Terms Used In Alabama Code > Title 7 > Article 4A - Funds Transfers

• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• agency: when used in reference to an office of a foreign bank, shall have the same meaning as is set forth in Section 1(b)(1) of the Federal International Banking Act (12 U. See Alabama Code 5-13B-41
• Alabama bank: means an Alabama state bank or an Alabama national bank. See Alabama Code 5-13B-41
• Alabama state agency: when used in reference to an office of a foreign bank, shall mean an agency of a foreign bank that is located in this state and licensed pursuant to the provisions of Division 3 of this article. See Alabama Code 5-13B-41
• Alabama state bank: means a bank organized under the laws of Alabama. See Alabama Code 5-13B-41
• Alabama state branch: when used in reference to an office of a foreign bank, shall mean a branch of a foreign bank that is located in this state and licensed pursuant to the provisions of Division 3 of this article. See Alabama Code 5-13B-41
• Amortization: Paying off a loan by regular installments.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Appraisal: A determination of property value.
• Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
• Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
• bank: as used in this article shall not in any event include a foreign bank or a branch or agency of a foreign bank. See Alabama Code 5-13B-41
• Bank Holding Company Act: means the Federal Bank Holding Company Act of 1956, as amended (12 U. See Alabama Code 5-13B-41
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Bequest: Property gifted by will.
• board: The Board of Agriculture and Industries of the State of Alabama. See Alabama Code 2-15-60
• bonds: Those bonds, including the refunding bonds, issued under and pursuant to the provisions of this article. See Alabama Code 2-5A-30
• branch: when used in reference to an office of a foreign bank, shall have the same meaning as set forth in Section 1(b)(3) of the Federal International Banking Act (12 U. See Alabama Code 5-13B-41
• city: The City of Midfield, Alabama. See Alabama Code 45-37A-331.02
• CIVIL FINE: The monetary amount assessed by the city pursuant to this part for an adjudication of civil liability for a traffic signal violation, including municipal court costs associated with the infraction. See Alabama Code 45-37A-331.02
• CIVIL VIOLATION: There is hereby created a noncriminal category of state law called a civil violation created and existing for the sole purpose of carrying out the terms of this part. See Alabama Code 45-37A-331.02
• commissioner: The Commissioner of Agriculture and Industries of the State of Alabama. See Alabama Code 2-15-60
• commissioner: The Commissioner of Agriculture and Industries of the State of Alabama. See Alabama Code 2-15-81
• 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.
• control: shall be construed consistently with the provisions of Section 2(a)(2) of the Bank Holding Company Act (12 U. See Alabama Code 5-13B-41
• cooperative: A cooperative marketing association for marketing of farm products. See Alabama Code 2-1-1
• county: Jefferson County in Alabama. See Alabama Code 45-37A-331.02
• dealer: Any person engaged in the business of buying livestock as a dealer as defined in Section 2-15-131(5). See Alabama Code 2-15-81
• Decedent: A deceased person.
• department: The Department of Agriculture and Industries of the State of Alabama. See Alabama Code 2-15-60
• department: The Alabama State Law Enforcement Agency acting directly or through its duly authorized officers and agents. See Alabama Code 32-1-1.1
• Dependent: A person dependent for support upon another.
• Devise: To gift property by will.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• 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}
• Executor: A male person named in a will to carry out the decedent
• federal agency: means an agency of a foreign bank that is licensed by the Comptroller of the Currency pursuant to the provisions of Section 4 of the Federal International Banking Act (12 U. See Alabama Code 5-13B-41
• federal branch: means a branch of a foreign bank that is licensed by the Comptroller of the Currency pursuant to the provisions of Section 4 of the federal International Banking Act (12 U. See Alabama Code 5-13B-41
• Federal Deposit Insurance Act: means the Federal Deposit Insurance Act, as amended (12 U. See Alabama Code 5-13B-41
• federal International Banking Act: means the federal International Banking Act of 1978, as amended (12 U. See Alabama Code 5-13B-41
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fiduciary: A trustee, executor, or administrator.
• foreign bank: means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, that engages directly in the business of banking. See Alabama Code 5-13B-41
• Fraud: Intentional deception resulting in injury to another.
• GOVERNMENT SECURITIES: Any bonds or other obligations which as to principal and interest constitute direct obligations of, or are unconditionally guaranteed by, the United States of America, including obligations of any federal agency to the extent such obligations are unconditionally guaranteed by the United States of America and any certificates or any other evidences of an ownership interest in such obligations of, or unconditionally guaranteed by, the United States of America or in specified portions thereof, which may consist of the principal thereof or the interest thereon. See Alabama Code 2-5A-30
• Grantor: The person who establishes a trust and places property into it.
• GROSS WEIGHT: The weight of a vehicle without load plus the weight of any load thereon. 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}
• 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}
• INTERESTED PARTY: Includes the following parties:

  a. See Alabama Code 11-40-62

• Interstate Banking and Branching Efficiency Act: means the federal Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law No. See Alabama Code 5-13B-41
• interstate branch: means a branch of a bank or a branch of a foreign bank, as the context may require, which is, or is to be, established after September 29, 1994, pursuant to the authority contained in the Interstate Banking and Branching Efficiency Act, outside the home state of the bank or foreign bank. See Alabama Code 5-13B-41
• Intestate: Dying without leaving a will.
• Juror: A person who is on the jury.
• Legacy: A gift of property made by will.
• Legatee: A beneficiary of a decedent
• limited branch: means a branch of a foreign bank that accepts only such deposits as would be permissible for a corporation organized under Section 25A of the Federal Reserve Act in accordance with the provisions of Section 5(a)(7) of the Federal International Banking Act (12 U. See Alabama Code 5-13B-41
• livestock: Cattle, swine, sheep, goats, equine or equidae, ratites, and poultry. See Alabama Code 2-15-60
• LIVESTOCK MARKET: A place, concentration or collection point, or other public or private place where a person shall assemble livestock for either public or private sale by him and such service or the cost or expense thereof is to be compensated for by the owner, on a commission basis or otherwise, or where such person purchases livestock for resale. See Alabama Code 2-15-60
• LIVESTOCK MARKET: Any person engaged in the operation of a livestock market as defined in Section 2-15-60(6). See Alabama Code 2-15-81
• livestock market: as used in this division shall mean livestock markets which are subject to the requirements of Division 1 of this article. See Alabama Code 2-15-90
• MINIMUM BID PRICE: The price that equals the Redemption Amount. See Alabama Code 11-40-62
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• 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
• MUNICIPAL CODE LIEN: Any lien that has been levied against real property by a Class 2 municipality that is the result of the non-payment of any fine, penalty, abatement cost, or enforcement cost incurred by a Class 2 municipality related to the enforcement of state or local housing and building codes. See Alabama Code 11-40-62
• MUNICIPAL CODE LIEN PAYOFF: The principal amount of a municipal code lien, interest accrued at the rate of seven and one-half percent per annum from the date the municipal code lien was filed in the office of the judge of the probate, any fees or costs incurred in the collection of such a lien under this article including, without limitations, the cost of title examinations and publication of notices, and any other penalties allowable under either state law or under an ordinance or resolution enacted by the Class 2 municipality. See Alabama Code 11-40-62
• MUNICIPAL COURT: The Municipal Court of the City of Midfield. See Alabama Code 45-37A-331.02
• Oversight: Committee review of the activities of a Federal agency or program.
• owner: The owner of a motor vehicle as shown on the motor vehicle registration records of the Alabama Department of Revenue or the analogous department or agency of another state or country. See Alabama Code 45-37A-331.02
• owner: A person, other than a lienholder, having the property in or title to a vehicle. See Alabama Code 32-1-1.1
• OWNER OCCUPIED: Real property that is lawfully occupied as a principal residence that is any of the following:

  a. See Alabama Code 11-40-62

• PERMITTED INVESTMENTS: (i) Government securities; (ii) bonds, debentures, notes or other evidences of indebtedness issued by any of the following agencies: bank for cooperatives; federal intermediate credit banks; Federal Financing Bank; federal home loan banks; Federal Farm Credit Bank; Export-Import Bank of the United States; federal land banks; or Farmers Home Administration or any other agency or corporation which has been or may hereafter be created by or pursuant to an act of the Congress of the United States as an agency or instrumentality thereof; (iii) bonds, notes, pass through securities or other evidences of indebtedness of Government National Mortgage Association and participation certificates of Federal Home Loan Mortgage Corporation; (iv) full faith and credit obligations of any state, provided that at the time of purchase such obligations are rated at least "AA" by Standard & Poor's Corporation and at least "Aa" by Moody's Investors Service; (v) public housing bonds issued by public agencies or municipalities and fully secured as to the payment of both principal and interest by contracts with the United States of America, or temporary notes, preliminary notes or project notes issued by public agencies or municipalities, in each case fully secured as to the payment of both principal and interest by a requisition or payment agreement with the United States of America; (vi) time deposits evidenced by certificates of deposit issued by banks or savings and loan associations which are members of the Federal Deposit Insurance Corporation, provided that, to the extent such time deposits are not covered by federal deposit insurance, such time deposits, including interest thereon, are fully secured by a pledge of obligations described in clauses (i), (ii), (iii), and (v) above, which at all times have a market value not less than the amount of such bank time deposits required to be so secured and which meet the greater of 100 percent collateralization or the "AA" collateral levels established by Standard & Poor's Corporation for structured financings; (vii) repurchase agreements for obligations of the type specified in clauses (i), (ii), (iii), and (v) above, provided such repurchase agreements are fully collateralized and secured by such obligations which have a market value at least equal to the purchase price of such repurchase agreements which are held by a depository satisfactory to the State Treasurer in such manner as may be required to provide a prefected security interest in such obligations, and which meet the greater of 100 percent collateralization or the "AA" collateral levels established by Standard & Poor's Corporation for structured financings; and (viii) uncollateralized investment agreements with, or certificates of deposit issued by, banks or bank holding companies, the senior long-term securities of which are rated at least "AA" by Standard & Poor's Corporation and at least "Aa" by Moody's Investors Service. See Alabama Code 2-5A-30
• person: Any individual, partnership, corporation, association, or other legal entity or organization. See Alabama Code 2-15-60
• person: Any individual, partnership, corporation, association or other business unit. See Alabama Code 2-15-81
• person: Every individual, firm, copartnership, association, or corporation. See Alabama Code 32-1-1.1
• PHOTOGRAPHIC TRAFFIC SIGNAL ENFORCEMENT SYSTEM: A camera system which is designed and installed to work in conjunction with an electrically operated traffic control device using vehicle sensors synchronized to automatically record, either by conventional film or digital imaging, sequenced photographs or full motion video of the rear of a motor vehicle while proceeding through a signalized intersection. See Alabama Code 45-37A-331.02
• 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.
• President pro tempore: A constitutionally recognized officer of the Senate who presides over the chamber in the absence of the Vice President. The President Pro Tempore (or, "president for a time") is elected by the Senate and is, by custom, the Senator of the majority party with the longest record of continuous service.
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• REDEMPTION AMOUNT: The sum of a. See Alabama Code 11-40-62
• REFUNDING BONDS: Those refunding bonds issued under and pursuant to Section 2-5A-35. See Alabama Code 2-5A-30
• 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
• 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
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• subscription: include a mark when the person cannot write, if his name is written near the mark, and witnessed by a person who writes his own name as a witness, and include with respect to corporate securities facsimile signature placed upon any instrument or writing with intent to execute or authenticate such instrument or writing. See Alabama Code 1-1-1
• superintendent: means the superintendent then in office and, where appropriate, all of his or her successors and predecessors in office. See Alabama Code 5-13B-41
• TAX CERTIFICATE HOLDER: Any of the following:

  a. See Alabama Code 11-40-62

• TAX PAYOFF: Any and all amounts necessary to satisfy any claims for delinquent taxes assessed against the real property on which the Class 2 municipality is seeking to foreclosure under this article. See Alabama Code 11-40-62
• taxes: Those taxes assessed against real property by either the State of Alabama, the county in which the real property is situated, or the Class 2 municipality that are delinquent, as defined in Section 40-11-4 or Section 11-51-2, as of the date a proceeding under this article is commenced or at any time before final resolution of the same, and shall also include any taxes assessed against real property that are unpaid from any previous year and any amounts required for redemption under Section 40-10-82, 40-10-120, or Section 11-51-23. See Alabama Code 11-40-62
• Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
• Testator: A male person who leaves a will at death.
• Testify: Answer questions in court.
• TRAFFIC CONTROL SIGNAL: Any device, whether manually, electrically, or mechanically operated, by which traffic is alternately directed to stop and permitted to proceed as defined in Section 32-1-1. See Alabama Code 45-37A-331.02
• TRAFFIC SIGNAL VIOLATION: Any violation of Section 32-5A-31, Section 32-5A-32, or Section 32-5A-35, or of any combination thereof, wherein a vehicle proceeds into a signalized intersection at a time while the traffic control signal for that vehicle's lane of travel is emitting a steady red signal. See Alabama Code 45-37A-331.02
• TRAINED TECHNICIAN: A sworn law enforcement officer employed by the city who alternatively:

  a. See Alabama Code 45-37A-331.02

• truck: Every motor vehicle designed, used, or maintained primarily for the transportation of property. See Alabama Code 32-1-1.1
• United States: when used in a geographical sense, means the several states, the District of Columbia, Puerto Rico, Guam, American Samoa, the American Virgin Islands, the Trust Territory of the Pacific Islands, and any other territory of the United States; and, when used in a political sense, means the federal government of the United States. See Alabama Code 5-13B-41
• 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.
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.