There is a newer version
of
this Section
2019 Code of Alabama
Title 5 - Banks and Financial Institutions.
Chapter 24 - Uniform Multiple-Person Accounts Act.
Article 3 - Protection of Financial Institutions.
Section 5-24-27 - Set-off.
Universal Citation: AL Code § 5-24-27 (2019)
Section 5-24-27Set-off.
Without qualifying any other statutory right to set-off or lien and subject to any contractual provision between a party and a financial institution, if any party is indebted to a financial institution, the financial institution has a right to set-off against the entire amount of the account without regard to the net contribution of the parties to the account.
(Acts 1997, No. 97-644, p. 1177, §1.)
Disclaimer: These codes may not be the most recent version. Alabama may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
