Alabama § 8-1-3 - Receipt or Acknowledgment for Collateral Required.
Full text of Alabama Code of Alabama § 8-1-3 — Receipt or Acknowledgment for Collateral Required., with citation guidance and answers to common questions.
§ 8-1-3. Receipt or Acknowledgment for Collateral Required.
(a) All banking, insurance and other corporations, private bankers, brokers and other persons engaged in the business of making discounts or lending money, or taking or receiving a collateral for a loan or discount, must give to the borrower, or to his agent or attorney, if demanded, a receipt or acknowledgment in writing designating or describing the collateral taken or received and stating the character of the debt, the time of its maturity and amount for the payment of which such collateral is intended as security.
(b) If negotiable bonds are taken or received as collateral, the receipt or acknowledgment must state the series number thereof if such bonds are numbered.
Frequently Asked Questions About Alabama § 8-1-3
What does Code of Alabama § 8-1-3 cover?
Section 8-1-3 ("Receipt or Acknowledgment for Collateral Required.") 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 § 8-1-3?
A common citation format is "Code of Alabama § 8-1-3" (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 § 8-1-3 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.