Code of Alabama
Title 7 - Commercial Code.
Article 4A - Funds Transfers.

Part 1 - Subject Matter and Definitions.

Section 7-4A-101 - Short Title. - This article shall be known as and may be cited...

Section 7-4A-103 - Payment Order - Definitions. - (a) In this article: (1) "Payment order" means an instruction...

Section 7-4A-102 - Subject Matter. - Except as otherwise provided in Section 7-4A-108, this article applies...

Section 7-4A-104 - Funds Transfer - Definitions. - In this article: (a) "Funds transfer" means the series of...

Section 7-4A-105 - Other Definitions. - (a) In this article: (1) "Authorized account" means a deposit...

Section 7-4A-106 - Time Payment Order Is Received. - (a) The time of receipt of a payment order or...

Section 7-4A-107 - Federal Reserve Regulations and Operating Circulars. - Regulations of the Board of Governors of the Federal Reserve...

Section 7-4A-108 - Applicability to Consumer Transactions Governed by Federal Law. - (a) Except as provided in subsection (b), this article does...

Part 2 - Issue and Acceptance of Payment Order.

Section 7-4A-201 - Security Procedure. - "Security procedure" means a procedure established by agreement of a...

Section 7-4A-202 - Authorized and Verified Payment Orders. - (a) A payment order received by the receiving bank is...

Section 7-4A-203 - Unenforceability of Certain Verified Payment Orders. - (a) If an accepted payment order is not, under Section...

Section 7-4A-204 - Refund of Payment and Duty of Customer to Report With Respect to Unauthorized Payment Order. - (a) If a receiving bank accepts a payment order issued...

Section 7-4A-205 - Erroneous Payment Orders. - (a) If an accepted payment order was transmitted pursuant to...

Section 7-4A-206 - Transmission of Payment Order Through Funds-Transfer or Other Communication System. - (a) If a payment order addressed to a receiving bank...

Section 7-4A-207 - Misdescription of Beneficiary. - (a) Subject to subsection (b), if, in a payment order...

Section 7-4A-208 - Misdescription of Intermediary Bank or Beneficiary's Bank. - (a) This subsection applies to a payment order identifying an...

Section 7-4A-209 - Acceptance of Payment Order. - (a) Subject to subsection (d), a receiving bank other than...

Section 7-4A-210 - Rejection of Payment Order. - (a) A payment order is rejected by the receiving bank...

Section 7-4A-211 - Cancellation and Amendment of Payment Order. - (a) A communication of the sender of a payment order...

Section 7-4A-212 - Liability and Duty of Receiving Bank Regarding Unaccepted Payment Order. - If a receiving bank fails to accept a payment order...

Part 3 - Execution of Sender's Payment Order by Receiving Bank.

Section 7-4A-301 - Execution and Execution Date. - (a) A payment order is "executed" by the receiving bank...

Section 7-4A-302 - Obligations of Receiving Bank in Execution of Payment Order. - (a) Except as provided in subsections (b) through (d), if...

Section 7-4A-303 - Erroneous Execution of Payment Order. - (a) A receiving bank that (i) executes the payment order...

Section 7-4A-304 - Duty of Sender to Report Erroneously Executed Payment Order. - If the sender of a payment order that is erroneously...

Section 7-4A-305 - Liability for Late or Improper Execution or Failure to Execute Payment Order. - (a) If a funds transfer is completed but execution of...

Part 4 - Payment.

Section 7-4A-401 - Payment Date. - "Payment date" of a payment order means the day on...

Section 7-4A-402 - Obligation of Sender to Pay Receiving Bank. - (a) This section is subject to Sections 7-4A-205 and 7-4A-207....

Section 7-4A-403 - Payment by Sender to Receiving Bank. - (a) Payment of the sender's obligation under Section 7-4A-402 to...

Section 7-4A-404 - Obligation of Beneficiary's Bank to Pay and Give Notice to Beneficiary. - (a) Subject to Sections 7-4A-211(e), 7-4A-405(d), and 7-4A-405(e), if a...

Section 7-4A-405 - Payment by Beneficiary's Bank to Beneficiary. - (a) If the beneficiary's bank credits an account of the...

Section 7-4A-406 - Payment by Originator to Beneficiary; Discharge of Underlying Obligation. - (a) Subject to Sections 7-4A-211(e), 7-4A-405(d), and 7-4A-405(e), the originator...

Part 5 - Miscellaneous Provisions.

Section 7-4A-501 - Variation by Agreement and Effect of Funds-Transfer System Rule. - (a) Except as otherwise provided in this article, the rights...

Section 7-4A-502 - Creditor Process Served on Receiving Bank; Setoff by Beneficiary's Bank. - (a) As used in this section, "creditor process" means levy,...

Section 7-4A-503 - Injunction or Restraining Order With Respect to Funds Transfer. - For proper cause and in compliance with applicable law, a...

Section 7-4A-504 - Order in Which Items and Payment Orders May Be Charged to Account; Order of Withdrawals From Account. - (a) If a receiving bank has received more than one...

Section 7-4A-505 - Preclusion of Objection to Debit of Customer's Account. - If a receiving bank has received payment from its customer...

Section 7-4A-506 - Rate of Interest. - (a) If, under this article, a receiving bank is obliged...

Section 7-4A-507 - Choice of Law. - (a) The following rules apply unless the affected parties otherwise...

Part 6 - Uniformity.

Section 7-4A-601 - Uniformity of Application and Construction. - This article shall be applied and construed so as to...