Any deposit of script, clearinghouse certificates or emergency currency in any form or of any order on any such deposit shall be dischargeable in whole or in part either in kind or in legal tender of the United States of a value no greater than the current exchange value of the script, clearinghouse certificates or emergency currency originally deposited at the time of the payment at the option of the bank accepting such deposit. Any other deposit shall be dischargeable when and as entitled to payment thereof or on account thereof only in legal tender of the United States as fixed by the laws of the United States in force and effect at the time of payment thereof or of payment on account thereof.
Structure Code of Alabama
Title 5 - Banks and Financial Institutions.
Chapter 10A - Banking Emergencies and Compliance With Federal Laws.
Section 5-10A-2 - Promulgation of Rules and Regulations; Requirements of Reports, etc., Generally.
Section 5-10A-3 - Declaration of Banking Holidays; Promulgation of Emergency Rules or Regulations.
Section 5-10A-4 - Extension, etc., of Banking Holiday or Emergency Rules or Regulations.
Section 5-10A-6 - Operation of Banks Under Federal Laws.
Section 5-10A-7 - Payment of Expenses of Bank Operating Without Receivership Liquidation.
Section 5-10A-9 - Segregation of Assets - Manners of Segregation.
Section 5-10A-10 - Segregation of Assets - Commingling of Items in Classes of Deposits.
Section 5-10A-11 - Segregation of Assets - Adjustments; Identification of Segregated Items.
Section 5-10A-16 - Compliance With Chapter, Federal Laws, etc., Not to Entail Liability.