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.
Ala. Code § 5-24-27
Set-Off.
Known as the Uniform Multiple-Person Accounts Act
The act spans §§ 5-24-1 to 5-24-6 (22 sections).
(Acts 1997, No. 97-644, p. 1177, §1.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.