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2019 Code of Alabama
Title 8 - Commercial Law and Consumer Protection.
Chapter 6 - Securities.
Article 4 - Ownership by Minors.
Section 8-6-93 - Minor may not disaffirm security transaction unless prior written notice of minority given.
Universal Citation: AL Code § 8-6-93 (2019)
Section 8-6-93Minor may not disaffirm security transaction unless prior written notice of minority given.
A minor who has transferred a security, received or empowered others to receive dividends, interest, principal, or other payments or distributions, voted or given consent in person or by proxy or made an election or exercised rights relating to the security has no right thereafter, as against a bank, broker, issuer, third-party or transfer agent, to disaffirm or avoid the transaction unless, prior to acting in the transaction, the bank, broker, issuer, third-party or transfer agent against whom the transaction is sought to be disaffirmed or avoided had received written notice in the office acting in the transaction that the specific security is held by a minor.
(Acts 1961, No. 1010, p. 1585, §3.)
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