Alabama Code > Title 7 > Article 4 – Bank Deposits and Collections
Terms Used In Alabama Code > Title 7 > Article 4 - Bank Deposits and Collections
- Account: means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit;
(2) "Afternoon" means the period of a day between noon and midnight;
(3) "Banking day" means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions;
(4) "Clearing house" means an association of banks or other payors regularly clearing items;
(5) "Customer" means a person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank;
(6) "Documentary draft" means a draft to be presented for acceptance or payment if specified documents, certificated securities (Section 7-8-102) or instructions for uncertificated securities (Section 7-8-308), or other certificates, statements, or the like are to be received by the drawee or other payor before acceptance or payment of the draft;
(7) "Draft" means a draft as defined in Section 7-3-104 or an item, other than an instrument, that is an order;
(8) "Drawee" means a person ordered in a draft to make payment;
(9) "Item" means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Alabama Code 7-4-104
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- affiliate: With respect to any lender, any person, firm or corporation controlled by, or under common control with, such lender, and any person, firm or corporation controlling such lender. See Alabama Code 2-3A-2
- AGRICULTURAL OPERATIONS: Farming, ranching, the production of agricultural commodities (including, without limitation, the products of aquaculture and silvaculture) or the treating, processing, storing, manufacturing, marketing, distribution or exporting of agricultural commodities; provided, however, that such term shall not include any operation the principal purpose of which is the selling at retail of agricultural commodities or related products; provided, further, that costs of agricultural operations shall specifically include, but not be limited to, costs of acquiring and improving real and personal property, repairs, annual operating expenses, family living expenses and refinancing of debt incurred for any such costs. See Alabama Code 2-3A-2
- Amortization: Paying off a loan by regular installments.
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
- apprentice: A worker at least 14 years of age, except where a higher minimum age standard is otherwise fixed by law, who is employed to learn an apprenticeable occupation. See Alabama Code 41-29-341
- APPRENTICEABLE OCCUPATION: As defined in 29 C. See Alabama Code 41-29-341
- APPRENTICESHIP AGREEMENT: A written agreement between an apprentice and either the apprentice's program sponsor or an apprenticeship committee acting as agent for the program sponsor, which contains the terms and conditions of the employment and training of the apprentice in conformance with 29 C. See Alabama Code 41-29-341
- APPRENTICESHIP PROGRAM: A plan containing all terms and conditions for the qualification, recruitment, selection, employment, and training of apprentices, as required under the federal guidelines in 29 C. See Alabama Code 41-29-341
- appropriate municipal official: as used in this article shall mean any municipal building official or deputy and any other municipal official or municipal employee designated by the mayor or other chief executive officer of the municipality as the person to exercise the authority and perform the duties delegated by this article. See Alabama Code 11-40-31
- association: Includes, but is not limited to, an unincorporated nonprofit association as defined in Chapter 17 and an unincorporated professional association as defined in Article 1 of Chapter 30. See Alabama Code 10A-1-1.03
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- authority: The public corporation organized pursuant to the provisions of this article. See Alabama Code 2-3A-2
- 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
- board: The board of directors of the authority. See Alabama Code 2-3A-2
- bonds: Bonds, notes, certificates, bond, grant or revenue anticipation notes or any other evidence of indebtedness representing an obligation to pay money. See Alabama Code 2-3A-2
- BUSINESS TRUST: A business trust as defined in Chapter 16. See Alabama Code 10A-1-1.03
- CAPACITY TO PROCEED OR CONTINUE TO TRIAL: Whether or not a defendant accused of a crime:
a. See Alabama Code 22-52-30
- COLLECTIVE RESERVE ACCOUNT: An internal capital account that represents the portion of the net book value of the corporation attributable to the cooperative. See Alabama Code 10A-11-1.02
- commissioner: The Commissioner of the Department of Mental Health of the State of Alabama. See Alabama Code 22-52-30
- commissioner: Commissioner of the state Department of Mental Health. See Alabama Code 22-52-90
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- COMMUNITY MENTAL HEALTH OFFICER: A person who acts as a liaison between law enforcement and the general public, and who is regularly employed by a municipality within the county or regularly employed by the county commission or any public body or agency, including the state Department of Mental Health. See Alabama Code 22-52-90
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Continuance: Putting off of a hearing ot trial until a later time.
- conversion: A conversion, whether referred to as a conversion, domestication, or otherwise, means:
(A) the continuance of a domestic entity as a foreign entity of any type;
(B) the continuance of a foreign entity as a domestic entity of any type; or
(C) the continuance of a domestic entity of one type as a domestic entity of another type. See Alabama Code 10A-1-1.03
- cooperative: Includes an employee cooperative as defined in Chapter 11. See Alabama Code 10A-1-1.03
- cooperative: A cooperative marketing association for marketing of farm products. See Alabama Code 2-1-1
- corporation: Includes a domestic or foreign business corporation, including a benefit corporation, as defined in Chapter 2A, a domestic or foreign nonprofit corporation as defined in Chapter 3, a domestic or foreign professional corporation as defined in Chapter 4, and those entities specified in Chapter 20 as corporate. See Alabama Code 10A-1-1.03
- corporation: Any corporation organized pursuant to the provisions of this article. See Alabama Code 11-20-30
- county: Any county in this state with respect to which a corporation may be organized. See Alabama Code 11-20-30
- county: A county in the State of Alabama. See Alabama Code 22-52-90
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Decedent: A deceased person.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- department: The Alabama State Law Enforcement Agency acting directly or through its duly authorized officers and agents. See Alabama Code 32-1-1.1
- DESIGNATED MENTAL HEALTH FACILITY: A mental health facility other than a state mental health facility designated by the state Department of Mental Health to receive persons for evaluation, examination, admission, detention, or treatment pursuant to the commitment process. See Alabama Code 22-52-90
- Devise: To gift property by will.
- director: An individual who serves on the board of directors, by whatever name known, of a foreign or domestic corporation. See Alabama Code 10A-1-1.03
- director: A member of the board of the authority. See Alabama Code 2-3A-2
- director: The Director of the Alabama Office of Apprenticeship. See Alabama Code 41-29-341
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- distribution: A transfer of property, including cash, from an entity to an owner or member of the entity in the owner's or member's capacity as an owner or member. See Alabama Code 10A-1-1.03
- Docket: A log containing brief entries of court proceedings.
- ELIGIBLE EMPLOYER: As defined in Section 40-18-421. See Alabama Code 41-29-341
- EMPLOYEE COOPERATIVE: A corporation which has elected to be governed by this chapter. See Alabama Code 10A-11-1.02
- employer: An individual or organization employing an apprentice whether or not the individual or organization is a party to an apprenticeship agreement with the apprentice. See Alabama Code 41-29-341
- entity: A domestic or foreign organization. See Alabama Code 10A-1-1.03
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Ex officio: Literally, by virtue of one's office.
- Executor: A male person named in a will to carry out the decedent
- facility: Any state-owned or state-operated hospital or other facility, whether currently operating or to be operated in the future, utilized for the diagnosis, care, treatment, training or hospitalization of persons who are mentally ill or who are believed to be mentally ill and any other appropriate facility within the State of Alabama approved for such purpose by the Department of Mental Health, excluding those general hospitals owned by a state educational institution which is a public corporation organized under the acts of the Legislature of the State of Alabama. See Alabama Code 22-52-30
- Fiduciary: A trustee, executor, or administrator.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Fraud: Intentional deception resulting in injury to another.
- Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
- Germane: On the subject of the pending bill or other business; a strict standard of relevance.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- GOVERNING BODY: The commission of the county. See Alabama Code 11-20-30
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- highway: The entire width between the boundary lines of every way publicly maintained when any part thereof is open to the use of the public for purposes of vehicular travel. See Alabama Code 32-1-1.1
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- individual: A natural person and the estate of an incompetent or deceased natural person. See Alabama Code 10A-1-1.03
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- INTERNAL CAPITAL ACCOUNT COOPERATIVE: An employee cooperative governed in accordance with Section 10A-11-1. See Alabama Code 10A-11-1.02
- INTERNAL CAPITAL ACCOUNTS: A system of accounts on the books of an employee cooperative that reflects the book value of the corporation. See Alabama Code 10A-11-1.02
- Intestate: Dying without leaving a will.
- Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
- JUDGE OF PROBATE: The judge of probate of the county in which an entity is required or permitted to deliver a filing instrument for filing pursuant to this title. See Alabama Code 10A-1-1.03
- law: Unless the context requires otherwise, both statutory and common law. See Alabama Code 10A-1-1.03
- LAW ENFORCEMENT OFFICER: A policeman regularly employed by a municipality within the county or a sheriff or deputy sheriff regularly employed by the county. See Alabama Code 22-52-90
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Legacy: A gift of property made by will.
- Legatee: A beneficiary of a decedent
- lender: Any federal or state chartered bank, federal land bank, production credit association, bank for cooperatives, federal or state chartered savings and loan association or building and loan association, small business investment company or any other institution qualified within this state to originate and service loans, including, but without limitation to, insurance companies, credit unions and mortgage loan companies. See Alabama Code 2-3A-2
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- LICENSING AUTHORITY: An agency, board, commission, or other office with the authority to require occupational fees or issue licensing requirements for practice of an apprenticeable occupation. See Alabama Code 41-29-341
- LIMITED LIABILITY COMPANY: A limited liability company as defined in Chapter 5A. See Alabama Code 10A-1-1.03
- LIMITED PARTNERSHIP: A limited partnership as defined in Chapter 9A. See Alabama Code 10A-1-1.03
- member: A natural person who has been accepted for membership in and owns a membership share issued by an employee cooperative. See Alabama Code 10A-11-1.02
- MEMBERSHIP FEE: The consideration paid for a membership share. See Alabama Code 10A-11-1.02
- MEMBERSHIP SHARE: A single share of voting stock issued to each member of a worker cooperative as evidence of membership. See Alabama Code 10A-11-1.02
- mortgage: A mortgage or a mortgage and deed of trust or a trust indenture. See Alabama Code 11-20-30
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- MOTOR VEHICLE: Every vehicle that is self-propelled and every vehicle that is propelled by electric power obtained from overhead trolley wires, but not operated upon rails, except for electric personal assistive mobility devices and electric bicycles. See Alabama Code 32-1-1.1
- motorcycle: Every motor vehicle having a seat or saddle for the use of the rider and designed to travel on not more than three wheels in contact with the ground, but excluding a tractor and an electric bicycle. See Alabama Code 32-1-1.1
- NONPROFIT ASSOCIATION: An unincorporated nonprofit association as defined in Chapter 17. See Alabama Code 10A-1-1.03
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- officer: An individual elected, appointed, or designated as an officer of an entity by the entity's governing authority or under the entity's governing documents. See Alabama Code 10A-1-1.03
- organization: A corporation, limited partnership, general partnership, limited liability company, business trust, real estate investment trust, joint venture, joint stock company, cooperative, association, or other organization, including, regardless of its organizational form, a bank, insurance company, credit union, and savings and loan association, whether for profit, not for profit, nonprofit, domestic, or foreign. See Alabama Code 10A-1-1.03
- Oversight: Committee review of the activities of a Federal agency or program.
- patronage: The amount of work performed as a member of an employee cooperative, measured in accordance with the governing documents. See Alabama Code 10A-11-1.02
- person: An individual, including the estate of an incompetent or deceased individual, or an entity, whether created by the laws of this state or another state or foreign country, including, without limitation, a general partnership, limited liability partnership, limited partnership, limited liability limited partnership, limited liability company, corporation, professional corporation, nonprofit corporation, professional association, trustee, personal representative, fiduciary, as defined in Section 19-3-150 or person performing in any similar capacity, business trust, estate, trust, association, joint venture, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Alabama Code 10A-1-1.03
- person: Unless limited to a natural person by the context in which it is used, a person, corporation, association, partnership or cooperative. See Alabama Code 2-3A-2
- Plaintiff: The person who files the complaint in a civil lawsuit.
- Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
- Probable cause: A reasonable ground for belief that the offender violated a specific law.
- Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
- project: Any land and any building or other improvement thereon and all real and personal properties deemed necessary in connection therewith, whether or not now in existence, which shall be suitable for use by the following or by any combination of two or more thereof:
a. See Alabama Code 11-20-30
- property: Includes all property, whether real, personal, or mixed, or tangible or intangible, or any right or interest therein. See Alabama Code 10A-1-1.03
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
- Quorum: The number of legislators that must be present to do business.
- real property: includes lands, tenements and hereditaments. See Alabama Code 1-1-1
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- registration: The registration certificate or certificates and registration plates issued under the laws of this state pertaining to the registration of vehicles. See Alabama Code 32-1-1.1
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
- Service of process: The service of writs or summonses to the appropriate party.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- state: Includes, when referring to a part of the United States, a state or commonwealth, and its agencies and governmental subdivisions, and a territory or possession, and its agencies and governmental subdivisions, of the United States. See Alabama Code 10A-1-1.03
- state: A state, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or a province of Canada. See Alabama Code 32-1-1.1
- state: The State of Alabama. See Alabama Code 2-3A-2
- STATE DEPARTMENT OF MENTAL HEALTH FACILITY: A mental health facility operated by the state Department of Mental Health and designated by the commissioner to have beds available to receive persons for evaluation, examination, admission, detention, or treatment for the purposes of carrying out the provisions of this article. See Alabama Code 22-52-90
- street: The entire width between boundary lines of every way publicly maintained when any part thereof is open to the use of the public for purposes of vehicular travel. See Alabama Code 32-1-1.1
- Subpoena: A command to a witness to appear and give testimony.
- Summons: Another word for subpoena used by the criminal justice system.
- superintendent: The superintendent or director of Bryce Hospital located in Tuscaloosa County, the superintendent or director of Searcy Hospital located in Mobile County or the superintendent or director of any such facility as defined in subdivision (4) of this section. See Alabama Code 22-52-30
- Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
- Testator: A male person who leaves a will at death.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
- Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
- truck: Every motor vehicle designed, used, or maintained primarily for the transportation of property. See Alabama Code 32-1-1.1
- Trustee: A person or institution holding and administering property in trust.
- trustee: A person who serves as a trustee of a trust, including a real estate investment trust. See Alabama Code 10A-1-1.03
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
- Usury: Charging an illegally high interest rate on a loan. Source: OCC
- vehicle: Every device in, upon, or by which any individual or property is or may be transported or drawn upon a highway, excepting devices moved by human power or used exclusively upon stationary rails or tracks or electric personal assistive mobility devices; provided, that for the purposes of this title, a bicycle, an electric bicycle, or a ridden animal shall be deemed a vehicle, except those provisions of this title, which by their very nature can have no application. See Alabama Code 32-1-1.1
- Venue: The geographical location in which a case is tried.
- WITHIN THE COUNTY: A place within the boundaries of the county. See Alabama Code 22-52-90
- WORK-BASED LEARNING: Sustained interactions with industry or community professionals in real workplace settings, to the extent practicable, or simulated environments at an educational institution that foster in-depth, first-hand engagement with the tasks required of a given career field, that are aligned to curriculum and instruction. See Alabama Code 41-29-341
- Writ: A formal written command, issued from the court, requiring the performance of a specific act.
- WRITTEN NOTICE OF ALLOCATION: A written statement which discloses to a member the stated dollar amount of the member's patronage allocation and the terms for payment of that amount by the employee cooperative. See Alabama Code 10A-11-1.02