reglab/statecodes huggingface dataset:
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 9A - Reorganization of Banks. › Section 5-9A-3 - Publication of Reorganization Plan.

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.)
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.

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.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 9A - Reorganization of Banks. › Section 5-9A-5 - Appeals.

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.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 9A - Reorganization of Banks. › Section 5-9A-6 - Manner of Reorganization Not Exclusive.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)
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.

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.)