Ala. Code § 5-1A-9
This is the official text of Ala. Code § 5-1A-9, part of Alabama’s Code — part of the compiled statutory law of Alabama, published by the state as "Code." Browse the sections below, each linked to its official government source.
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Section 5-1A-9 Deposit Creates Debtor-Creditor Relationship; Agreement as to Person or Purpose for Which Deposit Made and Payable
Official statutory text
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.”
Status: in_force · Read it on the official government site
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