Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
writing: includes typewriting and printing on paper. See Alabama Code 1-1-1
(1) If a financial service provider has reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted, the financial service provider may, but is not required to, refuse or delay the execution of a financial transaction on an account of an elderly or vulnerable adult; on an account on which the elderly or vulnerable adult is a beneficiary, including a trust, guardianship, or conservatorship account; or on an account of a person suspected of perpetrating the financial exploitation.(2) A financial service provider may also refuse or delay the execution of a financial transaction under this section if the Department of Human Resources or a law enforcement agency provides information to the financial service provider demonstrating that it is reasonable to believe that financial exploitation may have occurred, may have been attempted, or is being attempted.(b) Except as ordered by a court, a financial service provider is not required to refuse or delay the execution of a financial transaction under this section and may use its discretion to determine whether to refuse or delay the execution of a financial transaction based on the information available to the financial service provider.(c) A financial service provider that refuses to execute a financial transaction or places a hold on a financial transaction based on reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted shall do both of the following:
(1) Except with regard to an account administered by a bank or trust company in a fiduciary capacity, make a reasonable effort to notify one or more parties authorized to transact business on the account orally or in writing.(2) If the incident involves financial exploitation, report the incident to the Department of Human Resources and the appropriate law enforcement agency.(d) Notwithstanding subsection (c), notice to any party authorized to conduct business on the account is not required if the party is the suspected perpetrator of financial exploitation.(e) A refusal by a financial service provider to execute a financial transaction or place a hold on a financial transaction as authorized by this section, based on the financial service provider’s reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted, expires when the financial service provider reasonably believes that the financial transaction will not result in financial exploitation unless earlier terminated by an order of a court of competent jurisdiction.(f) A financial service provider or an officer or employee of a financial service provider, acting in a reasonable manner, is immune from all criminal, civil, and administrative liability for the following:
(1) Refusing or not refusing to execute a financial transaction, or holding or not holding a financial transaction under this section.(2) Actions taken in furtherance of the determination made under subdivision (1) if the determination was based upon a reasonable belief.
