Action to Charge Endorser or Assignor on Contracts Assigned by Writing and Not Covered by Uniform Commercial Code - Time for Bringing Action Against Maker; Issuance of Execution When Judgment Obtained; Proof of Inability of Maker to Pay Judgment.

1. Law
2. Code of Alabama
3. Commercial Law and Consumer Protection.
4. Nonnegotiable Instruments.
5. Assignments and Endorsements.
6. Action to Charge Endorser or Assignor on Contracts Assigned by Writing and Not Covered by Uniform Commercial Code - Time for Bringing Action Against Maker; Issuance of Execution When Judgment Obtained; Proof of Inability of Maker to Pay Judgment.

Section 8-5-26

Action to charge endorser or assignor on contracts assigned by writing and not covered by Uniform Commercial Code - Time for bringing action against maker; issuance of execution when judgment obtained; proof of inability of maker to pay judgment.

(a) On all contracts assigned by writing which are not governed by the Uniform Commercial Code, an action to charge the endorser or assignor must be brought against the maker within 30 days after an action can properly be brought.

(b) If judgment is obtained, execution must be issued as authorized by law, and the inability of the maker to pay such judgment proved by the return of "no property."

(Code 1852, §§1543, 1544; Code 1867, §§1851, 1852; Code 1876, §§2112, 2113; Code 1886, §1778; Code 1896, §892; Code 1907, §5153; Code 1923, §9226; Code 1940, T. 39, §195; Acts 1965, No. 549, p. 811.)

Download our app to see the most-to-date content.