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35-10-51
Section 35-10-51 Effect of deed in lieu of foreclosure. A deed in lieu of foreclosure: (1)
Transfers to the mortgagee all right, title, and interest of the mortgagor in the mortgaged
property, including, but not limited to, all rights of redemption, statutory or equitable,
unless expressly otherwise provided therein; (2) Does not effect a foreclosure of the mortgage
covering the mortgaged property; (3) Does not give rise to a statutory right of redemption
in the mortgagor or in any other person; (4) Does not result in a merger of the mortgagee's
rights with the mortgagor's equity of redemption for any purpose; and (5) Does not affect
the rights or interests of any person or entity other than the mortgagor in the mortgaged
property. (Acts 1987, No. 87-660, p. 1168, ยง2.)...
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11-20-44
Section 11-20-44 Conveyances, etc., of assets to corporations by other public corporations;
assumption of obligations or indebtedness of corporations making conveyances, etc. Any public
corporation organized pursuant to the provisions of any other law of this state may, either
with or without the payment of pecuniary consideration, transfer, assign or convey all or
any part of its assets, including, but without limitation, land, interests in land, improvements,
buildings, structures, roads, utility facilities, cash and any facilities which would be a
part of a project, to any corporation organized pursuant to the provisions of this article,
and any corporation so organized under the provisions of this article is authorized to assume
any obligation or indebtedness of any such other public corporation making such a conveyance,
transfer or assignment, provided such indebtedness is payable solely out of the revenues and
income of a project or of the facilities and assets so transferred,...
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11-50-101
Section 11-50-101 Issuance, etc., of bonds by municipalities having less than six thousand
inhabitants. Any city or town having a population of less than 6,000 inhabitants may, notwithstanding
the amount or character of any bonded or other indebtedness, issue such bonds, but the same
shall be a lien or charge only against the property improved and drained and against the fund
collected from the assessments levied against the property improved and drained and shall
not be the general obligation of the city or town, nor shall such city or town be in any way
liable to the holders of such bonds in case of failure to collect the same, but such bonds
may be secured by mortgage on or deed of trust to said sewers or sewer system. Such last described
bonds, when issued, shall convey and transfer to the owners thereof all right, title, and
interest in and to the assessment and the lien upon the respective lots or parcels of ground
provided for in this division, which liens and assessments shall...
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25-14-9
Section 25-14-9 Written contract; rights and duties of clients; employees, and professional
employer organizations. (a) All professional employer organization arrangements shall have
a written contract between the client and the professional employer organization recognizing
the rights, responsibilities, and duties of each party. The contract shall disclose to the
client the services to be rendered by the professional employer organization, including the
total administrative fees charged for professional employer organization services, the respective
rights and obligations of the parties, and shall provide the following: (1) The professional
employer organization reserves a right of direction and control over contract employees and
exercises that right in the context of the need to do so according to the terms and conditions
of the professional employment agreement. The client, however, as an employer, may retain
sufficient direction and control over covered employees necessary to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/25-14-9.htm - 12K - Match Info - Similar pages
8-6-147
Section 8-6-147 Assent of owner; discharge from claims. (a) A registering entity is not required
to offer or to accept a request for security registration in beneficiary form. If a registration
in beneficiary form is offered by a registering entity, the owner requesting registration
in beneficiary form assents to the protections given to the registering entity by this article.
(b) By accepting a request for registration of a security in beneficiary form, the registering
entity agrees that the registration will be implemented on death of the deceased owner as
provided in this article. (c) A registering entity is discharged from all claims to a security
by the estate, creditors, heirs, or devisees of a deceased owner if it registers a transfer
of a security in accordance with Section 8-6-146 and does so in good faith reliance (1) on
the registration, (2) on this article, and (3) on information provided to it by affidavit
of the personal representative of the deceased owner, or by the...
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10A-2-14.05
Section 10A-2-14.05 Effect of dissolution. REPEALED IN THE 2019 REGULAR SESSION BY ACT 2019-94
EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) A dissolved corporation
continues its corporate existence but may not carry on any business except that appropriate
to wind up and liquidate its business and affairs, including: (1) Collecting its assets; (2)
Disposing of its properties that will not be distributed in kind to its shareholders; (3)
Discharging or making provision for discharging its liabilities; (4) Distributing its remaining
property among its shareholders according to their interests; and (5) Doing every other act
necessary to wind up and liquidate its business and affairs. (b) Dissolution of a corporation
does not: (1) Alter the limited liability status of its subscribers and shareholders under
Section 10A-2-6.22, except as provided in Section 10A-1-9.22(d)(2) with respect to assets
distributed to a shareholder in liquidation; (2) Transfer title to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2-14.05.htm - 2K - Match Info - Similar pages
27-31B-21
Section 27-31B-21 Conversion to or merger with reciprocal insurer. (a) An association captive
insurance company or industrial insured group formed as a stock or mutual corporation may
be converted to or merged with and into a reciprocal insurer in accordance with a plan therefor
and this section. (b) A plan for this conversion or merger shall satisfy both of the following:
(1) Be fair and equitable to the shareholders, in the case of a stock insurer, or the policyholders,
in the case of a mutual insurer. (2) Provide for the purchase of the shares of any nonconsenting
shareholder of a stock insurer or the policyholder interest of any nonconsenting policyholder
of a mutual insurer in substantially the same manner and subject to the same rights and conditions
as are accorded a dissenting shareholder under Article 13, commencing with Section 10-2B-13.01,
of Chapter 2B of Title 10. (c) A conversion authorized under subsection (a) shall satisfy
all of the following: (1) The conversion shall...
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35-8A-302
Section 35-8A-302 Powers of unit owners' association. (a) Except as provided in subsection
(b), and subject to the provisions of the declaration, the association may: (1) Adopt and
amend bylaws and rules and regulations; (2) Adopt and amend budgets for revenues, expenditures,
and reserves and impose and collect assessments for common expenses from unit owners; (3)
Hire and discharge managing agents and other employees, agents, and independent contractors;
(4) Institute, defend, or intervene in litigation or administrative proceedings in its own
name on behalf of itself or two or more unit owners on matters affecting the condominium;
(5) Make contracts and incur liabilities; (6) Regulate the use, maintenance, repair, replacement,
and modification of common elements; (7) Cause additional improvements to be made as a part
of the common elements; (8) Acquire, hold, encumber, and convey in its own name any right,
title, or interest to real or personal property, but interests in the common...
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8-6-140
Section 8-6-140 Definitions. For the purposes of this article, the following words have the
following meanings unless the context otherwise requires: (1) BENEFICIARY FORM. A registration
of a security which indicates the present owner of the security and the intention of the owner
regarding the person who will become the owner of the security upon the death of the owner.
(2) DEVISEE. Any person designated in a will to receive a disposition of real or personal
property. (3) HEIRS. Those persons, including the surviving spouse, who are entitled under
the statutes of intestate succession to the property of a decedent. (4) PERSON. An individual,
a corporation, an organization, or other legal entity. (5) PERSONAL REPRESENTATIVE. Includes
executor, administrator, successor personal representative, special administrator, and persons
who perform substantially the same function under the law governing their status. (6) PROPERTY.
Includes both real and personal property or any interest therein...
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10A-1-2.11
Section 10A-1-2.11 General powers. Except as otherwise provided by this title, and whether
or not expressly stated in its governing documents, a domestic entity has the same powers
as an individual to take action necessary or convenient to carry out its business and affairs.
Except as otherwise provided by this title or the governing documents of the entity, the powers
of a domestic entity include the power to: (1) sue, be sued, complain and defend suit in its
entity name; (2) have and alter a seal and use the seal or a facsimile of it by impressing,
affixing, or reproducing it; (3) purchase, lease, or otherwise acquire, receive, own, hold,
improve, use, and deal in and with property or an interest in property; (4) sell, convey,
mortgage, pledge, lease, exchange, and otherwise dispose of property; (5) make contracts and
guaranties; (6) incur liabilities, borrow money, issue notes, bonds, and other obligations
which may be convertible into or include the option to purchase other...
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