§ 5-24-27 — Set-Off

Alabama § 5-24-27

• Jurisdiction: Alabama
• Title 5: Banks and Financial Institutions
• Ch. 24: Uniform Multiple-Person Accounts Act
• Art. 3: Protection of Financial Institutions

Text

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.

Legislative History

(Acts 1997, No. 97-644, p. 1177, §1.)