Negotiation.
Known as the Uniform Commercial Code
The act spans §§ 7–7 (703 sections).
Applied in 1 court decision — leading case Summerlin v. Shellpoint Mortgage Services (2016)
Most recently applied in Summerlin v. Shellpoint Mortgage Services (February 2016)
(Acts 1995, No. 95-668, p. 1381, §1.)
(a) “Negotiation” means a transfer of possession, whether voluntary or involuntary, of an instrument by a person other than the issuer to a person who thereby becomes its holder.
(b) Except for negotiation by a remitter, if an instrument is payable to an identified person, negotiation requires transfer of possession of the instrument and its indorsement by the holder. If an instrument is payable to bearer, it may be negotiated by transfer of possession alone.
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.