§ 7-5-101 Short title
§ 7-5-102 Definitions
§ 7-5-103 Scope
§ 7-5-104 Formal requirements
§ 7-5-105 Consideration
§ 7-5-106 Issuance, amendment, cancellation, and duration
§ 7-5-107 Confirmer, nominated person, and adviser
§ 7-5-108 Issuer’s rights and obligations
§ 7-5-109 Fraud and forgery
§ 7-5-110 Warranties
§ 7-5-111 Remedies
§ 7-5-112 Transfer of letter of credit
§ 7-5-113 Transfer by operation of law
§ 7-5-114 Assignment of proceeds
§ 7-5-115 Statute of limitations
§ 7-5-116 Choice of law and forum
§ 7-5-117 Subrogation of issuer, applicant, and nominated person
§ 7-5-118 Security interest of issuer or nominated person

Terms Used In Alabama Code > Title 7 > Article 5 - Letters of Credit

  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • 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.
  • Executor: A male person named in a will to carry out the decedent
  • Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • officer: The term includes every person authorized to enforce the game and fish laws of this state, and whenever the possession, use, importation, transportation, storage, sale, offering, or exposing for sale of game birds, animals, or fish is prohibited or restricted, the prohibition or restriction shall extend to and include every part of the game, bird, animal, or fish, and a violation as to each animal, bird, or fish, or part thereof, shall be a separate offense. See Alabama Code 9-11-1
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • 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