Chapters 1A through 13B and Chapter 20 of this title shall be known and may be cited as the 'Alabama Banking Code.'
For the purposes of Chapters 1A through 12A of this title, the following terms shall have the meanings respectively ascribed to them by this section:
(1) BANK. Any banking corporation or trust company organized under the laws of this state under the jurisdiction of the superintendent of banks of this state or organized under the laws of the United States having its principal place of business in this state.
(2) SUPERINTENDENT. The Superintendent of Banks of this state.
(3) RECEIVERSHIP COURT. The circuit court of the county in which is located the principal office of a bank in receivership.
(4) NATIONAL BANK. A national banking association organized pursuant to 12 U.S.C. § 21.
(5) CAPITAL. The sum of the par value of the authorized shares of a bank which have been issued and remain outstanding.
(6) SURPLUS. The aggregate of the amounts transferred to surplus pursuant to Section 5-5A-21 and any amounts subsequently designated as such by action of the board of directors of the bank.
(7) UNDIVIDED PROFITS. The accumulated undistributed net profits of a bank.
(8) BANK HOLDING COMPANY. A bank holding company as defined in 12 U.S.C. § 1841.
The use of the words 'bank,' 'banker,' 'banking' or words of similar meaning in any foreign language as a designation or name, or as part of a designation or name, under which business is or may be conducted in the State of Alabama, or in its advertising is restricted to banking corporations organized under the laws of Alabama, other states, the United States or foreign countries. All other persons, firms, or corporations are prohibited from using the words 'bank,' 'banker,' or 'banking' or words of similar meaning in any foreign language as a designation or name or as part of a designation or name under which business may be conducted in this state. Any violation of this prohibition shall subject the party chargeable therewith to a penalty of $100.00 for each day during which it is committed or repeated. Such penalty may be recovered by the superintendent by an action instituted for that purpose, and, in addition to said penalty, such violation may be enjoined and the injunction enforced as in other cases. This section shall not be applicable to any residents of this state regularly engaged in business in this state as individuals, partnerships, unincorporated associations or Alabama corporations now lawfully using such words in their trade or firm name.
No person, firm, corporation or other entity except a bank or if otherwise lawfully authorized a credit union or a savings and loan association may lend money and either receive deposits or pay checks at its principal office or branch in this state.
The supervisory provisions of Chapters 1A through 12A of this title shall not apply to national banks.
Insofar as the provisions of Chapters 1A through 13B and Chapter 20 of this title are inconsistent with the provisions of any other law, general or special, the provisions of Chapters 1A through 13B and Chapter 20 of this title shall be controlling.
Chapters 1A through 12A of this title are not intended to limit or restrict activities of savings and loan associations or credit unions now or hereafter lawfully authorized. Specifically, nothing contained herein shall be construed so as to alter, amend or repeal any of the provisions of Sections 5-2A-60 through 5-2A-63, 5-2A-100 through 5-2A-125, 5-16-1 through 5-16-53 and 5-17-1 through 5-17-28 relating to savings and loan associations and credit unions.
The repeal of a prior act by Chapters 1A through 12A of this title shall not impair, or otherwise affect, the organization or the continued existence of an existing bank. Nor shall the repeal of a prior act by Chapters 1A through 12A of this title affect any right accrued or established, or any liability or penalty incurred, or the construction of the certificate of incorporation or charter of any bank organized before the enactment of Chapters 1A through 12A of this title, or the determination of the rights and interests of any of its shareholders or creditors, under the provisions of such prior act before the repeal thereof.
A deposit to a bank or other financial institution permitted by law to take deposits from the general public ('depository institution') creates the relationship of debtor and creditor between the depositor and the depository institution. All such deposits are general deposits unless there is a written agreement between the depositor and the depository institution which provides therein that the deposit is to be paid only to a particular identified or identifiable person or that the deposit is made and payable only for a specific and particular purpose. This section shall not affect accounts labeled 'escrow' or 'trust.'