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2017 Code of Alabama
Title 5 - BANKS AND FINANCIAL INSTITUTIONS.
Chapter 5A - ORGANIZATION AND OPERATION OF BANKS.
Section 5-5A-25 - Acceptance of drafts or bills of exchange arising from transactions involving shipment of goods - Authority.
Universal Citation: AL Code § 5-5A-25 (2017)
Section 5-5A-25Acceptance of drafts or bills of exchange arising from transactions involving shipment of goods - Authority.
Any bank in Alabama may accept drafts or bills of exchange drawn upon it, having not more than six months' sight to run, exclusive of days of grace, which grew out of transactions involving the importation or exportation of goods or which grew out of transactions involving the domestic shipment of goods, if shipping documents conveying or securing title are attached at the time of acceptance or which are secured at the time of acceptance by a warehouse receipt or other such document conveying or securing title covering readily marketable staples. The bank shall keep a careful record of all such acceptances and show the same as a liability on its general books.
(Acts 1980, No. 80-658, §5-5-25.)
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