Alabama § 5-5A-25 Acceptance of Drafts or Bills of Exchange Arising from Transactions Involving Shipment of Goods - Authority

Alabama Statutes

§ 5-5A-25 — Acceptance of Drafts or Bills of Exchange Arising from Transactions Involving Shipment of Goods - Authority

Alabama·Title 5 Banks and Financial Institutions·Ch. 5A Organization and Operation of Banks

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.

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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.

Alabama § 5-5A-25 (Acceptance of Drafts or Bills of Exchange Arising from Transactions Involving Shipment of Goods - Authority) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.