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Deposit In Lieu Of Surety Bond Under Alabama Sale Of Checks Act SD - Alabama
| Deposit In Lieu Of Surety Bond Under Alabama Sale Of Checks Act Form. This is a Alabama form and can be used in General Blue Sky Secretary Of State . |
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DEPOSIT IN LIEU OF SURETY BOND UNDER ALABAMA SALE OF CHECKS ACT THIS CONTRACT AND AGREEMENT, entered into in triplicate this day of , A.D. 19 , between ,a(n) organized under (Corporation, Individual(s), Joint Stock Assoc., Partnership or L.L.C .) the laws of the State of and doing business in the State of Alabama, hereinafter called the Depositor(s), and the Alabama Securiti es Commission, hereinafter called the Commission. W I T N E S S E T H: WHEREAS, the Depositor desires to engage in the business of selling, iss uing or otherwise dispensing checks, drafts, money orders or other instruments for the tra nsmission or payment of money and/or the business of receiving money as an agent for obligors fo r the purpose of paying such obligors bills, invoices or accounts, and WHEREAS, such a business is regulated by, and the Depositor is required to meet all requirements of Section 8-7-1 et seq. (Code of Ala. 1975), known as th e Sale of Checks Act, and WHEREAS, said law provides that in lieu of the required corporate surety bond, the Depositor may deposit with the State Treasurer bonds or other obligation s of this State or of any municipal corporation, county or other political subdivision or agency o f this state in a principal amount at least equal to that of the required corporate surety bond. American LegalNet, Inc. www.USCourtForms.com<<<<<<<<<********>>>>>>>>>>>>> 2 NOW, THEREFORE, in consideration of the premises, the Depositor deposits with the Treasurer of the State of Alabama the following securities: (describe s ecurities) (initial for identification) and any additions, renewals, extensions or modifications thereof (If Certificate of deposit, certificate number:, issue date ) The parties hereto agree as follows: 1. Subject to the provisions contained herein, these securities are dep osited for the use and benefit of the State of Alabama and/or any creditor of the Depositor for any liability incurred in connection with the Depositor selling, issuing or otherwise dispensin g checks, drafts, money orders or other instruments for the transmission or payment of money and receiving money as agent for obligors for the purpose of paying such obligors bills, invoi ces or accounts, and for the use and benefit of any other person damaged by any failure of the Deposi tor to comply with the provisions of the Sale of Checks Act or by any breach of the conditions of this Contract and Agreement. 2. The Depositor shall have the right, from time to time, to substitute other bonds or obligations of equal principal value for those currently on deposit, tha t qualify under the provisions of the law relating to this deposit, upon the approval of and the sole discretion of the Commission. The Depositor shall substitute other bonds or obligations o f equal principal value for those currently upon deposit if ordered to do so by the Commission for g ood cause. 3. All interest or dividends on all securities deposited shall be payab le to the Depositor, unless and until the Commission gives contrary notice to the Treasurer of the State of Alabama, which notice shall be in writing and supported by certified cop y of an order of a court of competent jurisdiction which prohibits receipt by Depositor of such i nterest or dividends. 4. All the securities deposited under the terms of this agreement shall be under the exclusive control of the Commission. The Commission shall have the righ t from time to time to direct the Treasurer of the State of Alabama to sell or otherwise dispos e of any securities so deposited and to convert the same into cash and to pay and deliver any s ecurities and cash to the Commission. All such instructions, however, from the Commission are to be in writing and supported by a certified copy of an order of a court of competent jurisd iction. 2 American LegalNet, Inc. www.USCourtForms.com<<<<<<<<<********>>>>>>>>>>>>> 3 5. If the Depositor will faithfully conform to and abide by the provis ions of the aforesaid Act and will honestly and faithfully apply all funds received and perform all obligations and undertakings under the aforesaid Act, and will pay to the State and to any person all money that becomes due and owing to the State or to such person under the prov isions of the aforesaid Act and in all other ways comply with all the provisions and requirement s of the Sale of Checks Act, the Commission shall have no further right in or claim to the depos ited securities. 6. This Agreement is executed in triplicate, one copy to be kep t by each of the parties hereto and one copy to be kept by the Treasurer of the State of Alabama. Signed, sealed and delivered in triplicate this theday of ,19 . STATE OF COUNTY OF BEFORE ME, the undersigned authority, a Notary Public in and for said co unty and state, personally appeared and/or , whose names aresigned to the foregoing and who are known to me acknowledged before me on this day, that being informed of thecontents of the above, executed the same voluntarily on the day the same bears date. Given under my hand and seal this the day of , 19 . (Seal) Notary Public My Commission Expires: 3 American LegalNet, Inc. www.USCourtForms.com<<<<<<<<<********>>>>>>>>>>>>> 4ATTEST: By: By: Its: Its: STATE OF COUNTY OF BEFORE ME, the undersigned authority, a notary public in and f or said county and state, personallyappeared and , and in their capacity as and respectively, acknowleged before me thathaving read the foregoing executed same for the corporation on the day t he same bears date. (Seal) Notary Public My Commission Expires: STATE OF COUNTY OF BEFORE ME, the undersigned authority, a notary public in and f or said county and state, personallyappeared and and in their capacity as and respectively, acknowledged before me thathaving read the foregoing executed same for the corporation on the day t he same bears date. (Seal) Notary Public My Commission Expires: 4 American LegalNet, Inc. www.USCourtForms.com<<<<<<<<<********>>>>>>>>>>>>> 5 ALABAMA SECURITIES COMMISSION By: Its: STATE OF COUNTY OF BEFORE ME, the undersigned authority, a notary public in and f or said county and state, personallyappeared in h capacity as andacknowledged before me that having read the foregoing executed same for the Alabama Securities Commission on theday the same bears date. (Seal) Notary Public My Commission Expires: I, Treasurer of the State of Alabama, hereby acknowledge receipt of the securities described in the foregoing agreement, and cove na
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