reglab/housing_qa huggingface dataset:
AL Code § 7-8-115 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 8 - Investment Securities.|Part 1 - Short Title and General Matters.|Section 7-8-115 - Securities Intermediary and Others Not Liable to Adverse Claimant.

Section 7-8-115Securities intermediary and others not liable to adverse claimant. A securities intermediary that has transferred a financial asset pursuant to an effective entitlement order, or a broker or other agent or bailee that has dealt with a financial asset at the direction of its customer or principal, is not liable to a person having an adverse claim to the financial asset, unless the securities intermediary, or broker or other agent or bailee: (1) took the action after it had been served with an injunction, restraining order, or other legal process enjoining it from doing so, issued by a court of competent jurisdiction, and had a reasonable opportunity to act on the injunction, restraining order, or other legal process; or (2) acted in collusion with the wrongdoer in violating the rights of the adverse claimant; or (3) in the case of a security certificate that has been stolen, acted with notice of the adverse claim. (Acts 1996, No. 96-742, p. 1241, §1.)
AL Code § 7-8-116 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 8 - Investment Securities.|Part 1 - Short Title and General Matters.|Section 7-8-116 - Securities Intermediary as Purchaser for Value.

Section 7-8-116Securities intermediary as purchaser for value. A securities intermediary that receives a financial asset and establishes a security entitlement to the financial asset in favor of an entitlement holder is a purchaser for value of the financial asset. A securities intermediary that acquires a security entitlement to a financial asset from another securities intermediary acquires the security entitlement for value if the securities intermediary acquiring the security entitlement establishes a security entitlement to the financial asset in favor of an entitlement holder. (Acts 1996, No. 96-742, p. 1241, §1.)
AL Code § 7-8-201 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 8 - Investment Securities.|Part 2 - Issue and Issuer.|Section 7-8-201 - Issuer.

Section 7-8-201Issuer. (a) With respect to an obligation on or a defense to a security, an "issuer" includes a person that: (1) places or authorizes the placing of its name on a security certificate, other than as authenticating trustee, registrar, transfer agent, or the like, to evidence a share, participation, or other interest in its property or in an enterprise, or to evidence its duty to perform an obligation represented by the certificate; (2) creates a share, participation, or other interest in its property or in an enterprise, or undertakes an obligation, that is an uncertificated security; (3) directly or indirectly creates a fractional interest in its rights or property, if the fractional interest is represented by a security certificate; or (4) becomes responsible for, or in place of, another person described as an issuer in this section. (b) With respect to an obligation on or defense to a security, a guarantor is an issuer to the extent of its guaranty, whether or not its obligation is noted on a security certificate. (c) With respect to a registration of a transfer, issuer means a person on whose behalf transfer books are maintained. (Acts 1965, No. 549, p. 811; repealed by Acts 1996, No. 96-742, p. 1241, §1; added by Acts 1996, No. 96-742, p. 1241, §1.)
AL Code § 7-8-203 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 8 - Investment Securities.|Part 2 - Issue and Issuer.|Section 7-8-203 - Staleness as Notice of Defect or Defense.

Section 7-8-203Staleness as notice of defect or defense. After an act or event, other than a call that has been revoked, creating a right to immediate performance of the principal obligation represented by a certificated security or setting a date on or after which the security is to be presented or surrendered for redemption or exchange, a purchaser is charged with notice of any defect in its issue or defense of the issuer, if the act or event: (1) requires the payment of money, the delivery of a certificated security, the registration of transfer of an uncertificated security, or any of them on presentation or surrender of the security certificate, the money or security is available on the date set for payment or exchange, and the purchaser takes the security more than one year after that date; or (2) is not covered by paragraph (1) and the purchaser takes the security more than two years after the date set for surrender or presentation or the date on which performance became due. (Acts 1965, No. 549, p. 811; repealed by Acts 1996, No. 96-742, p. 1241, §1; added by Acts 1996, No. 96-742, p. 1241, §1.)
AL Code § 7-8-204 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 8 - Investment Securities.|Part 2 - Issue and Issuer.|Section 7-8-204 - Effect of Issuer's Restriction on Transfer.

Section 7-8-204Effect of issuer's restriction on transfer. A restriction on transfer of a security imposed by the issuer, even if otherwise lawful, is ineffective against a person without knowledge of the restriction unless: (1) the security is certificated and the restriction is noted conspicuously on the security certificate; or (2) the security is uncertificated and the registered owner has been notified of the restriction. (Acts 1965, No. 549, p. 811; repealed by Acts 1996, No. 96-742, p. 1241, §1; added by Acts 1996, No. 96-742, p. 1241, §1.)
AL Code § 7-8-205 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 8 - Investment Securities.|Part 2 - Issue and Issuer.|Section 7-8-205 - Effect of Unauthorized Signature on Security Certificate.

Section 7-8-205Effect of unauthorized signature on security certificate. An unauthorized signature placed on a security certificate before or in the course of issue is ineffective, but the signature is effective in favor of a purchaser for value of the certificated security if the purchaser is without notice of the lack of authority and the signing has been done by: (1) an authenticating trustee, registrar, transfer agent, or other person entrusted by the issuer with the signing of the security certificate or of similar security certificates, or the immediate preparation for signing of any of them; or (2) an employee of the issuer, or of any of the persons listed in paragraph (1), entrusted with responsible handling of the security certificate. (Acts 1965, No. 549, p. 811; repealed by Acts 1996, No. 96-742, p. 1241, §1; added by Acts 1996, No. 96-742, p. 1241, §1.)
AL Code § 7-8-206 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 8 - Investment Securities.|Part 2 - Issue and Issuer.|Section 7-8-206 - Completion or Alteration of Security Certificate.

Section 7-8-206Completion or alteration of security certificate. (a) If a security certificate contains the signatures necessary to its issue or transfer but is incomplete in any other respect: (1) any person may complete it by filling in the blanks as authorized; and (2) even if the blanks are incorrectly filled in, the security certificate as completed is enforceable by a purchaser who took it for value and without notice of the incorrectness. (b) A complete security certificate that has been improperly altered, even if fraudulently, remains enforceable, but only according to its original terms. (Acts 1965, No. 549, p. 811; repealed by Acts 1996, No. 96-742, p. 1241, §1; added by Acts 1996, No. 96-742, p. 1241, §1.)
AL Code § 7-8-207 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 8 - Investment Securities.|Part 2 - Issue and Issuer.|Section 7-8-207 - Rights and Duties of Issuer With Respect to Registered Owners.

Section 7-8-207Rights and duties of issuer with respect to registered owners. (a) Before due presentment for registration of transfer of a certificated security in registered form or of an instruction requesting registration of transfer of an uncertificated security, the issuer or indenture trustee may treat the registered owner as the person exclusively entitled to vote, receive notifications, and otherwise exercise all the rights and powers of an owner. (b) This article does not affect the liability of the registered owner of a security for a call, assessment, or the like. (Acts 1965, No. 549, p. 811; repealed by Acts 1996, No. 96-742, p. 1241, §1; added by Acts 1996, No. 96-742, p. 1241, §1.)
AL Code § 7-8-208 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 8 - Investment Securities.|Part 2 - Issue and Issuer.|Section 7-8-208 - Effect of Signature of Authenticating Trustee, Registrar, or Transfer Agent.

Section 7-8-208Effect of signature of authenticating trustee, registrar, or transfer agent. (a) A person signing a security certificate as authenticating trustee, registrar, transfer agent, or the like, warrants to a purchaser for value of the certificated security, if the purchaser is without notice of a particular defect, that: (1) the certificate is genuine; (2) the person's own participation in the issue of the security is within the person's capacity and within the scope of the authority received by the person from the issuer; and (3) the person has reasonable grounds to believe that the certificated security is in the form and within the amount the issuer is authorized to issue. (b) Unless otherwise agreed, a person signing under subsection (a) does not assume responsibility for the validity of the security in other respects. (Acts 1965, No. 549, p. 811; repealed by Acts 1996, No. 96-742, p. 1241, §1; added by Acts 1996, No. 96-742, p. 1241, §1.)
AL Code § 7-8-209 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 8 - Investment Securities.|Part 2 - Issue and Issuer.|Section 7-8-209 - Issuer's Lien.

Section 7-8-209Issuer's lien. A lien in favor of an issuer upon a certificated security is valid against a purchaser only if the right of the issuer to the lien is noted conspicuously on the security certificate. (Acts 1996, No. 96-742, p. 1241, §1.)
AL Code § 7-8-210 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 8 - Investment Securities.|Part 2 - Issue and Issuer.|Section 7-8-210 - Overissue.

Section 7-8-210Overissue. (a) In this section, "overissue" means the issue of securities in excess of the amount the issuer has corporate power to issue, but an overissue does not occur if appropriate action has cured the overissue. (b) Except as otherwise provided in subsections (c) and (d), the provisions of this article which validate a security or compel its issue or reissue do not apply to the extent that validation, issue, or reissue would result in overissue. (c) If an identical security not constituting an overissue is reasonably available for purchase, a person entitled to issue or validation may compel the issuer to purchase the security and deliver it if certificated or register its transfer if uncertificated, against surrender of any security certificate the person holds. (d) If a security is not reasonably available for purchase, a person entitled to issue or validation may recover from the issuer the price the person or the last purchaser for value paid for it with interest from the date of the person's demand. (Acts 1996, No. 96-742, p. 1241, §1.)
AL Code § 7-8-301 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 8 - Investment Securities.|Part 3 - Transfer of Certificated and Uncertificated Securities.|Section 7-8-301 - Delivery.

Section 7-8-301Delivery. (a) Delivery of a certificated security to a purchaser occurs when: (1) the purchaser acquires possession of the security certificate; (2) another person, other than a securities intermediary, either acquires possession of the security certificate on behalf of the purchaser or, having previously acquired possession of the certificate, acknowledges that it holds for the purchaser; or (3) a securities intermediary acting on behalf of the purchaser acquires possession of the security certificate, only if the certificate is in registered form and is (i) registered in the name of the purchaser, (ii) payable to the order of the purchaser, or (iii) specially indorsed to the purchaser by an effective indorsement and has not been indorsed to the securities intermediary or in blank. (b) Delivery of an uncertificated security to a purchaser occurs when: (1) the issuer registers the purchaser as the registered owner, upon original issue or registration of transfer; or (2) another person, other than a securities intermediary, either becomes the registered owner of the uncertificated security on behalf of the purchaser or, having previously become the registered owner, acknowledges that it holds for the purchaser. (Acts 1996, No. 96-742, p. 1241, §1; Act 2001-481, p. 647, §2.)
AL Code § 7-8-302 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 8 - Investment Securities.|Part 3 - Transfer of Certificated and Uncertificated Securities.|Section 7-8-302 - Rights of Purchaser.

Section 7-8-302Rights of purchaser. (a) Except as otherwise provided in subsections (b) and (c), a purchaser of a certificated or uncertificated security acquires all rights in the security that the transferor had or had power to transfer. (b) A purchaser of a limited interest acquires rights only to the extent of the interest purchased. (c) A purchaser of a certificated security who as a previous holder had notice of an adverse claim does not improve its position by taking from a protected purchaser. (Acts 1996, No. 96-742, p. 1241, §1; Act 2001-481, p. 647, §2.)
AL Code § 7-8-303 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 8 - Investment Securities.|Part 3 - Transfer of Certificated and Uncertificated Securities.|Section 7-8-303 - Protected Purchaser.

Section 7-8-303Protected purchaser. (a) "Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest therein, who: (1) gives value; (2) does not have notice of any adverse claim to the security; and (3) obtains control of the certificated or uncertificated security. (b) In addition to acquiring the rights of a purchaser, a protected purchaser also acquires its interest in the security free of any adverse claim. (Acts 1996, No. 96-742, p. 1241, §1.)
AL Code § 7-8-304 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 8 - Investment Securities.|Part 3 - Transfer of Certificated and Uncertificated Securities.|Section 7-8-304 - Indorsement.

Section 7-8-304Indorsement. (a) An indorsement may be in blank or special. An indorsement in blank includes an indorsement to bearer. A special indorsement specifies to whom a security is to be transferred or who has power to transfer it. A holder may convert a blank indorsement to a special indorsement. (b) An indorsement purporting to be only of part of a security certificate representing units intended by the issuer to be separately transferable is effective to the extent of the indorsement. (c) An indorsement, whether special or in blank, does not constitute a transfer until delivery of the certificate on which it appears or, if the indorsement is on a separate document, until delivery of both the document and the certificate. (d) If a security certificate in registered form has been delivered to a purchaser without a necessary indorsement, the purchaser may become a protected purchaser only when the indorsement is supplied. However, against a transferor, a transfer is complete upon delivery and the purchaser has a specifically enforceable right to have any necessary indorsement supplied. (e) An indorsement of a security certificate in bearer form may give notice of an adverse claim to the certificate, but it does not otherwise affect a right to registration that the holder possesses. (f) Unless otherwise agreed, a person making an indorsement assumes only the obligations provided in Section 7-8-108 and not an obligation that the security will be honored by the issuer. (Acts 1996, No. 96-742, p. 1241, §1.)
AL Code § 7-8-305 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 8 - Investment Securities.|Part 3 - Transfer of Certificated and Uncertificated Securities.|Section 7-8-305 - Instruction.

Section 7-8-305Instruction. (a) If an instruction has been originated by an appropriate person but is incomplete in any other respect, any person may complete it as authorized and the issuer may rely on it as completed, even though it has been completed incorrectly. (b) Unless otherwise agreed, a person initiating an instruction assumes only the obligations imposed by Section 7-8-108 and not an obligation that the security will be honored by the issuer. (Acts 1996, No. 96-742, p. 1241, §1.)
AL Code § 7-8-306 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 8 - Investment Securities.|Part 3 - Transfer of Certificated and Uncertificated Securities.|Section 7-8-306 - Effect of Guaranteeing Signature, Indorsement, or Instruction.

Section 7-8-306Effect of guaranteeing signature, indorsement, or instruction. (a) A person who guarantees a signature of an indorser of a security certificate warrants that at the time of signing: (1) the signature was genuine; (2) the signer was an appropriate person to indorse, or if the signature is by an agent, the agent had actual authority to act on behalf of the appropriate person; and (3) the signer had legal capacity to sign. (b) A person who guarantees a signature of the originator of an instruction warrants that at the time of signing: (1) the signature was genuine; (2) the signer was an appropriate person to originate the instruction, or if the signature is by an agent, the agent had actual authority to act on behalf of the appropriate person, if the person specified in the instruction as the registered owner was, in fact, the registered owner, as to which fact the signature guarantor does not make a warranty; and (3) the signer had legal capacity to sign. (c) A person who specially guarantees the signature of an originator of an instruction makes the warranties of a signature guarantor under subsection (b) and also warrants that at the time the instruction is presented to the issuer: (1) the person specified in the instruction as the registered owner of the uncertificated security will be the registered owner; and (2) the transfer of the uncertificated security requested in the instruction will be registered by the issuer free from all liens, security interests, restrictions, and claims other than those specified in the instruction. (d) A guarantor under subsections (a) and (b) or a special guarantor under subsection (c) does not otherwise warrant the rightfulness of the transfer. (e) A person who guarantees an indorsement of a security certificate makes the warranties of a signature guarantor under subsection (a) and also warrants the rightfulness of the transfer in all respects. (f) A person who guarantees an instruction requesting the transfer of an uncertificated security makes the warranties of a special signature guarantor under subsection (c) and also warrants the rightfulness of the transfer in all respects. (g) An issuer may not require a special guaranty of signature, a guaranty of indorsement, or a guaranty of instruction as a condition to registration of transfer. (h) The warranties under this section are made to a person taking or dealing with the security in reliance on the guaranty, and the guarantor is liable to the person for loss resulting from their breach. An indorser or originator of an instruction whose signature, indorsement, or instruction has been guaranteed is liable to a guarantor for any loss suffered by the guarantor as a result of breach of the warranties of the guarantor. (Acts 1996, No. 96-742, p. 1241, §1.)
AL Code § 7-8-307 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 8 - Investment Securities.|Part 3 - Transfer of Certificated and Uncertificated Securities.|Section 7-8-307 - Purchaser's Right to Requisites for Registration of Transfer.

Section 7-8-307Purchaser's right to requisites for registration of transfer. Unless otherwise agreed, the transferor of a security on due demand shall supply the purchaser with proof of authority to transfer or with any other requisite necessary to obtain registration of the transfer of the security, but if the transfer is not for value, a transferor need not comply unless the purchaser pays the necessary expenses. If the transferor fails within a reasonable time to comply with the demand, the purchaser may reject or rescind the transfer. (Acts 1996, No. 96-742, p. 1241, §1.)
AL Code § 7-8-401 (2021)
2021 Code of Alabama|Title 7 - Commercial Code.|Article 8 - Investment Securities.|Part 4 - Registration.|Section 7-8-401 - Duty of Issuer to Register Transfer.

Section 7-8-401Duty of issuer to register transfer. (a) If a certificated security in registered form is presented to an issuer with a request to register transfer or an instruction is presented to an issuer with a request to register transfer of an uncertificated security, the issuer shall register the transfer as requested if: (1) under the terms of the security the person seeking registration of transfer is eligible to have the security registered in its name; (2) the indorsement or instruction is made by the appropriate person or by an agent who has actual authority to act on behalf of the appropriate person; (3) reasonable assurance is given that the indorsement or instruction is genuine and authorized (Section 7-8-402); (4) any applicable law relating to the collection of taxes has been complied with; (5) the transfer does not violate any restriction on transfer imposed by the issuer in accordance with Section 7-8-204; (6) a demand that the issuer not register transfer has not become effective under Section 7-8-403, or the issuer has complied with Section 7-8-403(b) but no legal process or indemnity bond is obtained as provided in Section 7-8-403(d); and (7) the transfer is in fact rightful or is to a protected purchaser. (b) If an issuer is under a duty to register a transfer of a security, the issuer is liable to a person presenting a certificated security or an instruction for registration or to the person's principal for loss resulting from unreasonable delay in registration or failure or refusal to register the transfer. (Acts 1965, No. 549, p. 811; repealed by Acts 1996, No. 96-742, p. 1241, §1; added by Acts 1996, No. 96-742, p. 1241, §1.)