issuer shall issue a new certificate if the owner:
(1) so requests be... |
https://law.justia.com/codes/alabama/title-7/article-8/part-4/section-7-8-406/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 4 - Registration.›Section 7-8-406 - Obligation to Notify Issuer of Lost, Destroyed, or Wrongfully Taken Security Certi... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 4 - Registration. › Section 7-8-406 - Obligation to Notify Issuer of Lost, Destroyed, or Wrongfully Taken Security Certificate. | Section 7-8-406
Obligation to notify issuer of lost, destroyed, or wrongfully taken security certificate.
If a security certificate has been lost, apparently destroyed, or wrongfully taken, and the owner fails to notify the issuer of that fact within a reasonable time after the owner has notice of it and the issuer reg... |
https://law.justia.com/codes/alabama/title-7/article-8/part-4/section-7-8-407/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 4 - Registration.›Section 7-8-407 - Authenticating Trustee, Transfer Agent, and Registrar. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 4 - Registration. › Section 7-8-407 - Authenticating Trustee, Transfer Agent, and Registrar. | Section 7-8-407
Authenticating trustee, transfer agent, and registrar.
A person acting as authenticating trustee, transfer agent, registrar, or other agent for an issuer in the registration of a transfer of its securities, in the issue of new security certificates or uncertificated securities, or in the cancellation of... |
https://law.justia.com/codes/alabama/title-7/article-8/part-5/section-7-8-501/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 5 - Security Entitlements.›Section 7-8-501 - Securities Account; Acquisition of Security Entitlement From Securities Intermedia... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 5 - Security Entitlements. › Section 7-8-501 - Securities Account; Acquisition of Security Entitlement From Securities Intermediary. | Section 7-8-501
Securities account; acquisition of security entitlement from securities intermediary.
(a) "Securities account" means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the acco... |
https://law.justia.com/codes/alabama/title-7/article-8/part-5/section-7-8-502/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 5 - Security Entitlements.›Section 7-8-502 - Assertion of Adverse Claim Against Entitlement Holder. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 5 - Security Entitlements. › Section 7-8-502 - Assertion of Adverse Claim Against Entitlement Holder. | Section 7-8-502
Assertion of adverse claim against entitlement holder.
An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who acquired a security entitlement with respect to such fina... |
https://law.justia.com/codes/alabama/title-7/article-8/part-5/section-7-8-503/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 5 - Security Entitlements.›Section 7-8-503 - Property Interest of Entitlement Holder in Financial Asset Held by Securities Inte... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 5 - Security Entitlements. › Section 7-8-503 - Property Interest of Entitlement Holder in Financial Asset Held by Securities Intermediary. | Section 7-8-503
Property interest of entitlement holder in financial asset held by securities intermediary.
(a) To the extent necessary for a securities intermediary to satisfy all security entitlements with respect to a particular financial asset, all interests in that financial asset held by the securities intermedia... |
https://law.justia.com/codes/alabama/title-7/article-8/part-5/section-7-8-504/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 5 - Security Entitlements.›Section 7-8-504 - Duty of Securities Intermediary to Maintain Financial Asset. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 5 - Security Entitlements. › Section 7-8-504 - Duty of Securities Intermediary to Maintain Financial Asset. | Section 7-8-504
Duty of securities intermediary to maintain financial asset.
(a) A securities intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity corresponding to the aggregate of all security entitlements it has established in favor of its entitlement holders with respect to that... |
https://law.justia.com/codes/alabama/title-7/article-8/part-5/section-7-8-505/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 5 - Security Entitlements.›Section 7-8-505 - Duty of Securities Intermediary With Respect to Payments and Distributions. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 5 - Security Entitlements. › Section 7-8-505 - Duty of Securities Intermediary With Respect to Payments and Distributions. | Section 7-8-505
Duty of securities intermediary with respect to payments and distributions.
(a) A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. A securities intermediary satisfies the duty if:
(1) the securities intermediary acts with respect to t... |
https://law.justia.com/codes/alabama/title-7/article-8/part-5/section-7-8-506/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 5 - Security Entitlements.›Section 7-8-506 - Duty of Securities Intermediary to Exercise Rights as Directed by Entitlement Hold... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 5 - Security Entitlements. › Section 7-8-506 - Duty of Securities Intermediary to Exercise Rights as Directed by Entitlement Holder. | Section 7-8-506
Duty of securities intermediary to exercise rights as directed by entitlement holder.
A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. A securities intermediary satisfies the duty if:
(1) the securities intermediary acts wit... |
https://law.justia.com/codes/alabama/title-7/article-8/part-5/section-7-8-507/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 5 - Security Entitlements.›Section 7-8-507 - Duty of Securities Intermediary to Comply With Entitlement Order. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 5 - Security Entitlements. › Section 7-8-507 - Duty of Securities Intermediary to Comply With Entitlement Order. | Section 7-8-507
Duty of securities intermediary to comply with entitlement order.
(a) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has had reasonable opportunity to assure itself that the entitlement order ... |
https://law.justia.com/codes/alabama/title-7/article-8/part-5/section-7-8-508/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 5 - Security Entitlements.›Section 7-8-508 - Duty of Securities Intermediary to Change Entitlement Holder's Position to Other F... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 5 - Security Entitlements. › Section 7-8-508 - Duty of Securities Intermediary to Change Entitlement Holder's Position to Other Form of Security Holding. | Section 7-8-508
Duty of securities intermediary to change entitlement holder's position to other form of security holding.
A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into another available form of holding for which the entitlement holder is eligible, o... |
https://law.justia.com/codes/alabama/title-7/article-8/part-5/section-7-8-509/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 5 - Security Entitlements.›Section 7-8-509 - Specification of Duties of Securities Intermediary by Other Statute or Regulation;... | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 5 - Security Entitlements. › Section 7-8-509 - Specification of Duties of Securities Intermediary by Other Statute or Regulation; Manner of Performance of Duties of Securities Intermediary and Exercise of Rights of Entitlement... | Section 7-8-509
Specification of duties of securities intermediary by other statute or regulation; manner of performance of duties of securities intermediary and exercise of rights of entitlement holder.
(a) If the substance of a duty imposed upon a securities intermediary by Sections 7-8-504 through 7-8-508 is the sub... |
https://law.justia.com/codes/alabama/title-7/article-8/part-5/section-7-8-510/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 5 - Security Entitlements.›Section 7-8-510 - Rights of Purchaser of Security Entitlement From Entitlement Holder. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 5 - Security Entitlements. › Section 7-8-510 - Rights of Purchaser of Security Entitlement From Entitlement Holder. | Section 7-8-510
Rights of purchaser of security entitlement from entitlement holder.
(a) In a case not covered by the priority rules in Article 9A or the rules stated in subsection (c), an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive... |
https://law.justia.com/codes/alabama/title-7/article-8/part-5/section-7-8-511/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 5 - Security Entitlements.›Section 7-8-511 - Priority Among Security Interests and Entitlement Holders. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 5 - Security Entitlements. › Section 7-8-511 - Priority Among Security Interests and Entitlement Holders. | Section 7-8-511
Priority among security interests and entitlement holders.
(a) Except as otherwise provided in subsections (b) and (c), if a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to... |
https://law.justia.com/codes/alabama/title-7/article-8/part-6/section-7-8-601/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 6 - Effective Date.›Section 7-8-601 - Effective Date. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 6 - Effective Date. › Section 7-8-601 - Effective Date. | Section 7-8-601
Effective date.
This act takes effect January 1, 1996.
(Acts 1996, No. 96-742, p. 1241, §1.) |
https://law.justia.com/codes/alabama/title-7/article-8/part-6/section-7-8-602/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 6 - Effective Date.›Section 7-8-602 - Repeals. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 6 - Effective Date. › Section 7-8-602 - Repeals. | Section 7-8-602
Repeals.
This act repeals Sections 8-6-70 through 8-6-80, cited as the Uniform Act for Simplification of Fiduciary Security Transfers.
(Acts 1996, No. 96-742, p. 1241, §1.) |
https://law.justia.com/codes/alabama/title-7/article-8/part-6/section-7-8-603/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 8 - Investment Securities.›Part 6 - Effective Date.›Section 7-8-603 - Savings Clause. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 8 - Investment Securities. › Part 6 - Effective Date. › Section 7-8-603 - Savings Clause. | Section 7-8-603
Savings clause.
(a) This act does not affect an action or proceeding commenced before this act takes effect.
(b) If a security interest in a security is perfected at the date this act takes effect, and the action by which the security interest was perfected would suffice to perfect a security interest u... |
https://law.justia.com/codes/alabama/title-7/article-9/part-1/section-7-9-101/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 1 - Short Title, Applicability and Definitions.›Section 7-9-101 - Short Title. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 1 - Short Title, Applicability and Definitions. › Section 7-9-101 - Short Title. | Section 7-9-101
Short title.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811.) |
https://law.justia.com/codes/alabama/title-7/article-9/part-1/section-7-9-102/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 1 - Short Title, Applicability and Definitions.›Section 7-9-102 - Policy and Subject Matter of Article. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 1 - Short Title, Applicability and Definitions. › Section 7-9-102 - Policy and Subject Matter of Article. | Section 7-9-102
Policy and subject matter of article.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399.) |
https://law.justia.com/codes/alabama/title-7/article-9/part-1/section-7-9-103/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 7 - Commercial Code.›Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper.›Part 1 - Short Title, Applicability and Definitions.›Section 7-9-103 - Perfection of Security Interests in Multiple State Transactions. | 2023 Code of Alabama › Title 7 - Commercial Code. › Article 9 - Secured Transactions; Sales of Accounts and Chattel Paper. › Part 1 - Short Title, Applicability and Definitions. › Section 7-9-103 - Perfection of Security Interests in Multiple State Transactions. | Section 7-9-103
Perfection of security interests in multiple state transactions.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002.
(Acts 1965, No. 549, p. 811; Acts 1981, No. 81-312, p. 399; Acts 1996, No. 96-742, p. 1241, §2; Acts 1997, No. 97-702, §2.) |
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