Alabama § 41-14-2 - Application for Designation Action Upon Default or Insolvency.
Full text of Alabama Code of Alabama § 41-14-2 — Application for Designation Action Upon Default or Insolvency., with citation guidance and answers to common questions.
§ 41-14-2. Application for Designation Action Upon Default or Insolvency.
Before any bank or savings association shall be designated as a state depositary, it shall be designated as a qualified public depository under Chapter 14A of this title, and it shall file with the State Treasurer an application in writing to be designated as a state depositary under the terms of this article.
Such qualified public depository shall accompany such application with a statement, verified by the affidavit of its president or other executive head, setting forth the amount of its paid-in capital stock, the amount of its surplus and undivided profits, its principal place of business, the length of time it has been engaged in business, and its assets and liabilities at the time of making application.
In the event of the default or insolvency, as defined in Section 41-14A-2, of any state depository, the State Treasurer shall take prompt action to enforce the rights of the state and the State Treasurer as a public depositor under Chapter 14A of this title.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 41-14-2
What does Code of Alabama § 41-14-2 cover?
Section 41-14-2 ("Application for Designation Action Upon Default or Insolvency.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 41-14-2?
A common citation format is "Code of Alabama § 41-14-2" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 41-14-2 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.