Alabama § 5-11A-8 Sale of Bonds or Securities for Satisfaction of Judgment Against Trust Company

Alabama Statutes

§ 5-11A-8 — Sale of Bonds or Securities for Satisfaction of Judgment Against Trust Company

Alabama·Title 5 Banks and Financial Institutions·Ch. 11A Regulation of Trust Business of Banks and Trust Companies·Art. 1 General Provisions

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.

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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.

Alabama § 5-11A-8 (Sale of Bonds or Securities for Satisfaction of Judgment Against Trust Company) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.