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https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-25/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-25 - Passage of Title to Assets, etc., of Banking Institution to Receiver.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-25 - Passage of Title to Assets, etc., of Banking Institution to Receiver.
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Section 5-8A-25
Passage of title to assets, etc., of banking institution to receiver.
Upon the appointment of a receiver to liquidate a bank, the possession of and title to all assets, business and property of such bank of every kind and nature shall pass to and vest in the receiver without the execution of any instruments of conveyance, assignment, transfer or endorsement.
(Acts 1980, No. 80-658, §5-8-25.)
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https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-26/
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AL
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-26 - Use of Bank Examiner's Reports as Evidence in Liquidation Proceedings, Etc.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-26 - Use of Bank Examiner's Reports as Evidence in Liquidation Proceedings, Etc.
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Section 5-8A-26
Use of bank examiner's reports as evidence in liquidation proceedings, etc.
In the event the superintendent takes charge of the business and affairs of any bank as authorized in this chapter or in the event a proceeding is instituted to forfeit the charter of any bank, the report of the examiner of such bank on file in the office of the superintendent or a copy thereof duly certified by the superintendent under his official seal, is admissible and may be used as evidence in any court, either by the superintendent, the Banking Board, any member or employee thereof, the receiver or the bank.
(Acts 1980, No. 80-658, §5-8-26.)
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https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-27/
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AL
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-27 - Application by Bank for Injunction Against Acquisition of Possession of Business a...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-27 - Application by Bank for Injunction Against Acquisition of Possession of Business and Property by Receiver or Superintendent.
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Section 5-8A-27
Application by bank for injunction against acquisition of possession of business and property by receiver or superintendent.
Whenever the superintendent or a receiver has taken charge of the property or business of any bank, such bank may at any time within 10 days after the taking of such possession apply to the receivership court to enjoin further proceedings by the receiver or superintendent; and the court, after citing the receiver and superintendent to show cause why further proceedings should not be enjoined and hearing the allegations and proof of the parties and determining the facts, may, upon the merits, dismiss such application or enjoin the receiver or superintendent from further proceedings and direct him to surrender such business and property to such bank. Any such application for injunction may be heard at any time in the discretion of the receivership court after one day's notice from the time of service of process on the receiver and superintendent. If application is made to enjoin the proceedings of the receiver, the superintendent may intervene and become a party to such action as a matter of right.
(Acts 1980, No. 80-658, §5-8-27.)
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https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-28/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-28 - Creation of Liens Against Bank After Possession by Superintendent.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-28 - Creation of Liens Against Bank After Possession by Superintendent.
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Section 5-8A-28
Creation of liens against bank after possession by superintendent.
After the superintendent has taken possession of the property and business of a bank as provided in this chapter, no judgment lien, attachment lien, or any voluntary lien, except as provided in this chapter, shall attach to any assets of said bank nor shall the directors, officers, employees or agents of such bank have authority to act on behalf of said bank or to convey, transfer, assign, pledge, mortgage, or encumber any assets thereof.
(Acts 1980, No. 80-658, §5-8-28.)
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https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-29/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-29 - Resumption of Business of Bank.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-29 - Resumption of Business of Bank.
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Section 5-8A-29
Resumption of business of bank.
After the superintendent has taken possession of a bank, the superintendent may permit such bank to resume business upon such conditions as may be approved by him, including an observance of all the requirements of law and making good of all deficits in the previous observance of law.
(Acts 1980, No. 80-658, §5-8-29.)
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https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-30/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-30 - Collection of Claims of Bank, Etc.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-30 - Collection of Claims of Bank, Etc.
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Section 5-8A-30
Collection of claims of bank, etc.
Upon taking possession of any of the property and business of any bank, the receiver may collect moneys due to such bank and do such other acts as are necessary to conserve its assets and business, and shall proceed to liquidate the affairs thereof as provided in this chapter. The receiver shall collect all debts due and claims belonging to the bank, whether in this state or in any other state, and may proceed in courts of competent jurisdiction to enforce said claims in this state and in other states. "Claims" shall include any right of action against any surety, fidelity or insurance company, auditor or any past or present officer or director of such bank for mismanagement, violations of laws or regulations or other breach of duty. It shall be the duty of the receiver or his duly authorized agent to satisfy on the proper record all mortgages, judgments, security interests, or other liens held or owned by any insolvent bank that have been paid or satisfied.
(Acts 1980, No. 80-658, §5-8-30.)
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https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-31/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-31 - Subrogation of Federal Deposit Insurance Corporation.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-31 - Subrogation of Federal Deposit Insurance Corporation.
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Section 5-8A-31
Subrogation of Federal Deposit Insurance Corporation.
Whenever any bank shall have been closed as provided under the laws of this state, and the Federal Deposit Insurance Corporation shall pay or make available for payment the insured deposit liabilities of such closed institution, the corporation, whether or not it shall have become receiver or liquidator of such closed bank, shall be subrogated to all rights against such closed bank of the owners of such deposits in the same manner and to the same extent as subrogation of the corporation is now or may be hereafter provided for by federal law in the case of the closing of a national bank; provided, that the rights of depositors and other creditors of such closed bank shall be determined in accordance with the applicable provisions of the laws of this state.
(Acts 1980, No. 80-658, §5-8-31.)
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https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-32/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-32 - Sale, etc., of Bad Debts and Property of Bank.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-32 - Sale, etc., of Bad Debts and Property of Bank.
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Section 5-8A-32
Sale, etc., of bad debts and property of bank.
The receiver, by making application to the receivership court, may procure an order to sell or compound all bad or doubtful debts and on like order may sell all real and personal property of such bank on such terms as the court shall direct; provided, however, that the receiver shall have the right to ask for a blanket order from the receivership court for the settlement of all debts, claims of any and all nature, and deposits and for the sale of real and personal property wherein no single item exceeds the value of $10,000.00. In all or any of such court proceedings, the bank shall be made a party by proper service of process issued from the court, and the hearing of any such application or petition of the superintendent may be had at any time after the bank has had five days' notice of the application; provided, however, the court may ex parte approve a purchase and assumption transaction as provided for in 12 U.S.C. §1823(e) or a similar transaction authorized by federal law and provided further if notice of the hearing of said application is waived or the allegation of said application is admitted by the bank, no further proof will be required of the allegations of said application and the order may be forthwith granted by the court.
(Acts 1980, No. 80-658, §5-8-32.)
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https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-33/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-33 - Negotiation of Loans, Granting of Security, etc., on Behalf of Closed Bank.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-33 - Negotiation of Loans, Granting of Security, etc., on Behalf of Closed Bank.
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Section 5-8A-33
Negotiation of loans, granting of security, etc., on behalf of closed bank.
(a) The receiver is authorized to borrow money and pledge the assets of a bank in liquidation for protecting and preserving its assets, for paying secured claims, for aiding in the reorganization or reopening of such bank or for making distribution to depositors and creditors when, in the judgment of the receiver, the borrowing of such funds would be to the interest of the depositors and creditors.
(b) For any loan negotiated under the authority vested by this article, the receiver may execute a note therefor, renew the same from time to time and do all things he considers necessary until the same has been paid. Such note or renewal or any mortgage or contract to be executed for the purpose hereof shall be signed by giving the name of the bank, followed by the words: "In liquidation," "By ________ (the name of the receiver) receiver." Any note or other contract executed for the purpose hereof shall be treated as the obligation of the bank and the holder thereof shall have the character of a creditor of the bank for the amount of any deficiency in the security furnished.
(c) To secure any such loan, the receiver may pledge, mortgage, or grant a security interest in, by appropriate contracts or writings, any or all of the assets, real or personal, in his possession belonging to the bank for whose benefit the loan shall be obtained.
(d) Before closing the proposal to procure the loan, pledge, mortgage, or grant of a security interest in assets under subsections (a) and (c), the same shall be presented to the receivership court by petition, giving the court full information concerning desirability of making the loan and granting a security and such other matters as the receiver may desire, and the court may pass upon such petition with or without notice to the former directors or chief executive officer of the bank involved or to other parties in interest.
(Acts 1980, No. 80-658, §5-8-33.)
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https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-34/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-34 - Loans From and Sale of Assets to Federal Deposit Insurance Corporation for Bank.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-34 - Loans From and Sale of Assets to Federal Deposit Insurance Corporation for Bank.
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Section 5-8A-34
Loans from and sale of assets to Federal Deposit Insurance Corporation for bank.
With respect to any bank which is now or may hereafter be closed as provided under the laws of this state, the receiver of such bank may borrow from the Federal Deposit Insurance Corporation and furnish any part or all of the assets of said bank to said corporation as security for a loan from same; provided, that where said corporation is acting as such receiver, the order of the receivership court shall be first obtained approving such loan. The receiver, upon the order of the receivership court which may be ex parte, may sell to said corporation any part or all of the assets of such bank. The provisions of this section shall not be construed to limit the power of the receivers to pledge or sell assets in accordance with any existing law.
(Acts 1980, No. 80-658, §5-8-34.)
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https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-35/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-35 - Assumption or Rejection of Executory Contracts by Receiver.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-35 - Assumption or Rejection of Executory Contracts by Receiver.
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Section 5-8A-35
Assumption or rejection of executory contracts by receiver.
The receiver shall assume or reject an executory contract, including an unexpired lease of real or personal property, within 60 days after appointment, but the receivership court may for cause shown extend or reduce the time. Any such contract or lease not assumed or rejected within that time shall be deemed to be rejected. The receiver shall file within 60 days of his appointment, a statement under oath showing which, if any, of the contracts of the bank are executory in whole or in part, including unexpired leases of real or personal property, and which, if any, have been rejected by the receiver. Unless a lease of real or personal property expressly otherwise provides, a rejection of the lease or of any covenant therein by the receiver of the lessor does not deprive the lessee of his estate. A general covenant or condition in a lease that it shall not be assigned shall not be construed to prevent the receiver from assuming the same at his election and subsequently assigning the same; but an express covenant that an assignment by operation of law or the liquidation of a specified party thereto, or of either party shall terminate the lease or give the other party an election to terminate the same is enforceable. A receiver who elects to assume a contract or lease of the bank and who subsequently with approval of the receivership court and upon such terms and conditions as the receivership court may fix after hearing upon notice to the other party to the contract or lease, assigns such contract or lease to a third person, is not liable for breaches occurring after the assignment.
(Acts 1980, No. 80-658, §5-8-35.)
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https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-36/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-36 - Employment of Counsel, Expert Assistants, etc., in Liquidation of Bank; Compensati...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-36 - Employment of Counsel, Expert Assistants, etc., in Liquidation of Bank; Compensation of Assistants, etc.; Court Approval of Liquidation Expenses.
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Section 5-8A-36
Employment of counsel, expert assistants, etc., in liquidation of bank; compensation of assistants, etc.; court approval of liquidation expenses.
The receiver may employ such counsel and procure such expert assistants and advice as may be necessary in the liquidation and distribution of the assets of such bank and may retain such of the officers or employees of such bank as he may deem necessary. The receiver and such assistants as will have charge of any of the assets of the bank may be required to post such security for the faithful discharge of their duties as the receivership court may deem proper. The compensation of assistants and other employees and all expenses of supervision and liquidation shall be fixed by the receiver subject to the approval of the receivership court on notice to such bank.
(Acts 1980, No. 80-658, §5-8-36.)
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https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-37/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-37 - Payment of Compensation.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-37 - Payment of Compensation.
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Section 5-8A-37
Payment of compensation.
When the compensation for the various parties aiding in the liquidation is fixed and approved, the same shall be paid out of the funds of such bank in the hands of the receiver and shall be a prior charge and lien on the assets of such bank.
(Acts 1980, No. 80-658, §5-8-37.)
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https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-38/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-38 - Deposit of Funds Collected by Receiver.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-38 - Deposit of Funds Collected by Receiver.
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Section 5-8A-38
Deposit of funds collected by receiver.
The money collected by the receiver shall be, from time to time, deposited in one or more banks in this state.
(Acts 1980, No. 80-658, §5-8-38.)
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https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-39/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-39 - Notice for and Filing of Claims Against Bank.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-39 - Notice for and Filing of Claims Against Bank.
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Section 5-8A-39
Notice for and filing of claims against bank.
The receiver shall cause notice to be given by advertisement in such newspaper as he may direct, once a week for six consecutive weeks, calling all persons who may have claims, but not including deposits or certificates of deposit shown by the books of the bank which shall be a prima facie proven claim against the bank, against such bank to present the same to the receiver and make legal proof thereof at a place and within a time to be specified in the notice, not less than 90 days from the day of the first publication of the notice. The receiver shall mail a similar notice to all persons whose names appear as creditors upon the books of the bank.
(Acts 1980, No. 80-658, §5-8-39.)
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https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-40/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-40 - Preferred Claims.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-40 - Preferred Claims.
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Section 5-8A-40
Preferred claims.
In addition to any other laws of this state or of the United States granting priority, any draft or cashier's check issued and drawn against actual existing value by any bank prior to its failure or closing and given in payment of clearings and any money paid in the usual course of business to any bank in payment of a draft for the bona fide transfer of funds shall be a preferred claim against the assets of the bank, irrespective of whether the fund representing such item or items can be traced and identified as part of such assets or has been intermingled with or converted into other assets of such failed bank.
(Acts 1980, No. 80-658, §5-8-40.)
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https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-41/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-41 - Inventory of Assets of Bank; Filing List of Claims.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-41 - Inventory of Assets of Bank; Filing List of Claims.
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Section 5-8A-41
Inventory of assets of bank; filing list of claims.
Upon taking possession of the property and assets of such bank, the receiver shall make an inventory of the assets of such bank in duplicate, and upon expiration of time for rejection of claims, make a full and complete list of claims in duplicate, specifying which claims have been rejected by him. A copy of the inventory and a copy of this list of claims shall be filed in the office of the receiver and one copy of each shall be filed in the office of the clerk of the receivership court. Such inventory and list of claims shall be open at all reasonable times to inspection.
(Acts 1980, No. 80-658, §5-8-41.)
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https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-42/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-42 - Objections to Claims; Unproven or Unclaimed Deposits.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-42 - Objections to Claims; Unproven or Unclaimed Deposits.
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Section 5-8A-42
Objections to claims; unproven or unclaimed deposits.
Objections to any claim or deposit not rejected by the receiver may be made by any party interested by filing a copy of such objections with the clerk of the receivership court and with the receiver, who shall present the same to the receivership court before the time of the next application to declare a dividend. The receivership court may make proper provisions for unproven or unclaimed deposits.
(Acts 1980, No. 80-658, §5-8-42.)
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https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-43/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-43 - Rejection of Claims.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-43 - Rejection of Claims.
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Section 5-8A-43
Rejection of claims.
If the receiver doubts the validity of any claims or deposits, he may reject the same and serve notice of such rejection upon the claimant or depositor, either by mail or personally, and an affidavit of service of such notice, which shall be prima facie evidence thereof, shall be filed in the office of the receiver.
(Acts 1980, No. 80-658, §5-8-43.)
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https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-44/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-44 - Actions Upon Rejected Claims; Late Claims.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-44 - Actions Upon Rejected Claims; Late Claims.
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Section 5-8A-44
Actions upon rejected claims; late claims.
Any action upon a claim so rejected must be brought by filing a complaint in the receivership court by the claimant within six months after service of such notice or the same shall be barred. Claims presented and allowed after the expiration of the time fixed in the notice to creditors shall be entitled to share in the distribution only to the extent of the assets in the hands of the receiver at the time such claims are filed, without allowance for previous distribution.
(Acts 1980, No. 80-658, §5-8-44.)
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https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-45/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-45 - Payment of Dividends to Creditors.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-45 - Payment of Dividends to Creditors.
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Section 5-8A-45
Payment of dividends to creditors.
At any time after the expiration of the date fixed for the presentation of claims, the receiver may, out of the funds remaining in his hands after the payment of expenses, declare and pay one or more dividends to creditors, and after the expiration of one year from the first publication of notice to the creditors to present claims, he may declare and pay a final dividend, such dividend to be paid to such persons and in such amounts and upon such notice as may be directed by the receivership court.
(Acts 1980, No. 80-658, §5-8-45.)
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https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-46/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-46 - Final Distribution, Termination of Receivership and Dissolution of Bank.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-46 - Final Distribution, Termination of Receivership and Dissolution of Bank.
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Section 5-8A-46
Final distribution, termination of receivership and dissolution of bank.
Whenever the receiver shall have paid to each and every depositor and creditor of such bank whose claim or claims as such creditor or depositor shall have been duly proven and allowed the full amount of such claims and shall have made proper provision for the unclaimed and unpaid deposits or dividends the receiver shall make application for final settlement including expenses of liquidation, to be approved by the receivership court and shall distribute the balance of any assets remaining ratably to the stockholders. Creditors shall not receive interest after the date of taking of possession by the superintendent. The receiver shall in said final settlement order be directed to file in the office of the judge of probate of the county in which the principal place of business of the bank was located and in the office of Secretary of State a certificate of dissolution and the written approval of the superintendent to such dissolution; and said bank shall thereupon be dissolved. Any unclaimed funds in the hands of the receiver shall be transmitted by him to the State Treasurer to be held as unclaimed property under the provisions of Sections 35-12-20 through 35-12-48.
(Acts 1980, No. 80-658, §5-8-46.)
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https://law.justia.com/codes/alabama/title-5/chapter-9a/section-5-9a-1/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 9A - Reorganization of Banks.›Section 5-9A-1 - Cooperation of Superintendent in Reorganization of Bank.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 9A - Reorganization of Banks. › Section 5-9A-1 - Cooperation of Superintendent in Reorganization of Bank.
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Section 5-9A-1
Cooperation of superintendent in reorganization of bank.
Whenever the board of directors or a majority of the stockholders of any bank shall request the superintendent to cooperate in a reorganization of such bank, because of a substantial impairment of the capital of such bank, the superintendent is authorized to do the following:
(1) To make or have made a careful appraisement of the assets of the bank;
(2) If the appraisement shows the capital to be impaired, to charge the stock down to its actual value, if it has any, and if the appraisement shows the stock has no value, to charge off all capital, surplus and undivided profits and thereafter the rights and interests of such stockholders in any of the assets of the bank shall be subordinate to those of the creditors of the bank and the secured depositors to the extent of such security so held by such secured depositor;
(3) If the capital, surplus and undivided profits are not sufficient to take care of all losses, to prorate the remainder of the losses among the various depositors or common creditors;
(4) If found necessary, to set aside such portion of the assets of such bank to be either liquidated or delivered to creditors or depositors who may be disqualified under the law to participate in a reorganization, such portion to be the pro rata share of the assets which such disqualified creditors or depositors would be entitled to receive from the assets of the bank if the same were liquidated;
(5) To prepare a plan for the reorganization of such bank, including provisions for obtaining sufficient funds for capital purposes by the issuance of stock, such stock if necessary to be of different classes; and
(6) To submit such plan of reorganization, when prepared, to the board of directors of such bank which has made request for the cooperation of the superintendent for a reorganization.
(Acts 1980, No. 80-658, §5-9-1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 9A - Reorganization of Banks.›Section 5-9A-2 - Submission of Reorganization Plan to Court for Confirmation and Approval.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 9A - Reorganization of Banks. › Section 5-9A-2 - Submission of Reorganization Plan to Court for Confirmation and Approval.
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Section 5-9A-2
Submission of reorganization plan to court for confirmation and approval.
After such plan for reorganization has been submitted to the board of directors of the bank so making such request for a reorganization, the directors of such bank by and with the consent of 75 percent in value of the stockholders and 75 percent in value of the common creditors are authorized and empowered to make a report of such plan to the circuit court of the county in which the principal business office of the bank is located, such report to be accompanied by a petition for its confirmation and approval.
(Acts 1980, No. 80-658, §5-9-2.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 9A - Reorganization of Banks.›Section 5-9A-3 - Publication of Reorganization Plan.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 9A - Reorganization of Banks. › Section 5-9A-3 - Publication of Reorganization Plan.
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Section 5-9A-3
Publication of reorganization plan.
Upon the filing of such report and petition, the court shall order notice to be given to all parties in interest by publication in some newspaper published in the county where the principal business office of such bank is located once a week for two consecutive weeks, which notice shall set forth substantially the plan of such reorganization and require all parties in interest to appear at a specified time either to consent to or protest against the plan for such reorganization.
(Acts 1980, No. 80-658, §5-9-3.)
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https://law.justia.com/codes/alabama/title-5/chapter-9a/section-5-9a-4/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 9A - Reorganization of Banks.›Section 5-9A-4 - Hearing Upon Plan; Entry of Judgment.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 9A - Reorganization of Banks. › Section 5-9A-4 - Hearing Upon Plan; Entry of Judgment.
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Section 5-9A-4
Hearing upon plan; entry of judgment.
At the time of the hearing of the petition, the court shall hear such legal evidence as may be submitted for and against such petition and plan for reorganization, and if the court is of the opinion it is for the best interest of all parties interested in such bank that the bank be reorganized in accordance with the plan set forth and submitted or in accordance with any modification of such plan determined upon by the court, such court shall so adjudge and enter a judgment fixing the rights of the parties in interest and adjudging that said plan or modification thereof be adopted and confirmed and that said bank be reorganized under and in conformity with such plan or modification thereof.
(Acts 1980, No. 80-658, §5-9-4.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 9A - Reorganization of Banks.›Section 5-9A-5 - Appeals.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 9A - Reorganization of Banks. › Section 5-9A-5 - Appeals.
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Section 5-9A-5
Appeals.
If any stockholder, depositor or creditor shall not be satisfied with such judgment, he may file a notice of appeal to the Supreme Court of Alabama within 42 days from the day of entry of such judgment, provided he shall give security for cost of such appeal and indemnity in an amount to be fixed by the court, conditioned to pay such damages as the stockholders, depositors or creditors may sustain for a wrongful appeal or delay. Any such appeal shall be a preferred case in the Supreme Court and shall be set for hearing at the earliest possible date. If no such appeal is taken, the judgment of the circuit court shall be final, and said bank may lawfully be reorganized in accordance with the plan approved by the court.
(Acts 1980, No. 80-658, §5-9-5.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 9A - Reorganization of Banks.›Section 5-9A-6 - Manner of Reorganization Not Exclusive.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 9A - Reorganization of Banks. › Section 5-9A-6 - Manner of Reorganization Not Exclusive.
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Section 5-9A-6
Manner of reorganization not exclusive.
The plan for reorganization of a bank or banks as provided in this chapter shall not be exclusive and shall not be construed to prohibit or prevent a reorganization of a bank as now permitted under existing laws.
(Acts 1980, No. 80-658, §5-9-6.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-1 - Authorization or Direction of Banks to Postpone Paying Liabilities, Segregate Depo...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-1 - Authorization or Direction of Banks to Postpone Paying Liabilities, Segregate Deposits and Assets, Renew Loans, Etc.
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Section 5-10A-1
Authorization or direction of banks to postpone paying liabilities, segregate deposits and assets, renew loans, etc.
The superintendent with the concurrence of not less than two other members of the Banking Board, or any three members of the Banking Board without action by said superintendent, are hereby authorized and empowered, in addition to all other powers now conferred by law upon the superintendent or the Banking Board, or both, whenever in their judgment the circumstances warrant it, to authorize or direct any and all banks:
(1) To postpone for any length of time the payment of any proportion of deposit or other liabilities, demand and savings account liabilities and certificate of deposit liabilities to any individual, firm, corporation or entity as said state officials may deem necessary and expedient, to be determined by them according to any facts and conditions which in their opinion, for emergency or other reasons, require such action in each particular instance;
(2) To receive deposits to be classified by said state officials under rules and regulations as extended or modified under this chapter from time to time, each class of which shall be segregated from any other class, shall be subject only to such restrictions or limitations, if any, as may be imposed by said state officials and may be invested in such character of investments as may be authorized or approved from time to time by said state officials;
(3) To segregate particular assets for or towards the liquidation and discharge of particular deposit or other liabilities, or any specified percentage thereof, of said bank without proceeding with a receivership liquidation, under such rules and regulations with respect thereto as said state officials may deem proper for the protection of interested parties and, in such cases, to continue the operation of the business; and
(4) To make and renew loans from time to time in the ordinary course of banking business out of any assets available therefor.
(Acts 1980, No. 80-658, §5-10-1.)
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https://law.justia.com/codes/alabama/title-5/chapter-10a/section-5-10a-2/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 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.
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2023 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.
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Section 5-10A-2
Promulgation of rules and regulations; requirements of reports, etc., generally.
The superintendent with the concurrence of not less than two members of the Banking Board, or any three members of the Banking Board without action by said superintendent may authorize and empower any bank to act under the provisions of this chapter, and they are empowered to make and adopt such rules and regulations from time to time and to extend, modify, suspend or terminate any part thereof from time to time as they may deem proper for the protection of interested parties and to require such periodical and other reports in detail with respect to operation under such rules and regulations as they may see fit.
(Acts 1980, No. 80-658, §5-10-2.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-3 - Declaration of Banking Holidays; Promulgation of Emergency Rules or Regulations.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-3 - Declaration of Banking Holidays; Promulgation of Emergency Rules or Regulations.
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Section 5-10A-3
Declaration of banking holidays; promulgation of emergency rules or regulations.
Whenever, in the opinion of the superintendent it shall be deemed that an emergency exists, the superintendent with the concurrence of not less than two other members of the Banking Board, or any three members of the Banking Board without action by said superintendent, shall be authorized to declare and put into effect a bank holiday for such period as he or they may deem necessary or to promulgate or approve such emergency rules or regulations with respect to banking business, practices and transactions within the state or within any community or locality therein as shall, in his or their opinion, be deemed necessary. Such rules and regulations shall continue in force for such period as may be fixed by him or them in promulgating the same and until modified, suspended or terminated as provided in this chapter.
(Acts 1980, No. 80-658, §5-10-3.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-4 - Extension, etc., of Banking Holiday or Emergency Rules or Regulations.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-4 - Extension, etc., of Banking Holiday or Emergency Rules or Regulations.
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Section 5-10A-4
Extension, etc., of banking holiday or emergency rules or regulations.
Any such bank holiday or any such rule or regulation may be extended, modified, suspended or terminated by the superintendent with the concurrence of not less than two other members of the Banking Board or by any three members of the Banking Board without action by said superintendent by signing and filing their written direction to that effect with the superintendent who shall thereupon forthwith proclaim and give effect to the same.
(Acts 1980, No. 80-658, §5-10-4.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-5 - Sections 5-10a-1 Through 5-10a-4 Applicable Only in Emergencies; Duration of Emerg...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-5 - Sections 5-10a-1 Through 5-10a-4 Applicable Only in Emergencies; Duration of Emergency Action.
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Section 5-10A-5
Sections 5-10A-1 through 5-10A-4 applicable only in emergencies; duration of emergency action.
The provisions of Sections 5-10A-1 through 5-10A-4 authorize actions to be taken during an emergency. Any action taken pursuant to these sections shall be reported to the Banking Board and shall automatically terminate upon the expiration of 120 days unless such action is approved during that period by a majority of the Banking Board.
(Acts 1980, No. 80-658, §5-10-5.)
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https://law.justia.com/codes/alabama/title-5/chapter-10a/section-5-10a-6/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-6 - Operation of Banks Under Federal Laws.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-6 - Operation of Banks Under Federal Laws.
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Section 5-10A-6
Operation of banks under federal laws.
Any bank may do any and all things necessary or desirable to permit it to operate under the provisions of any act of Congress of the United States now or hereafter enacted.
(Acts 1980, No. 80-658, §5-10-7.)
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https://law.justia.com/codes/alabama/title-5/chapter-10a/section-5-10a-7/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-7 - Payment of Expenses of Bank Operating Without Receivership Liquidation.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-7 - Payment of Expenses of Bank Operating Without Receivership Liquidation.
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Section 5-10A-7
Payment of expenses of bank operating without receivership liquidation.
Whenever, pursuant to any provision of this chapter, any bank is authorized to do any one or more of the things specified in this chapter without receivership liquidation, its operating expenses, including compensation to officers and employees, shall be payable as a first charge against all of its assets, subject to such proration thereof and such limitations as may be placed thereon from time to time by any rules and regulations made and adopted and extended or modified from time to time as in this chapter provided. Any such rules and regulations may permit any bank to make charges for any banking service performed by it, and it shall be lawful for any bank to charge accordingly for services not in excess of the amount authorized by such rules and regulations.
(Acts 1980, No. 80-658, §5-10-8.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-8 - Segregation of Assets - Manner of Segregation Generally; Distribution of Segregate...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-8 - Segregation of Assets - Manner of Segregation Generally; Distribution of Segregated Assets Upon Receivership Liquidation of Bank.
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Section 5-10A-8
Segregation of assets - Manner of segregation generally; distribution of segregated assets upon receivership liquidation of bank.
Whenever pursuant to any provision of state or federal law or of any rule or regulation by any state or federal authority made or adopted pursuant thereto or whenever pursuant to contractual arrangement any bank is under duty or obligation to segregate particular assets for or towards the liquidation or discharge of particular liabilities or specified percentages of particular liabilities, such assets shall be segregated in such manner as to provide for the pro rata application of the proceeds thereof from time to time to the particular liabilities or percentage of particular liabilities for the purpose of which they are segregated without preference or priority of one liability over another and in accordance with the amounts of such particular liabilities as of the date of such segregation. Upon any receivership liquidation of any bank, the particular assets so segregated and any then remaining proceeds of any thereof shall, subject to expenses of liquidation, be distributable pro rata toward the particular liabilities or percentage of particular liabilities on account of which segregated, with proper adjustment for previous payments therefrom.
(Acts 1980, No. 80-658, §5-10-9.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-9 - Segregation of Assets - Manners of Segregation.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-9 - Segregation of Assets - Manners of Segregation.
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Section 5-10A-9
Segregation of assets - Manners of segregation.
Whenever pursuant to any provision of state or federal law or of any rule or regulation by any state or federal authority made or adopted pursuant thereto, or whenever pursuant to contractual arrangement any bank is under duty or obligation to segregate particular items or assets separate and apart from other items or assets, the same may be either segregated specifically and in kind in the possession of the bank but commingled within the class or amount for the purpose of which they are segregated, or converted into a deposit account separate from any general or other deposit account of such bank with a Federal Reserve Bank or branch thereof, created and organized under an act of Congress of the United States approved December 23, 1913, known as the Federal Reserve Act, as amended, or with any governmental agency hereafter created by act of Congress of the United States authorized to receive such deposit accounts but commingled in such account within the class or amount for the purpose of which such deposit is made, or converted into a deposit account separate from any general or other deposit account of such bank with any one or more other banks or with any one or more banks doing business outside of the state and members of the Federal Reserve System or any governmental agency hereafter created by act of Congress of the United States authorized to receive such deposit accounts but commingled in such account within the class or amount for the purpose of which such deposit is made, or either or any one or more of the foregoing. Any such segregation shall be sufficient if made in any one or more of the manners above specified at or as of the close of business on any banking day.
(Acts 1980, No. 80-658, §5-10-10.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-10 - Segregation of Assets - Commingling of Items in Classes of Deposits.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-10 - Segregation of Assets - Commingling of Items in Classes of Deposits.
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Section 5-10A-10
Segregation of assets - Commingling of items in classes of deposits.
Within any class of deposits in any bank for the purpose of which class particular assets are segregated, the separate items may be mingled and commingled.
(Acts 1980, No. 80-658, §5-10-11.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-11 - Segregation of Assets - Adjustments; Identification of Segregated Items.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-11 - Segregation of Assets - Adjustments; Identification of Segregated Items.
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Section 5-10A-11
Segregation of assets - Adjustments; identification of segregated items.
Whenever any bank is required to segregate particular assets under any rule or regulation promulgated or extended or modified under this chapter, it shall accomplish such segregation as promptly as reasonably possible and shall at and as of the close of business on each banking day adjust such segregation to the additions thereto and withdrawals therefrom in accordance with rules and regulations promulgated, extended or modified from time to time under this chapter. Transfer orders as of the close of business each banking day shall be sufficient for the purposes of any such segregation or adjustment thereof. Any segregation made in accordance with the provisions of this chapter or in accordance with any rule or regulation promulgated, extended or modified under this chapter shall be sufficient identification of the items included in such segregation for all purposes.
(Acts 1980, No. 80-658, §5-10-12.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-12 - Discharge of Deposits of Script, Clearinghouse Certificates or Emergency Currency...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-12 - Discharge of Deposits of Script, Clearinghouse Certificates or Emergency Currency.
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Section 5-10A-12
Discharge of deposits of script, clearinghouse certificates or emergency currency.
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.
(Acts 1980, No. 80-658, §5-10-13.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-13 - Issuance and Reissuance of Script, Clearinghouse Certificates or Emergency Curren...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-13 - Issuance and Reissuance of Script, Clearinghouse Certificates or Emergency Currency.
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Section 5-10A-13
Issuance and reissuance of script, clearinghouse certificates or emergency currency.
The superintendent with the concurrence of not less than two other members of the Banking Board, or any three members of the Banking Board without action by said superintendent may from time to time authorize any bank singly or by groups, to issue and reissue from time to time script, certificates, clearinghouse certificates or emergency currency in such form, under such restrictions and conditions, entitled to such lien on specific security therefor or without such lien and entitled to such rights and privileges as said state officials may authorize, approve or direct. The issue and reissue thereof shall be lawful and subject to no civil or criminal penalties or interest charges or taxation or additions of any kind thereto, notwithstanding any contrary provisions of the laws of this state.
(Acts 1980, No. 80-658, §5-10-14.)
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https://law.justia.com/codes/alabama/title-5/chapter-10a/section-5-10a-14/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-14 - Issuance of Notes or Certificates of Indebtedness as Evidence of Compensation for...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-14 - Issuance of Notes or Certificates of Indebtedness as Evidence of Compensation for Services or Labor During Banking Emergency.
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Section 5-10A-14
Issuance of notes or certificates of indebtedness as evidence of compensation for services or labor during banking emergency.
Where a banking emergency has been proclaimed by the superintendent and until such time as such emergency is declared to have ended by proclamation of the superintendent, it shall be lawful for the state or any political subdivision thereof and for merchants, manufacturers, public utilities and other business establishments in this state, whether conducted by an individual or individuals or under corporate charter, with the approval of the superintendent to issue as evidence of compensation for services or labor notes or certificates of indebtedness to their employees in convenient denominations, payable not more than 90 days after such proclamation shall be made, and none thereof shall be subject to any civil or criminal penalties or interest charges or taxation or additions thereto of any kind notwithstanding any contrary provisions of the laws of this state. The right of the state or any political subdivision thereof to issue notes in anticipation of the collection of taxes under any law now in force and effect shall not be impaired or affected by the provisions of this section.
(Acts 1980, No. 80-658, §5-10-15.)
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https://law.justia.com/codes/alabama/title-5/chapter-10a/section-5-10a-15/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-15 - Authorization and Approval of Reorganization of Bank Without Receivership Liquida...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-15 - Authorization and Approval of Reorganization of Bank Without Receivership Liquidation.
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Section 5-10A-15
Authorization and approval of reorganization of bank without receivership liquidation.
The superintendent with the concurrence of not less than two other members of the Banking Board or any three members of the Banking Board without action by said superintendent are hereby further authorized and empowered to approve and authorize any bank to reorganize its business and affairs, without receivership liquidation, to such extent as may be deemed by them proper, and any reorganization so approved and authorized shall be lawful and effective; provided, that in no case shall the paid-in capital stock be permitted thereby to be reduced below the minimum amount now required by law.
(Acts 1980, No. 80-658, §5-10-16.)
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https://law.justia.com/codes/alabama/title-5/chapter-10a/section-5-10a-16/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-16 - Compliance With Chapter, Federal Laws, etc., Not to Entail Liability.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-16 - Compliance With Chapter, Federal Laws, etc., Not to Entail Liability.
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Section 5-10A-16
Compliance with chapter, federal laws, etc., not to entail liability.
No bank nor any surety or guarantor of any bank shall suffer any penalty or liability for damages or increase of liability or be in default, nor shall any maker, endorser, guarantor or other party or person be released from liability or obligation or be in default by reason of a bank's compliance with any action of any state official authorized or ratified by this chapter or compliance with any act of Congress of the United States now or hereafter enacted or with any rule or regulation promulgated by duly constituted officials of the United States.
(Acts 1980, No. 80-658, §5-10-18.)
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https://law.justia.com/codes/alabama/title-5/chapter-10a/section-5-10a-17/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 10A - Banking Emergencies and Compliance With Federal Laws.›Section 5-10A-17 - Officers Not to Incur Liability or Penalties for Compliance With Orders of Superi...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 10A - Banking Emergencies and Compliance With Federal Laws. › Section 5-10A-17 - Officers Not to Incur Liability or Penalties for Compliance With Orders of Superintendent, Federal Laws, Etc.
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Section 5-10A-17
Officers not to incur liability or penalties for compliance with orders of superintendent, federal laws, etc.
No public officer or surety on his official bond shall suffer any penalty or liability for damages or increase of liability or be in default by reason of any failure on his part to perform any act or duty where such failure is due to compliance by any bank with any order or requirement of the superintendent or the Banking Board authorized or ratified by this chapter or with any act of Congress of the United States now or hereafter enacted or with any rule or regulation promulgated by duly constituted officials of the United States.
(Acts 1980, No. 80-658, §5-10-19.)
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https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-1/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-1 - Amenability of Trust Companies to Banking Laws; Use of Word "Trust" in Corporate N...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-1 - Amenability of Trust Companies to Banking Laws; Use of Word "Trust" in Corporate Name Generally; Operation of Trust Departments, etc., by Banks.
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Section 5-11A-1
Amenability of trust companies to banking laws; use of word "trust" in corporate name generally; operation of trust departments, etc., by banks.
All corporations organized and operating as trust companies shall have the word "trust" as a part of their corporate names, shall be amenable to the general banking laws of the state insofar as said laws are applicable to trust companies and not in conflict with the provisions of this chapter and shall be examined by the superintendent as state banks are examined. The word "trust" need not be a part of the corporate name of any corporation now or hereafter organized under the laws of this state to do a banking business and all such banks, although the word "trust" is not a part of their corporate names, shall have the right to operate and conduct a trust department, become trustees for any purpose, be appointed and act as executors, administrators, guardians and receivers and do any business and exercise any powers incident to the business of trust and banking companies doing banking business after the board of directors of the corporation shall have adopted an appropriate resolution and obtained the written approval of the superintendent authorizing the conduct and operation of a trust department, and a copy of such resolution and written approval certified to by the president and cashier of such bank under the corporate seal of such corporation shall have been filed in the office where the certificate of incorporation of the bank has been filed.
(Acts 1980, No. 80-658, §5-11-1.)
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https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-1-1/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-1.1 - Branching of Trust Companies; Branching of Out-of-State Trust Companies; Recipro...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-1.1 - Branching of Trust Companies; Branching of Out-of-State Trust Companies; Reciprocity; Cooperative Agreements.
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Section 5-11A-1.1
Branching of trust companies; branching of out-of-state trust companies; reciprocity; cooperative agreements.
All corporations organized under this chapter shall have the right to establish offices in the same manner as a bank may establish branches under this title. At the discretion of the superintendent, out-of-state trust companies and out-of-state banks may also establish offices in this state in the same manner as out-of-state banks may establish branches in this state provided the superintendent determines that reciprocity exists so that an Alabama bank or trust company could establish a similar office under substantially equivalent requirements in the home state of the out-of-state bank or trust company. The superintendent may enter into cooperative, coordinated, and information-sharing agreements with any other bank supervisory agencies with respect to the establishment, acquisition, periodic examination, or other supervision of any office in this state of an out-of-state bank or trust company or any office of an Alabama state-chartered bank or trust company in any host state, and the superintendent may enter into contracts with any bank supervisory agency that has concurrent jurisdiction over the bank or trust company.
(Act 2007-224, p. 284, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-2/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-2 - Written Approval of Superintendent to Conduct Trust Business.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-2 - Written Approval of Superintendent to Conduct Trust Business.
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Section 5-11A-2
Written approval of superintendent to conduct trust business.
No bank shall have the right to operate or conduct a trust department or become a trustee or a fiduciary without having received the prior written approval of the superintendent and otherwise complied with Section 5-11A-1, even though the certificate of incorporation of the bank might contain language covering such authority.
(Acts 1980, No. 80-658, §5-11-2.)
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https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-3/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-3 - Capital Stock Requirements for Trust Companies.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-3 - Capital Stock Requirements for Trust Companies.
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Section 5-11A-3
Capital stock requirements for trust companies.
No trust company hereafter organized under the laws of Alabama shall have total initial capital accounts actually paid in of less than $1,000,000.00.
(Acts 1980, No. 80-658, §5-11-3.)
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https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-4/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-4 - Use of Word "Trust" in Designation or Name of Entity.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-4 - Use of Word "Trust" in Designation or Name of Entity.
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Section 5-11A-4
Use of word "trust" in designation or name of entity.
Except in the case of any entity which is organized and operating under the laws of Alabama, other states, or the United States as a trust company or as a combined bank and trust company and which has complied with the requirements of Sections 5-11A-1 and 5-11A-3 or with similar laws of other states or of the United States, no firm, partnership, limited liability company, corporation, or other entity shall use the word "trust" or a word or words of similar meaning in any foreign language as a part of its designation or name or in connection with its business if such use of the word "trust" or word or words of similar meaning in any foreign language is likely to give the impression that the entity is lawfully organized and operating as a bank or trust company or would otherwise mislead or confuse the public regarding the lawful business of the entity. Any violation of this section shall subject the party chargeable therewith to a penalty of five hundred dollars ($500) for each day, with a maximum amount of fifty thousand dollars ($50,000), during which such violation is committed or repeated. Such penalty may be recovered by the superintendent by an action instituted for that purpose, and, in addition to the penalty, such violation may be enjoined and the injunction enforced as in other cases. If the directors, officers, or those persons performing similar functions as corporate directors or officers of any entity knowingly and willfully violate or knowingly and willfully permit any of the officers, agents, employees, or those persons performing similar functions of the entity to violate any of the provisions of this section, each and every such director, officer, or person engaging in such knowing and willful violation or knowing and willful permission shall be liable in his or her personal and individual capacity for all damages which the entity or any other person shall have sustained in consequence of such violation.
(Acts 1980, No. 80-658, §5-11-4; Act 2007-224, p. 284, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-5/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-5 - Deposit of Security for Operation of Trust Business - Amount Required and Form; Ch...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-5 - Deposit of Security for Operation of Trust Business - Amount Required and Form; Charges Against Deposit.
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Section 5-11A-5
Deposit of security for operation of trust business - Amount required and form; charges against deposit.
Any corporation organized and operating as a trust company or as a bank authorized by law to do a trust business may deposit with the State Treasurer or elsewhere United States bonds, bonds, notes or debentures of any federal agency such as a federal land bank, banks for cooperatives, Farm Home Administration, Federal National Mortgage Association, etc., Alabama bonds, bonds of any city or county in the State of Alabama or mortgages which are first liens on real estate, worth in each case double the face of the mortgage, situated in this state, to an amount not less than $25,000.00, and may increase said deposit from time to time or reduce the same to an amount not less than $25,000.00, or may withdraw the deposit entirely, provided such trust companies or banks have made final settlement and accounted for all assets in their possession and under their control by reason of any appointment under this chapter. Immediately upon the appointment of any bank or trust company to act as guardian, administrator, executor, receiver or trustee or other fiduciary by the judge of any court in this state, under Section 5-11A-9, said judge shall certify such appointment under his seal of office to the State Treasurer, giving the name and amount of assets of the estate or cestui que trusts; and, upon receipt of said certificate, the State Treasurer shall charge against any deposit the liability under said appointment.
(Acts 1980, No. 80-658, §5-11-5.)
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https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-6/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-6 - Deposit of Security for a Operation of Trust Business - State Treasurer to Decline...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-6 - Deposit of Security for a Operation of Trust Business - State Treasurer to Decline Certain Bonds or Securities.
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Section 5-11A-6
Deposit of security for a operation of trust business - State Treasurer to decline certain bonds or securities.
The State Treasurer shall decline to receive bonds or other securities of a market value less than par and may, in his discretion, decline to receive any bonds or other securities that he considers unsafe or unsuitable for the purpose.
(Acts 1980, No. 80-658, §5-11-6.)
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https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-7/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-7 - Deposit of Security for a Operation of Trust Business - Certificate of Deposit; Pu...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-7 - Deposit of Security for a Operation of Trust Business - Certificate of Deposit; Purpose.
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Section 5-11A-7
Deposit of security for a operation of trust business - Certificate of deposit; purpose.
The State Treasurer shall, from time to time, furnish the company making such deposit with a proper certificate showing the fact of the deposit and containing an exact description of the bonds or other securities deposited. Such deposit is to secure the payment of all liabilities of the company making the deposit as a guardian, administrator, executor, receiver, trustee or other fiduciary under appointment of any court of this state where the company has claimed exemption from giving bond by reason of having this deposit, and all such liabilities shall constitute a first claim on said bonds or other securities deposited as against all other liabilities of said company.
(Acts 1980, No. 80-658, §5-11-7.)
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https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-8/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-8 - Sale of Bonds or Securities for Satisfaction of Judgment Against Trust Company.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-8 - Sale of Bonds or Securities for Satisfaction of Judgment Against Trust Company.
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Section 5-11A-8
Sale of bonds or securities for satisfaction of judgment against trust company.
When any person, firm or corporation has established by final court proceedings a claim against said company to secure which said bonds or other securities were deposited and said claim is not paid within 30 days by said company, the State Treasurer shall proceed forthwith to sell a sufficient number of said bonds to pay the judgment against said company and pay said judgment by paying the amount to the proper official of the court wherein said judgment exists.
(Acts 1980, No. 80-658, §5-11-8.)
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https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-9/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-9 - Exemption of Trust Companies, etc., Acting as Administrators, etc., From Bond Requ...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-9 - Exemption of Trust Companies, etc., Acting as Administrators, etc., From Bond Requirement.
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Section 5-11A-9
Exemption of trust companies, etc., acting as administrators, etc., from bond requirement.
Any trust company or bank which is authorized by law to act as a guardian, administrator, executor, receiver or trustee, except as may be otherwise provided in this code for the administration of the affairs of war veterans, under appointment of any court of this state, and which maintains the deposit provided for in Section 5-11A-5, shall be entitled as a matter of right to exemption from giving bond before receiving authority to act in any of the above capacities, provided its aggregate liabilities, to secure which said bonds or other securities are deposited, do not exceed five times the par value of said securities. When such company desires exemption from giving any such bond, it shall file with the officer who would otherwise require such bonds a sworn statement showing the amount in value of the bonds or other securities on deposit with the State Treasurer, and that the liabilities of the company protected by such deposit do not exceed five times the par value of said bonds or other securities, together with a certificate from the State Treasurer showing the amount of such deposit.
(Acts 1980, No. 80-658, §5-11-9.)
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https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-10/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-10 - Withdrawal of Bonds or Securities From Deposit With Trustees.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-10 - Withdrawal of Bonds or Securities From Deposit With Trustees.
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Section 5-11A-10
Withdrawal of bonds or securities from deposit with trustees.
All trust companies organized under the laws of this state which are now required by their charters to keep on deposit with trustees any bonds, stocks or other securities to be held subject to the payment of any judgment which may be rendered against said companies may, upon making a deposit of securities in accordance with the provisions of Section 5-11A-5 withdraw from the custody of said trustees said bonds, stocks or other securities so deposited with said trustees and shall not thereafter be required to maintain any such deposit with trustees, any provisions of the charter of said companies to the contrary notwithstanding.
(Acts 1980, No. 80-658, §5-11-10.)
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https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-11/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-11 - Interest on Bonds or Securities Deposited With Treasurer Payable to Trust Compani...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-11 - Interest on Bonds or Securities Deposited With Treasurer Payable to Trust Companies.
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Section 5-11A-11
Interest on bonds or securities deposited with Treasurer payable to trust companies.
The interest falling due from time to time on bonds or other securities on deposit with the State Treasurer in accordance with Section 5-11A-5 shall be payable to the corporation depositing such bonds or other securities, and the Treasurer may send to such corporation a reasonable time before each interest period the coupons or interest note representing the interest to become due at such interest period.
(Acts 1980, No. 80-658, §5-11-11.)
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https://law.justia.com/codes/alabama/title-5/chapter-11a/article-1/section-5-11a-12/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 1 - General Provisions.›Section 5-11A-12 - Trust Company Authorized to Purchase Its Own Securities in Fiduciary Capacity.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-12 - Trust Company Authorized to Purchase Its Own Securities in Fiduciary Capacity.
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Section 5-11A-12
Trust company authorized to purchase its own securities in fiduciary capacity.
A trust company or other financial institution with fiduciary powers may, in its fiduciary capacity, purchase bonds or other securities underwritten or otherwise distributed by the financial institution or by a syndicate which includes the financial institution or an affiliate of the financial institution, provided such purchase is otherwise prudent and not prohibited by the instrument governing the fiduciary relationship. The provisions of this section shall apply to purchases of bonds or other securities made at the time of the initial offering thereof or at any time thereafter.
(Acts 1987, No. 87-826, p. 1674; Acts 1989, No. 89-520, p. 1067.)
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https://law.justia.com/codes/alabama/title-5/chapter-11a/article-2/section-5-11a-30/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 2 - Transfer of Fiduciary Accounts.›Section 5-11A-30 - Transfer Between Related Institutions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 2 - Transfer of Fiduciary Accounts. › Section 5-11A-30 - Transfer Between Related Institutions.
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Section 5-11A-30
Transfer between related institutions.
Absent written objection from the Superintendent of the State Banking Department, a bank, trust company or trust department (hereinafter to be known as the "transferor") may transfer one or more fiduciary accounts administered by such bank, trust company or trust department to another bank, trust company or trust department (hereinafter to be known as the "transferee"); provided, however, that the transferor and transferee banks are related institutions, as that term is hereinafter defined in Section 5-11A-36, and that the transferee bank has trust powers.
(Acts 1989, No. 89-539, p. 1127, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-11a/article-2/section-5-11a-31/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 2 - Transfer of Fiduciary Accounts.›Section 5-11A-31 - Approval of Superintendent.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 2 - Transfer of Fiduciary Accounts. › Section 5-11A-31 - Approval of Superintendent.
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Section 5-11A-31
Approval of superintendent.
Approval of the superintendent shall be deemed granted in the absence of written objection from the superintendent within 10 days after receipt by the superintendent of written notice from the transferor bank of the proposed transfer.
(Acts 1989, No. 89-539, p. 1127, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-11a/article-2/section-5-11a-32/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 2 - Transfer of Fiduciary Accounts.›Section 5-11A-32 - Notice of Transfer.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 2 - Transfer of Fiduciary Accounts. › Section 5-11A-32 - Notice of Transfer.
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Section 5-11A-32
Notice of transfer.
(a) Within 30 days after the date of the transfer of the fiduciary accounts, the transferor shall send written notice by first class mail to the last known address (as then set forth on the records of the transferor, or if not set forth, as may be determined by the transferor in the exercise of reasonable diligence) of the following persons or entities:
(1) For employee benefit plans, to the plan sponsors.
(2) For individual retirement accounts and retirement accounts for the self-employed, to the account owners.
(3) For agency and escrow accounts, to the principals.
(4) For securities for which a transferor bank serves as trustee, registrar, transfer agent or paying agent, to the issuers.
(5) For revocable trusts under agreement, to the settlors.
(6) For irrevocable trusts under agreement, to any co-fiduciary, to the settlor, to each current income beneficiary who is an adult, and if a current income beneficiary is a minor, to a parent of the minor with whom the minor resides or to the conservator or guardian of the minor. For purposes of this subsection, "current income beneficiary" means a person currently entitled to income from a trust or a person to whom the trustee, in the trustee's discretion, may currently pay principal or income.
(7) For testamentary trusts, to the persons notified under subsection (6) of this section.
(8) For conservatorships, to any co-fiduciary, to the protected person for whom the conservatorship was created, or if the conservatorship was created for a minor, to a parent of the minor with whom the minor resides or to the guardian of the minor.
(9) For guardianships, to any co-fiduciary, to the minor or legally incapacitated person for whom the guardian was appointed if the ward is at least 14 years of age.
(10) For probate estates, to any co-fiduciary, to the surviving spouse, if any, and to those persons notified pursuant to subsection (7) of this section.
(11) For corporate trust indentures, to the issuer of the securities subject to each indenture; provided, however, that notwithstanding the foregoing, the transferor may, if it deems it appropriate, comply with any notice procedures contained in the trust indenture instrument with respect to succession of trustees.
(12) For fiduciary accounts not listed in above subsections (1) through (11), to such persons as the transferor sent its last report of the status of the account.
(b) For purposes of this article, notice shall be deemed effective when mailed by the transferor. Should the transferor learn after the expiration of 30 days from such transfer that through inadvertence, error, neglect or otherwise, notice was not mailed as herein provided, delayed notice may be given in the manner set forth herein. The recipient of such notice shall then have 30 days to object to the transfer as provided in Section 5-11A-33.
(Acts 1989, No. 89-539, p. 1127, §3.)
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https://law.justia.com/codes/alabama/title-5/chapter-11a/article-2/section-5-11a-33/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 2 - Transfer of Fiduciary Accounts.›Section 5-11A-33 - Objection to Transfer; Hearing on Objection; Appointment of Related Institution a...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 2 - Transfer of Fiduciary Accounts. › Section 5-11A-33 - Objection to Transfer; Hearing on Objection; Appointment of Related Institution as Agent.
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Section 5-11A-33
Objection to transfer; hearing on objection; appointment of related institution as agent.
(a) Any person given notice pursuant to Section 5-11A-32 may file a written objection to the fiduciary transfer with the Superintendent of the State Banking Department, stating grounds for objection, within 30 days of receipt of notice of the transfer by the person notified pursuant to Section 5-11A-32. The transferor shall then have 30 days to either:
(1) Abandon the transfer of fiduciary accounts to which objection was given and hold such transfer for nought, or
(2) Apply to the State Banking Department for a hearing on the merits of the objection to transfer. After such hearing, the State Banking Department shall either approve or deny the transfer.
(b) Nothing herein shall preclude the transferor from appointing a related bank, trust company or trust department as its agent for the performance of any and all fiduciary obligations as provided in Section 5-11A-37.
(Acts 1989, No. 89-539, p. 1127, §4.)
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https://law.justia.com/codes/alabama/title-5/chapter-11a/article-2/section-5-11a-34/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 2 - Transfer of Fiduciary Accounts.›Section 5-11A-34 - Filing of Affidavit in Office of Judge of Probate; Filing of Notice of Abandonmen...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 2 - Transfer of Fiduciary Accounts. › Section 5-11A-34 - Filing of Affidavit in Office of Judge of Probate; Filing of Notice of Abandonment.
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Section 5-11A-34
Filing of affidavit in office of judge of probate; filing of notice of abandonment.
(a) Within a reasonable time after the date of a transfer of the fiduciary accounts in accordance with the procedures set forth in Sections 5-11A-32 and 5-11A-33, the transferor shall file an affidavit in the office of the judge of probate of the county in which the main office of the transferor is located; and from time to time, the transferor may file a copy of such affidavit in the office of the judge of probate in such other counties as the transferor may deem appropriate. Such affidavit shall set forth the names and addresses of the transferor and transferee, such identification of the fiduciary accounts transferred as the transferor may deem appropriate, and such other information as the transferor may deem desirable.
(b) In the event that notice of objection to the transfer is received by the transferor after the filing of record of the original affidavit with respect to the transfer; and in the event that pursuant to Section 5-11A-33, such transfer is abandoned, the transferor shall promptly file notice of such abandonment in the office of the appropriate judge of probate.
(Acts 1989, No. 89-539, p. 1127, §5.)
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https://law.justia.com/codes/alabama/title-5/chapter-11a/article-2/section-5-11a-35/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 2 - Transfer of Fiduciary Accounts.›Section 5-11A-35 - Substitution of Transferee Bank, Trust Company or Trust Department as Fiduciary;...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 2 - Transfer of Fiduciary Accounts. › Section 5-11A-35 - Substitution of Transferee Bank, Trust Company or Trust Department as Fiduciary; Effect.
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Section 5-11A-35
Substitution of transferee bank, trust company or trust department as fiduciary; effect.
If a bank, trust company or trust department completes a fiduciary transfer, the bank, trust company or trust department to which such fiduciary accounts have been transferred shall be automatically substituted as the fiduciary of all the accounts so transferred without further action and without any order or decree by any court or public officer; and without such transfer being treated or considered as a resignation by the transferor as a fiduciary; and such transferee bank, trust company or trust department shall have all the rights, duties, responsibilities, obligations and liabilities, financial or otherwise, of such transferor bank with respect to such accounts. A bank, trust company or trust department which completes a fiduciary transfer shall be relieved as fiduciary without an accounting and without any order or decree of any court or public officer, and prospectively shall have no continuing duties, responsibilities, obligations or liabilities, financial or otherwise, with respect to the accounts transferred. Such transfer shall not, however, relieve the transferor bank of liability it may have incurred for action or inaction prior to the transfer, nor shall it impose liability on the transferee for action or inaction of the transferor prior to the transfer. No such transfer shall constitute a relinquishment of trust powers by the transferor bank.
(Acts 1989, No. 89-539, p. 1127, §6.)
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https://law.justia.com/codes/alabama/title-5/chapter-11a/article-2/section-5-11a-36/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 2 - Transfer of Fiduciary Accounts.›Section 5-11A-36 - "Related" Defined.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 2 - Transfer of Fiduciary Accounts. › Section 5-11A-36 - "Related" Defined.
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Section 5-11A-36
"Related" defined.
A transferor bank, trust company or trust department is "related" to a transferee bank, trust company or trust department if:
(1) Such transferee controls the transferor;
(2) Such transferor controls the transferee;
(3) The same entity controls, directly or indirectly, the transferor and the transferee;
(4) A majority of the directors of the transferor are directors of the transferee; or
(5) A majority of the directors of the transferee are directors of the transferor.
"Control" and "controls" as used herein shall mean the ownership of a majority of the voting shares of another bank, trust company or of the bank operating such trust department.
(Acts 1989, No. 89-539, p. 1127, §7.)
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https://law.justia.com/codes/alabama/title-5/chapter-11a/article-2/section-5-11a-37/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.›Article 2 - Transfer of Fiduciary Accounts.›Section 5-11A-37 - Appointment of Agent.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 2 - Transfer of Fiduciary Accounts. › Section 5-11A-37 - Appointment of Agent.
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Section 5-11A-37
Appointment of agent.
Regardless of objection to any fiduciary transfer as provided in Section 5-11A-33 and the outcome thereof, and notwithstanding any procedure under this article, any bank may appoint a related bank, trust company or trust department as its agent for the performance of all acts, obligations and responsibilities of the bank with respect to any fiduciary account. In such an event, the appointing bank shall remain fully responsible and liable with respect to all actions of the related bank, trust company or trust department as if performed by the appointing bank itself. No such agency relationship shall:
(1) Be deemed an impermissible delegation of responsibility or duty by the appointing bank;
(2) Constitute a resignation or disqualification of the appointing bank as fiduciary or relinquishment of trust powers by the appointing bank; or
(3) Require the consent of any person, entity, court or other governmental authority.
(Acts 1989, No. 89-539, p. 1127, §8.)
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https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-1/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-1 - Definitions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-1 - Definitions.
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Section 5-12A-1
Definitions.
As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise:
(1) TRUST INSTITUTION. Any state bank, any national bank or any trust company authorized to act in a fiduciary capacity in this state and under the supervision of the Comptroller of the Currency of the United States or the Federal Reserve System, or the Superintendent of Banks of the State of Alabama.
(2) AFFILIATED TRUST INSTITUTION. A trust institution which, together with one or more other trust institutions, are each owned or controlled by a bank holding company which is under the supervision of the Board of Governors of the Federal Reserve System.
(3) OWNED OR CONTROLLED. The ownership by a bank holding company of stock possessions of at least 80 percent of the voting power of all classes of stock and at least 80 percent of each class of the nonvoting stock (other than nonvoting stock which is limited and preferred as to dividends) of the trust institution.
(4) FIDUCIARY. Any trust institution or person acting in the capacity of executor, administrator, administrator with the will annexed, administrator de bonis non, guardian, testamentary trustee, trustee appointed by any court and trustee, agent or custodian under any written agreement, declaration or instrument of trust, either solely or together with others.
(5) COMMON TRUST FUND. A fund established, maintained and administered pursuant to the requirements of this chapter by a trust institution exclusively for the collective investment and reinvestment of moneys contributed thereto by such trust institution in its capacity as a fiduciary or cofiduciary or by an affiliated trust institution in its capacity as a fiduciary or cofiduciary.
(6) ESTATE OR ESTATES. Such term shall include any trust, estate or fund administered by a trust institution in a fiduciary capacity.
(7) PARTICIPATION. The interest of a participating trust in the common trust fund.
(8) PARTICIPANT. Any trust, estate or fund administered by a trust institution in a fiduciary capacity having a "participation."
(9) SECURITY OR SECURITIES. Such term shall include all types of property in which the trust institution is authorized to invest the assets of the common trust fund.
(Acts 1980, No. 80-658, §5-12-1.)
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https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-2/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-2 - Trust Institutions May Establish, etc., Common Trust Funds.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-2 - Trust Institutions May Establish, etc., Common Trust Funds.
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Section 5-12A-2
Trust institutions may establish, etc., common trust funds.
Any trust institution may establish, maintain and administer one or more common trust funds.
(Acts 1980, No. 80-658, §5-12-2.)
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https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-3/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-3 - Investments by Trust Institutions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-3 - Investments by Trust Institutions.
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Section 5-12A-3
Investments by trust institutions.
Any trust institution, in its capacity as fiduciary or cofiduciary, whether such fiduciary capacity arose before or was created after July 8, 1943, may invest funds which it lawfully holds for investment in such capacity in interests or participations in one or more common trust funds, if such investment is not prohibited by the instrument, judgment, decree or order creating the fiduciary relationship and if, in the case of cofiduciaries, the trust institution procures the consent of its cofiduciary or cofiduciaries to such investment.
(Acts 1980, No. 80-658, §5-12-3.)
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https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-4/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-4 - Common Trust Fund Plan.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-4 - Common Trust Fund Plan.
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Section 5-12A-4
Common trust fund plan.
Each common trust fund shall be established and maintained in accordance with a written plan (referred to herein as the plan) approved by resolution of the board of directors of the trust institution and approved in writing by competent legal counsel. The plan shall provide that the common trust fund shall be administered under the laws of this state and of the United States and in conformity with the rules and regulations promulgated from time to time under authority of such laws and shall contain full and detailed provisions, not inconsistent with the provisions of this chapter, as to the manner in which the common trust fund is to be operated, the investment powers with respect to the common trust fund, the allocation and apportionment of income, profits and losses, the terms and conditions governing the admission or withdrawal of investments or participations in the common trust fund, the auditing and settlement of accounts of the trust institution with respect to the common trust fund, the basis and method of valuing securities in the common trust fund, the basis upon which the common trust fund may be terminated and such other matters as may be necessary to define clearly the rights of participants in the common trust fund. A copy of the plan shall be available at the principal office of the trust institution for inspection during all regular business hours to any person having an interest in a participation in the common trust fund. The plan may or may not provide for the amortization of the premium upon bonds or other obligations, the disposition of discounts and profits and the allocation of the same to principal or income accounts or the apportionment of the same between principal and income accounts, the establishment and maintenance of a reserve out of current interest from mortgage investments against which realized losses on mortgages may be charged and other like matters. The provisions of the plan shall control all participants therein and the rights and benefits of all persons interested in such participations as beneficiaries or otherwise.
(Acts 1980, No. 80-658, §5-12-4.)
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https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-5/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-5 - Amendment of Plan.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-5 - Amendment of Plan.
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Section 5-12A-5
Amendment of plan.
The plan may be amended from time to time by the fiduciary with the approval of the board of directors of the trust institution. Any such amendment shall be filed with the original plan, together with a certified copy of the resolution of the board of directors of the trust institution approving the same.
(Acts 1980, No. 80-658, §5-12-5.)
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https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-6/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-6 - Control of Investments by Instrument Under Which Trust Institution Acts.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-6 - Control of Investments by Instrument Under Which Trust Institution Acts.
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Section 5-12A-6
Control of investments by instrument under which trust institution acts.
If the instrument under which a trust institution acts as fiduciary, whether such fiduciary capacity arose before or is created after July 8, 1943, shall either expressly or by its silence limit or restrict the investment of moneys of the estate and securities to the class authorized by law as legal investments, the trust institution may, in its capacity as sole fiduciary or with the consent of any person acting with it in a fiduciary capacity, invest and reinvest moneys of the estate in any such common trust fund maintained by the trust institution or by an affiliated trust institution, provided, the securities composing such fund consist solely of securities of the class authorized as legal investments for funds held by a fiduciary. If the instrument under which the trust institution acts as fiduciary, whether such fiduciary capacity arose before or is created after July 8, 1943, shall authorize investments of moneys of the estate in a common trust fund or in investments other than those designated by law as legal investments or shall authorize the trust institution, either alone or in conjunction with any person acting with it in a fiduciary capacity, to exercise its or their discretion with respect to the investment of moneys of the estate, the trust institution may, in its capacity as sole fiduciary or with the consent of any person acting with it in a fiduciary capacity, invest and reinvest moneys of the estate in any such common trust fund maintained by it or by an affiliated trust institution. Any such common trust fund consisting solely of moneys of estates contributed thereto by the trust institution pursuant to authority contained in any such instrument creating the fiduciary capacity to invest moneys of the estates in a common trust fund or in investments other than legal investments or pursuant to such discretionary powers with respect to the investment of moneys creating the fiduciary capacity may be composed of investments other than those of the class designated by law as legal investments for funds held by fiduciaries. In order to determine whether the investment of funds received or held by a trust institution as fiduciary in a participation in a common trust fund is proper, the trust institution may consider the common trust fund as a whole and shall not, for example, be prohibited from making such investment because any particular asset is nonincome-producing.
(Acts 1980, No. 80-658, §5-12-6.)
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https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-7/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-7 - Investment of Estate Moneys in Fund; Withdrawals.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-7 - Investment of Estate Moneys in Fund; Withdrawals.
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Section 5-12A-7
Investment of estate moneys in fund; withdrawals.
The trust institution shall invest the moneys of an estate (whether the estate is administered by such trust institution or by an affiliated trust institution) in such common trust fund by adding the same thereto and by apportioning a participation therein to such estate in the proportion that the moneys of the estate added thereto bears to the aggregate value of all the securities of such fund at the time of such investment, including in such securities the moneys of the estate so added. The withdrawal of a participation of such common trust fund shall be on the basis of its proportionate interest in the aggregate value of all the securities of such fund at the time of such withdrawal, as hereinafter provided. The participating interest of any estate in such common trust funds may, from time to time, be withdrawn in whole or in part by the trust institution administering the estate and shall be withdrawn within a period of three months following the written request to do so of any person acting with the trust institution administering the estate in a fiduciary capacity. Funds for the purpose of any withdrawal shall be made promptly available by the trust institution through sale of securities of the common trust fund. Upon such withdrawals, the trust institution may make distribution in cash or ratably in kind or partly in cash and partly in kind; provided, that all such distribution as of any one time shall be made on the same basis.
(Acts 1980, No. 80-658, §5-12-7.)
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https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-8/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-8 - Record of Fiduciary Accounts Owning Interest in Fund; Extent of Interest.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-8 - Record of Fiduciary Accounts Owning Interest in Fund; Extent of Interest.
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Section 5-12A-8
Record of fiduciary accounts owning interest in fund; extent of interest.
The trust institution shall designate clearly upon its records the names of the fiduciary accounts which own a participation in the common trust fund and the extent of the interest of such fiduciary accounts therein. No fiduciary account owning or holding an investment or participation in a common trust fund shall be deemed to have individual ownership of any asset in such common trust fund, but should be deemed to have only a proportionate undivided interest in the common trust fund.
(Acts 1980, No. 80-658, §5-12-8.)
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https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-9/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-9 - Annual Audit.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-9 - Annual Audit.
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Section 5-12A-9
Annual audit.
At least once during each period of 12 months, the trust institution shall cause an audit to be made of the common trust fund by an auditor or auditors responsible only to the board of directors of the trust institution. The report of such audit shall include a list of the investments comprising the common trust fund at the time of the audit, which shall show the valuation placed on each item as of the date of the audit, a statement of purchases, sales and any other investment changes and of all income and disbursements during the period to which the audit relates. The period of the first audit shall commence with the establishment of the common trust fund, and each succeeding audit shall commence at the end of the period covering the preceding audit. The reasonable expense of any such audit may be charged to the common trust fund, and a copy of such audit shall be available at the principal office of the trust institution for inspection during all regular business hours to any person having an interest in a participation in the common trust fund; provided, that the trust institution shall be required to furnish a copy of such audit to any person having a share in the investments of the common trust fund without expense to such person should the interested person request a copy of such audit.
(Acts 1980, No. 80-658, §5-12-9.)
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https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-10/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-10 - Quarterly Valuation of Securities in Fund.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-10 - Quarterly Valuation of Securities in Fund.
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Section 5-12A-10
Quarterly valuation of securities in fund.
No less frequently than once during each period of three months, the trust institution administering a common trust fund shall determine the value of the securities in the common trust fund as of the dates set for the valuation thereof. No participation shall be admitted to or withdrawn from the common trust fund, except (i) on the basis of such valuation and (ii) as of such valuation date.
(Acts 1980, No. 80-658, §5-12-10.)
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https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-11/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-11 - Management and Control of Fund; Ownership of Assets.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-11 - Management and Control of Fund; Ownership of Assets.
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Section 5-12A-11
Management and control of fund; ownership of assets.
The trust institution shall have the exclusive management and control of each common trust fund administered by it and the sole right at any time to sell, convert, exchange, transfer or otherwise change or dispose of the assets comprising the same. The ownership of such assets shall be solely in the trust institution as fiduciary and shall be considered as assets held by it as fiduciary. A trust institution shall not invest any of its own funds in a common trust fund administered by it or by an affiliated trust institution; and, if the trust institution, because of a creditor relationship or any other reason, acquires any interest in a participation in such common trust fund, the participation shall be withdrawn on the first date on which such withdrawal can be effected; however, in no case shall an unsecured advance to a participant until the time of the next withdrawal be deemed to constitute the acquisition of an interest by a trust institution. A trust institution may charge a fee for the management of a common trust fund administered by it; provided, that the fractional part of such fee proportionate to the interest of each participant shall not, when added to any other compensations charged by the trust institution or by an affiliated trust institution to the participant, exceed the total amount of compensations which would have been charged to said participant if no assets of said participant had been invested in participations in the common trust fund.
(Acts 1980, No. 80-658, §5-12-11.)
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https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-12/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-12 - Mistakes in Administration of Fund.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-12 - Mistakes in Administration of Fund.
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Section 5-12A-12
Mistakes in administration of fund.
No mistake made in good faith and in the exercise of due care in connection with the administration of a common trust fund shall be deemed to be a violation of this chapter or of any rules or regulations issued pursuant thereto if promptly after discovery of the mistake the trust institution takes whatever action may be practical in the circumstances to remedy the mistake.
(Acts 1980, No. 80-658, §5-12-12.)
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https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-13/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-13 - Administration, etc., of Common Trust Funds Differing From Funds Permitted by Thi...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-13 - Administration, etc., of Common Trust Funds Differing From Funds Permitted by This Chapter.
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Section 5-12A-13
Administration, etc., of common trust funds differing from funds permitted by this chapter.
Nothing contained in this chapter shall prohibit a trust institution, when it acts in accordance with specific authority contained in the instrument or instruments under which the trust institution acts, from establishing, maintaining, administering and investing in, without regard to the requirements and limitations of this chapter, one or more common trust funds differing from the common trust funds expressly permitted by this chapter.
(Acts 1980, No. 80-658, §5-12-13.)
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https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-14/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-14 - Accountings.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-14 - Accountings.
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Section 5-12A-14
Accountings.
Unless ordered by a court of competent jurisdiction, a trust institution administering a common trust fund shall not be required to render a court accounting with regard to such fund, but it may file returns and make accountings in the same manner and for the same purposes as is provided by law for other fiduciaries.
(Acts 1980, No. 80-658, §5-12-14.)
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https://law.justia.com/codes/alabama/title-5/chapter-12a/section-5-12a-15/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 12A - Administration, etc., of Common Trust Funds.›Section 5-12A-15 - Taxation.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-15 - Taxation.
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Section 5-12A-15
Taxation.
A common trust fund, whether established, maintained, and administered pursuant to the requirements of this chapter or established, maintained, administered, and invested in without regard to the requirements and limitations of this chapter, as provided in Section 5-12A-13, shall not be subject to taxation under any income tax law of the State of Alabama. The computation of gain, loss, basis, taxable income, taxable loss, and other income tax treatment of a common trust fund and its participants, shall be determined in accordance with 26 U.S.C. §584, as amended from time to time. Every trust institution maintaining a common trust fund shall make a return under oath for each fiscal year stating specifically with respect to the fund the items of gross income and the deductions allowed by law, and shall include in the return the names and addresses of the participants entitled to share in the net income of the fund and the amount of the proportionate share of each participant.
(Acts 1980, No. 80-658, §5-12-15; Acts 1997, No. 97-194, p. 305, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 1 - Acquisitions of Banks by Bank Holding Companies.›Section 5-13B-1 - Short Title.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 1 - Acquisitions of Banks by Bank Holding Companies. › Section 5-13B-1 - Short Title.
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Section 5-13B-1
Short title.
This chapter shall be known and may be cited as the "Alabama Interstate and International Banking Act of 1995."
(Acts 1995, No. 95-115, p. 134, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-13b/article-1/section-5-13b-2/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 1 - Acquisitions of Banks by Bank Holding Companies.›Section 5-13B-2 - Definitions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 1 - Acquisitions of Banks by Bank Holding Companies. › Section 5-13B-2 - Definitions.
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Section 5-13B-2
Definitions.
For purposes of this article:
(a) "Acquire" means:
(1) For a company to merge or consolidate with a bank holding company;
(2) For a company to assume direct or indirect ownership or control of:
(I) More than 25 percent of any class of voting shares of a bank holding company or a bank, if the acquiring company was not a bank holding company prior to such acquisition;
(II) More than five percent of any class of voting shares of a bank holding company or a bank, if the acquiring company was a bank holding company prior to such acquisition; or
(III) All or substantially all of the assets of a bank holding company or a bank; or
(3) For a company to take any other action that results in the direct or indirect acquisition of control by such company of a bank holding company or a bank; however, formation of a de novo bank pursuant to Chapter 5A of this title is not an acquisition for purposes of this article.
(b) "Affiliate" has the meaning set forth in Section 2(k) of the Bank Holding Company Act.
(c) "Alabama bank" means a bank that is:
(1) Organized under the laws of Alabama under the jurisdiction of the superintendent; or
(2) Organized under federal law and having its main office in this state.
(d) "Alabama bank holding company" means a bank holding company that:
(1) Had its principal place of business in this state on July 1, 1966, or the date on which it became a bank holding company, whichever is later; and
(2) Is not controlled by a bank holding company other than an Alabama bank holding company.
(e) "Bank" has the meaning set forth in Section 2(c) of the Bank Holding Company Act.
(f) "Bank holding company":
(1) Has the meaning set forth in Section 2(a) of the Bank Holding Company Act; and
(2) Unless the context requires otherwise, includes an Alabama bank holding company, an out-of-state bank holding company, and a foreign bank holding company.
(g) "Bank Holding Company Act" means the federal Bank Holding Company Act of 1956, as amended, 12 U.S.C. §§1841 et seq.
(h) "Bank supervisory agency" means any of the following:
(1) The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and any successor to these agencies; and
(2) Any agency of another state with primary responsibility for chartering and supervising banks.
(i) "Branch" has the same meaning as "domestic branch" defined in Section 3 of the Federal Deposit Insurance Act; however, an automated teller machine shall not constitute a branch.
(j) "Company" has the meaning set forth in Section 2(b) of the Bank Holding Company Act, and includes a bank holding company.
(k) "Control" shall be construed consistently with the provisions of Section 2(a) of the Bank Holding Company Act.
(l) "Deposit" has the meaning set forth in 12 U.S.C. §1813 (l).
(m) "Depository institution" means any institution included for any purpose within the definitions of "insured depository institution" as set forth in 12 U.S.C. §1813(c) (2) and (3).
(n) "Foreign bank holding company" means a bank holding company that is organized under the laws of a country other than the United States, including any territory or possession thereof.
(o) "Home state regulator" means, with respect to an out-of-state bank holding company, the bank supervisory agency of the state in which such company maintains its principal place of business.
(p) "Out-of-state bank holding company" means:
(1) A bank holding company that is not an Alabama bank holding company; and
(2) Unless the context requires otherwise, includes a foreign bank holding company.
(q) "Principal place of business" of a bank holding company means the state in which the total deposits of all bank subsidiaries of such company were the greatest on the later of July 1, 1966, or the date on which such company became a bank holding company.
(r) "State" means any state, territory, or other possession of the United States, including the District of Columbia.
(s) "Subsidiary" has the meaning set forth in Section 2(d) of the Bank Holding Company Act.
(t) "Superintendent" means the Superintendent of Banks then in office and, where appropriate, all of his or her successors and predecessors in office.
(Acts 1995, No. 95-115, p. 134, §2; Act 2007-224, p. 284, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 1 - Acquisitions of Banks by Bank Holding Companies.›Section 5-13B-3 - Scope of Article and Statement of Legislative Intent.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 1 - Acquisitions of Banks by Bank Holding Companies. › Section 5-13B-3 - Scope of Article and Statement of Legislative Intent.
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Section 5-13B-3
Scope of article and statement of legislative intent.
This article sets forth the conditions under which a company may acquire an Alabama bank or an Alabama bank holding company or an Alabama bank holding company may acquire an out-of-state bank or bank holding company. This article is intended not to discriminate against out-of-state bank holding companies or against foreign bank holding companies in any manner that would violate Section 3(d) of the Bank Holding Company Act, as amended effective September 29, 1995, by Section 101 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law No. 103-328.
(Acts 1995, No. 95-115, p. 134, §3; Act 2010-548, p. 966, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 1 - Acquisitions of Banks by Bank Holding Companies.›Section 5-13B-4 - Permitted Acquisitions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 1 - Acquisitions of Banks by Bank Holding Companies. › Section 5-13B-4 - Permitted Acquisitions.
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Section 5-13B-4
Permitted acquisitions.
(a) No company may acquire an Alabama bank holding company or an Alabama state bank without the prior approval of the superintendent.
(b) The approval of the superintendent under subsection (a) shall not be required where the acquisition is made:
(1) In a transaction arranged by the superintendent or another bank supervisory agency to prevent the insolvency or closing of the acquired bank; or
(2) In a transaction in which a bank forms its own bank holding company, if the ownership rights of the former bank shareholders are substantially similar to those of the shareholders of the new bank holding company.
(c) No Alabama bank holding company may acquire an out-of-state bank or bank holding company without the prior approval of the superintendent.
(d) In a transaction for which the superintendent's approval is not required under this section, the parties shall give written notice to the superintendent at least 15 days before the effective date of the acquisition, unless a shorter period of notice is expressly permitted or required under applicable federal law.
(Acts 1995, No. 95-115, p. 134, §4; Act 2010-548, p. 966, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 1 - Acquisitions of Banks by Bank Holding Companies.›Section 5-13B-5 - Required Application.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 1 - Acquisitions of Banks by Bank Holding Companies. › Section 5-13B-5 - Required Application.
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Section 5-13B-5
Required application.
(a) A company that proposes to make an acquisition under this article shall:
(1) File with the superintendent a copy of the application that such company has filed with the responsible federal bank supervisory agency together with such additional information as the superintendent may prescribe; and
(2) Pay to the superintendent the application fee, if any, prescribed by the superintendent.
(b) To the extent consistent with the effective discharge of the superintendent's responsibilities, the forms established under this article for application and reporting shall conform to those established by the Board of Governors of the Federal Reserve System under the Bank Holding Company Act.
(c) In connection with an application received under this article, the superintendent shall require that prior notice of the application be published one time in a daily newspaper of general circulation and provide an opportunity for public comment.
(d) If the applicant is an out-of-state bank holding company that is not incorporated under the laws of this state, it shall submit with the application evidence satisfactory to the superintendent that the applicant has complied with or is exempted from the requirements of Sections 10-2B-15.01 et seq.
(Acts 1995, No. 95-115, p. 134, §5; Act 2010-548, p. 966, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 1 - Acquisitions of Banks by Bank Holding Companies.›Section 5-13B-6 - Standards for Approval.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 1 - Acquisitions of Banks by Bank Holding Companies. › Section 5-13B-6 - Standards for Approval.
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Section 5-13B-6
Standards for approval.
(a) In deciding whether to approve an application for a proposed acquisition under this article, the superintendent shall consider whether the acquisition may:
(1) Be detrimental to the safety and soundness of the Alabama state bank or the Alabama bank holding company ;
(2) Result in a substantial reduction of competition in this state; or
(3) Have a significantly adverse effect on the convenience and needs of the community or communities in this state that are served by the Alabama state bank or the Alabama bank holding company to be acquired.
(b) Except as otherwise expressly provided in this section, the superintendent shall not approve an acquisition under this article if upon consummation of the transaction the applicant, including any depository institution affiliated with the applicant, would control 30 percent or more of the total amount of deposits held by depository institutions in this state.
(c) The superintendent may by regulation, with the concurrence of a majority of the members of the Alabama State Banking Board, adopt a procedure whereby the limitation on control of deposits set forth in subsection (b) may be waived for good cause shown.
(d) The superintendent shall not approve an application for an acquisition under this article unless the Alabama bank to be acquired, or all Alabama bank subsidiaries of the bank holding company to be acquired, have as of the proposed date of acquisition been in existence and in continuous operation for five years or more.
(e) The five-year requirement shall be met if the superintendent determines that either the Alabama bank or the subsidiaries of the Alabama bank holding company to be acquired:
(1) Were organized solely for the purpose of facilitating the acquisition of a bank that has been in existence and continuously operating for more than five years, or
(2) Resulted from the merger or consolidation of two or more banks at least one of which had been in existence and continuously operating for more than five years.
(Acts 1995, No. 95-115, p. 134, §6; Act 2010-548, p. 966, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 1 - Acquisitions of Banks by Bank Holding Companies.›Section 5-13B-7 - Procedures Relating to Applications.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 1 - Acquisitions of Banks by Bank Holding Companies. › Section 5-13B-7 - Procedures Relating to Applications.
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Section 5-13B-7
Procedures relating to applications.
(a) The superintendent shall decide whether to approve an acquisition under this article within 60 days after receipt of a completed application; provided, that if the superintendent requests additional information from the applicant following receipt of a completed application, the time limit for decision by the superintendent shall be the later of:
(1) The date set forth above in this subsection, or
(2) Thirty days after the superintendent's receipt of the requested additional information.
(b) The superintendent may in his or her discretion hold a public hearing in connection with an application at any time within 20 days after receipt of the completed application if a significant issue of law or fact has been raised with respect to the proposed acquisition.
(c) If the superintendent holds a public hearing in connection with an application, the time limit specified in subsection (a) shall be extended to 30 days after the conclusion of the public hearing.
(d) An application shall be deemed approved if the superintendent takes no action on the application within the time limits specified in this section.
(Acts 1995, No. 95-115, p. 134, §7.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 1 - Acquisitions of Banks by Bank Holding Companies.›Section 5-13B-8 - Reports; Examinations.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 1 - Acquisitions of Banks by Bank Holding Companies. › Section 5-13B-8 - Reports; Examinations.
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Section 5-13B-8
Reports; examinations.
(a) To the extent specified by the superintendent by regulation, order, or written request, each bank holding company that directly or indirectly controls an Alabama state bank or an Alabama bank holding company, or the home state regulator of such company, shall submit to the superintendent:
(1) One or more copies of each financial report filed by such company with any bank supervisory agency, except for any report the disclosure of which would be prohibited by applicable federal or state law, within 15 days after the filing thereof with such agency; and
(2) An annual report, not later than April 15 of each year for each bank and branch in the state controlled by the bank holding company containing the following information:
a. The location;
b. The amount of deposits held as of the end of the preceding calendar year; and
c. The amount of loans made during the preceding calendar year to individuals and entities with addresses in this state.
(b) At the request of the superintendent, to the extent permitted by applicable state or federal law, each bank holding company that controls an Alabama state bank or an Alabama bank holding company, or the home state regulator of such bank or company, shall provide to the superintendent copies of the reports of examination of the company or any Alabama state bank or Alabama bank holding company.
(c) The superintendent may examine an Alabama bank holding company whenever the superintendent has reason to believe that the company is not being operated in compliance with the laws of this state or in accordance with safe and sound banking practices.
(Acts 1995, No. 95-115, p. 134, §8.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 1 - Acquisitions of Banks by Bank Holding Companies.›Section 5-13B-9 - Agency Activities.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 1 - Acquisitions of Banks by Bank Holding Companies. › Section 5-13B-9 - Agency Activities.
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Section 5-13B-9
Agency activities.
(a) Any Alabama state bank may, upon compliance with the requirements of this section, agree to receive deposits, renew time deposits, close loans, service loans, receive payments on loans and other obligations and, with the prior approval of the superintendent, perform other services as an agent for any depository institution.
(b) An Alabama state bank that proposes to enter into an agency agreement to perform services other than those specifically designated in subsection (a) shall file with the superintendent at least 30 days before the effective date of the agreement:
(1) A notice of intention to enter into such an agency agreement with a depository institution;
(2) A description of the services other than those specifically designated in subsection (a) proposed to be performed under the agency agreement; and
(3) A copy of the agreement.
(c) If any proposed service is not specifically designated in subsection (a) and has not previously been approved in a regulation issued by the superintendent, the superintendent shall decide whether to approve the offering of such service within 30 days after receipt of the notice required by subsection (b); provided, that if the superintendent requests additional information after reviewing such notice, the time limit for the superintendent's decision shall be 30 days after receiving such additional information. In deciding whether to approve, by regulation or order, any proposed service that is not specifically designated in subsection (a), the superintendent shall consider whether such service would be consistent with applicable federal and state law and the safety and soundness of the principal and agent depository institutions. The superintendent shall give appropriate notice to the public of each approval, by regulation or order, of any proposed service pursuant to this subsection.
(d) Any proposed service subject to subsection (c) shall be deemed approved if the superintendent takes no action on the notice required by subsection (b) within the time limits specified in subsection (c).
(e) An Alabama state bank may not under any agency agreement:
(1) Conduct any activity as an agent that it would be prohibited from conducting as a principal under applicable state or federal law; or
(2) Have an agent conduct any activity that the bank as principal would be prohibited from conducting under applicable state or federal law.
(f) The superintendent may order an Alabama state bank or any other depository institution subject to the superintendent's enforcement powers to cease acting as an agent or principal under any agency agreement with a depository institution that the superintendent finds to be inconsistent with safe and sound banking practices.
(g) Notwithstanding any other provision of the law of this state, an Alabama state bank acting as an agent for a depository institution in accordance with this section shall not be considered to be a branch of that depository institution.
(Acts 1995, No. 95-115, p. 134, §9.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 1 - Acquisitions of Banks by Bank Holding Companies.›Section 5-13B-10 - Penalties.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 1 - Acquisitions of Banks by Bank Holding Companies. › Section 5-13B-10 - Penalties.
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Section 5-13B-10
Penalties.
The superintendent may enforce the provisions of this article by any appropriate action in the circuit courts of this state, including an action for civil money penalties or injunctive relief, provided, that the superintendent shall promptly give notice to the home state regulator of any enforcement action initiated against an out-of-state bank holding company and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving the enforcement action.
(Acts 1995, No. 95-115, p. 134, §10.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 1 - Acquisitions of Banks by Bank Holding Companies.›Section 5-13B-11 - Authority to Issue Regulations; Cooperative Agreements; Fees.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 1 - Acquisitions of Banks by Bank Holding Companies. › Section 5-13B-11 - Authority to Issue Regulations; Cooperative Agreements; Fees.
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Section 5-13B-11
Authority to issue regulations; cooperative agreements; fees.
In order to carry out the purposes of this title, in addition to and cumulative with the authority and powers of the superintendent set forth elsewhere in this title, the superintendent may:
(1) Adopt regulations;
(2) Enter into cooperative, coordinating, or information-sharing agreements with any other bank supervisory agency or any organization affiliated with or representing one or more bank supervisory agencies;
(3) Accept any report of examination or investigation by another bank supervisory agency having concurrent jurisdiction over an Alabama state bank or a bank holding company that controls an Alabama state bank in lieu of conducting the superintendent's own examination or investigation of such bank holding company or bank;
(4) Enter into contracts with any bank supervisory agency having concurrent jurisdiction over an Alabama state bank or a bank holding company that controls an Alabama state bank to engage the services of the agency's examiners at a reasonable rate of compensation, or to provide the services of the superintendent's examiners to the agency at a reasonable rate of compensation; which contract shall be deemed a sole source, one vendor and one supplier contract under the procurement laws of this state and shall be exempt from competitive bidding requirements;
(5) Enter into joint examinations or joint enforcement actions with any other bank supervisory agency having concurrent jurisdiction over any Alabama state bank, or any bank holding company that controls an Alabama state bank; provided, however, that the superintendent may take any such action independently only with respect to any Alabama state bank or bank holding company organized under the laws of Alabama or another state in the United States that directly owns a majority of the voting securities of an Alabama state bank. If the superintendent determines that examination of an out-of-state bank or bank holding company is necessary to carry out his or her responsibilities under this title or to enforce compliance with the laws of this state, the superintendent shall recognize the exclusive authority of the home state regulator over corporate governance and other matters as provided in federal law and the primary responsibility of the home state regulator with respect to safety and soundness matters; and
(6) Assess supervisory and examination fees that shall be payable by Alabama banks in connection with the performance of the duties of the superintendent under this title. Such fees may be shared with other bank supervisory agencies or any organizations affiliated with or representing one or more bank supervisory agencies in accordance with agreements between them and the superintendent.
Acts 1995, No. 95-115, p. 134, §11; Act 2007-224, p. 284, §1; Act 2011-589, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 2 - Interstate Bank Mergers and Branching.›Section 5-13B-20 - Purpose.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 2 - Interstate Bank Mergers and Branching. › Section 5-13B-20 - Purpose.
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Section 5-13B-20
Purpose.
It is the express intent of this article to permit interstate branching by merger under Section 102 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law No. 103-328, in accordance with the provisions set forth in this article.
(Acts 1995, No. 95-115, p. 134, §12.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 2 - Interstate Bank Mergers and Branching.›Section 5-13B-21 - Definitions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 2 - Interstate Bank Mergers and Branching. › Section 5-13B-21 - Definitions.
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Section 5-13B-21
Definitions.
As used in this article, unless a different meaning is required by the context, the following words and phrases shall have the following meanings:
(a) "Alabama bank" means a bank whose home state is Alabama.
(b) "Alabama state bank" means a bank chartered under the laws of Alabama.
(c) "Bank" has the same meaning as set forth in 12 U.S.C. §1813(h); provided that the term "bank" shall not include any "foreign bank" as defined in 12 U.S.C. §3101(7), except that such term shall include any foreign bank organized under the laws of a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, the deposits of which are insured by the Federal Deposit Insurance Corporation.
(d) "Bank holding company" has the meaning set forth in 12 U.S.C. §1841(a) (1).
(e) "Bank supervisory agency" means:
(1) The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and any successor to these agencies; and
(2) Any agency of another state with primary responsibility for chartering and supervising banks.
(f) "Branch" has the same meaning as "domestic branch" defined in Section 3 of the Federal Deposit Insurance Act; however, an automated teller machine shall not constitute a branch.
(g) "Control" shall be construed consistently with the provisions of 12 U.S.C. §1841(a) (2).
(h) "Home state" means:
(1) With respect to a national bank, the state in which the main office of the bank is located;
(2) With respect to a state bank, the state by which the bank is chartered;
(3) With respect to a foreign bank, the state determined to be the home state of such foreign bank under 12 U.S.C. §3103(c).
(i) "Home state regulator" means, with respect to an out-of-state state bank, the bank supervisory agency of the state in which such bank is chartered.
(j) "Host state" means a state, other than the home state of a bank, in which the bank maintains, or seeks to establish and maintain, a branch.
(k) "Insured depository institution" has the meaning set forth in 12 U.S.C. §1813(c) (2) and (3).
(l) "Interstate merger transaction" means:
(1) The merger or consolidation of banks with different home states, and the conversion of branches of any bank involved in the merger or consolidation into branches of the resulting bank; or
(2) The purchase of all or substantially all of the assets, including all or substantially all of the branches, of a bank whose home state is different from the home state of the acquiring bank.
(m) "Out-of-state bank" means a bank whose home state is a state other than Alabama.
(n) "Out-of-state state bank" means a bank chartered under the laws of any state other than Alabama.
(o) "Resulting bank" means a bank that has resulted from an interstate merger transaction under this article.
(p) "State" means any state, territory, or other possession of the United States, including the District of Columbia.
(q) "Subsidiary" has the meaning set forth in Section 2(d) of the Bank Holding Company Act.
(r) "Superintendent" means the Superintendent of Banks then in office and, where appropriate, all of his or her successors and predecessors in office.
(Acts 1995, No. 95-115, p. 134, §13.)
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https://law.justia.com/codes/alabama/title-5/chapter-13b/article-2/section-5-13b-22/
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AL
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 2 - Interstate Bank Mergers and Branching.›Section 5-13B-22 - Establishment of Interstate Branches by Acquisition or Merger; Branching.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 2 - Interstate Bank Mergers and Branching. › Section 5-13B-22 - Establishment of Interstate Branches by Acquisition or Merger; Branching.
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Section 5-13B-22
Establishment of interstate branches by acquisition or merger; branching.
With the prior approval of the superintendent, an Alabama state bank may establish, maintain, and operate one or more branches in a state other than Alabama or a foreign country on a de novo basis, by acquisition of a branch, or pursuant to an interstate merger transaction in which the Alabama state bank is the resulting bank. For an interstate merger transaction and not later than the date on which the required application for the interstate merger transaction is filed with the responsible federal bank supervisory agency, the applicant Alabama state bank shall file an application on a form prescribed by the superintendent and pay the fee prescribed by the superintendent. The applicant shall also comply with the applicable provisions of Alabama law governing mergers of Alabama state banks. If the superintendent finds that (1) the proposed interstate merger transaction will not be detrimental to the safety and soundness of the applicant or the resulting bank, (2) any new officers and directors of the resulting bank are qualified by character, experience, and financial responsibility to direct and manage the resulting bank, and (3) the proposed interstate merger transaction is consistent with the convenience and needs of the communities to be served by the resulting bank in this state and is otherwise in the public interest, the superintendent shall approve the interstate merger transaction and the operation of branches outside of Alabama by the Alabama state bank. Such an interstate merger transaction may be consummated only after the applicant has received the superintendent's written approval.
(Acts 1995, No. 95-115, p. 134, §14; Act 2007-224, p. 284, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-13b/article-2/section-5-13b-23/
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AL
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 2 - Interstate Bank Mergers and Branching.›Section 5-13B-23 - Interstate Merger Transactions and Branching; Operation of Branches.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 2 - Interstate Bank Mergers and Branching. › Section 5-13B-23 - Interstate Merger Transactions and Branching; Operation of Branches.
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Section 5-13B-23
Interstate merger transactions and branching; operation of branches.
(a) One or more Alabama state banks may enter into an interstate merger transaction with one or more out-of-state banks under this article, and an out-of-state bank resulting from such transaction may maintain and operate the branches in Alabama of an Alabama state bank that participated in such transaction, provided that the conditions and filing requirements of this article are met.
(b) Except as otherwise expressly provided in this subsection, an interstate merger transaction, establishment of a de novo branch, or acquisition of a branch shall not be permitted under this article if, upon consummation of such transaction, the out-of-state bank, including all insured depository institutions that would be "affiliates" as defined in 12 U.S.C. §1841(k) of the out-of-state bank, would control 30 percent or more of the total amount of deposits held by all insured depository institutions in this state. The superintendent may by regulation, subject to the approval of the Banking Board, adopt a procedure whereby the foregoing limitation on control of deposits may be waived for good cause shown.
(c) An interstate merger transaction resulting in the acquisition by an out-of-state bank of an Alabama state bank, or all or substantially all of the branches of an Alabama state bank, shall not be permitted under this article unless such Alabama state bank shall have been in continuous operation, on the date of such acquisition, for a period of at least five years. The five-year requirement shall be met if the superintendent determines that the Alabama state bank to be acquired was:
(1) Organized solely for the purpose of facilitating the acquisition of a bank that has been in existence and continuously operating for more than five years, or
(2) Resulted from the merger or consolidation of two or more banks at least one of which had been in existence and continuously operating for more than five years.
(d) An out-of-state bank that has established or acquired a branch in Alabama under this article may establish or acquire additional branches in Alabama to the same extent that any Alabama bank may establish or acquire a branch in Alabama under applicable federal and state law.
(e) An out-of-state bank that does not have a branch in Alabama and that meets the requirements of this article may establish and maintain one or more de novo branches and acquire and maintain one or more branches in this state.
(f) An out-of-state bank desiring to establish and maintain a de novo branch or to acquire a branch in this state shall provide written notice of the proposed transaction to the superintendent not later than the date on which the bank applies to the responsible federal bank supervisory agency for approval to establish or acquire the branch. The filing of such notice shall be accompanied by the filing fee prescribed by the Banking Board. Filing of the notice by the out-of-state bank's home state regulator shall satisfy this notice requirement provided the out-of-state bank's home state regulator permits Alabama banks to file applications in a similar manner.
(g) The out-of-state bank shall comply with the applicable requirements of this code, including the requirements of this title.
(h) An out-of-state bank may establish and maintain a de novo branch or may establish and maintain a branch through acquisition of a branch if both of the following occur:
(1) In the case of a de novo branch, the laws of the home state of the out-of-state bank permit Alabama banks to establish and maintain de novo branches in that state under substantially the same terms and conditions as herein set forth.
(2) In the case of a branch established through the acquisition of a branch, the laws of the home state of the out-of-state bank permit Alabama banks to establish and maintain branches in that state through the acquisition of branches under substantially the same terms and conditions as herein set forth.
(Acts 1995, No. 95-115, p. 134, §15; Act 2007-224, p. 284, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-13b/article-2/section-5-13b-24/
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AL
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 2 - Interstate Bank Mergers and Branching.›Section 5-13B-24 - Notice and Filing Requirements.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 2 - Interstate Bank Mergers and Branching. › Section 5-13B-24 - Notice and Filing Requirements.
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Section 5-13B-24
Notice and filing requirements.
Any out-of-state bank that will be the resulting bank pursuant to an interstate merger transaction involving an Alabama state bank shall notify the superintendent of the proposed merger not later than the date on which it files an application for an interstate merger transaction with the responsible federal bank supervisory agency, and shall submit a copy of that application to the superintendent and pay the filing fee, if any, required by the superintendent. Any Alabama state bank which is a party to such interstate merger transaction shall comply with Title 5, Chapter 7A, and with other applicable state and federal laws. Any out-of-state bank which shall be the resulting bank in such an interstate merger transaction shall provide satisfactory evidence to the superintendent of compliance with or exemption from Sections 10-2B-15.01 et seq.
(Acts 1995, No. 95-115, p. 134, §16.)
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https://law.justia.com/codes/alabama/title-5/chapter-13b/article-2/section-5-13b-25/
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AL
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 2 - Interstate Bank Mergers and Branching.›Section 5-13B-25 - Powers.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 2 - Interstate Bank Mergers and Branching. › Section 5-13B-25 - Powers.
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Section 5-13B-25
Powers.
(a) An out-of-state state bank which establishes and maintains one or more branches in Alabama under this article may conduct any activities at such branch or branches that are authorized under the laws of this state for Alabama state banks.
(b) An Alabama state bank may conduct any activities at any branch outside Alabama that are permissible for a bank chartered by the host state where the branch is located, except to the extent such activities are expressly prohibited by the laws of this state; provided, however, that the superintendent shall waive any such prohibition unless he or she determines, by order or regulation, that the involvement of out-of-state branches of an Alabama state bank in particular activities would threaten the safety or soundness of the bank.
(Acts 1995, No. 95-115, p. 134, §17.)
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https://law.justia.com/codes/alabama/title-5/chapter-13b/article-2/section-5-13b-26/
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AL
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 2 - Interstate Bank Mergers and Branching.›Section 5-13B-26 - Examinations; Periodic Reports; Cooperative Agreements; Assessment of Fees.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 2 - Interstate Bank Mergers and Branching. › Section 5-13B-26 - Examinations; Periodic Reports; Cooperative Agreements; Assessment of Fees.
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Section 5-13B-26
Examinations; periodic reports; cooperative agreements; assessment of fees.
(a) To the extent consistent with subsection (c), the superintendent may make such examinations of any branch established and maintained in this state pursuant to this article by an out-of-state state bank as the superintendent may deem necessary to determine whether the branch is being operated in compliance with the laws of this state and in accordance with safe and sound banking practices. The provisions of Chapter 3A, Title 5, shall apply to such examinations.
(b) The superintendent may prescribe requirements for periodic reports regarding any out-of-state bank that operates a branch in Alabama pursuant to this article. The required reports shall be provided by such bank or by the bank supervisory agency having primary responsibility for such bank. Any reporting requirements prescribed by the superintendent under this subsection shall be (1) consistent with the reporting requirements applicable to Alabama state banks and (2) appropriate for the purpose of enabling the superintendent to carry out his or her responsibilities under this article.
(c) The superintendent may enter into cooperative, coordinating and information-sharing agreements with any other bank supervisory agencies or any organization affiliated with or representing one or more bank supervisory agencies with respect to the periodic examination or other supervision of any branch in Alabama of an out-of-state state bank, or any branch of an Alabama state bank in any host state, and the superintendent may accept such parties' reports of examination and reports of investigation in lieu of conducting his or her own examinations or investigations.
(d) The superintendent may enter into contracts with any bank supervisory agency that has concurrent jurisdiction over an Alabama state bank or an out-of-state state bank operating a branch in this state pursuant to this article to engage the services of such agency's examiners at a reasonable rate of compensation, or to provide the services of the superintendent's examiners to such agency at a reasonable rate of compensation. Any such contract shall be deemed a sole source, one vendor and one supplier contract under the procurement laws of the state and shall be exempt from competitive bidding requirements.
(e) The superintendent may enter into joint examinations or joint enforcement actions with other bank supervisory agencies having concurrent jurisdiction over any branch in Alabama of an out-of-state state bank or any branch of an Alabama state bank in any host state; provided, that the superintendent may at any time take such actions independently if the superintendent deems such actions to be necessary or appropriate to carry out his or her responsibilities under this article and to ensure compliance with the laws of this state; but provided further, that, in the case of an out-of-state state bank, the superintendent shall recognize the exclusive authority of the home state regulator over corporate governance matters and the primary responsibility of the home state regulator with respect to safety and soundness matters.
(f) Each out-of-state state bank that maintains one or more branches in this state may be assessed and, if assessed, shall pay supervisory and examination fees in accordance with the laws of this state and regulations of the superintendent. Such fees may be shared with other bank supervisory agencies or any organization affiliated with or representing one or more bank supervisory agencies in accordance with agreements between such parties and the superintendent.
(Acts 1995, No. 95-115, p. 134, §18.)
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https://law.justia.com/codes/alabama/title-5/chapter-13b/article-2/section-5-13b-27/
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AL
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.›Article 2 - Interstate Bank Mergers and Branching.›Section 5-13B-27 - Enforcement.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 2 - Interstate Bank Mergers and Branching. › Section 5-13B-27 - Enforcement.
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Section 5-13B-27
Enforcement.
If the superintendent determines that a branch maintained by an out-of-state state bank in this state is being operated in violation of any provision of the laws of this state, or that such branch is being operated in an unsafe and unsound manner, the superintendent shall have the authority to take all such enforcement actions as he or she would be empowered to take if the branch were an Alabama state bank; provided that the superintendent shall promptly give notice to the home state regulator of each enforcement action taken against an out-of-state state bank and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving the enforcement action.
(Acts 1995, No. 95-115, p. 134, §19.)
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