|
27-1-8
Section 27-1-8 Life insurance companies may invest in notes secured by mortgages or deeds of
trust. Repealed by Act 2015-70 effective April 21, 2015. (Acts 1943, No. 438, p. 403; Acts
1961, Ex. Sess., No. 86, p. 2003.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-1-8.htm - 518 bytes - Match Info - Similar pages
19-3-120
Section 19-3-120 Classes of authorized investments; repeal of conflicting statutes. (a) Unless
otherwise authorized or directed by the court having jurisdiction thereof, or by the will,
trust agreement or other document which is the source of authority, a trustee, executor, administrator,
guardian or one acting in any other fiduciary capacity, other than as a trustee governed by
the Alabama Uniform Trust Code, with the exercise of reasonable business prudence, in addition
to any other investments now permitted by law, may invest funds in securities or investments
which, at the time of the making or purchase thereof, are included in one or more of the following
classes: (1) Bonds or other interest-bearing obligations of the United States of America,
or payment of which the United States of America has guaranteed as to both principal and interest.
(2) Bonds issued by the Federal Land Bank, under the act of Congress of the United States
of America, designated as "the Federal Farm Loan...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3-120.htm - 5K - Match Info - Similar pages
37-11A-1
Section 37-11A-1 Execution and text of compact. The Governor, on behalf of this state, shall
execute a compact, in substantially the following form, with the State of Mississippi, and
the Legislature approves and ratifies the compact in the form substantially as follows: Northeast
Mississippi - Northwest Alabama Railroad Authority Compact. The contracting states solemnly
agree: Article I. The purpose of this compact is to promote and develop trade, commerce, industry,
and employment opportunities for the public good and welfare in northeast Mississippi and
northwest Alabama through the establishment of a joint interstate authority to acquire certain
railroad properties and facilities which the operator thereof has notified the Interstate
Commerce Commission of an intention to abandon and which are located in any of Franklin, Marion,
or Winston Counties, Alabama or in Alcorn or Tishomingo Counties, Mississippi. Article II.
This compact shall become effective immediately as to the State...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/37-11A-1.htm - 33K - Match Info - Similar pages
35-8-19
Section 35-8-19 Mortgage investments on condominium property. All persons, as defined in Section
35-8-2, including but not limited to insurance companies, banking organizations, mortgage
companies and savings and loan associations, may be permitted to invest in bonds, notes, and
evidences of indebtedness which are secured by mortgages or deeds of trust upon condominium
property or units thereof wherever such persons may invest and subject to all of the rules
and limitations applicable to such investment in bonds, notes, and evidences of indebtedness
which are secured by like instruments of the same priority upon real property. Where the applicable
limitations are dependent upon the type of use of the real property, only the type of use
of the particular unit or units which constitute the security for such investment shall be
taken into consideration for the purpose of such limitations. (Acts 1973, No. 1059, p. 1732,
ยง19.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-8-19.htm - 1K - Match Info - Similar pages
5-5A-23
Section 5-5A-23 Investments and loans with respect to housing. (a) Banks, insurance companies
and savings and loan associations are authorized: (1) To make such loans and advances of credit
and purchases of obligations representing loans and advances of credit as are eligible for
insurance and to obtain such insurance; and (2) To make such loans secured by real property
or leasehold as the Federal Housing Administrator insures or makes a commitment to insure
and to obtain such insurance. (b) It shall be lawful for banks, insurance companies or savings
and loan associations to purchase, invest in and dispose of bonds or notes secured by mortgages
issued by the Federal Housing Administrator and in securities issued by national mortgage
associations. (c) No law of this state requiring security upon which loans or investments
may be made, or prescribing or limiting interest rates upon loans or investments, or prescribing
or limiting the period for which loans or investments may be made...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-5A-23.htm - 2K - Match Info - Similar pages
27-1-9
Section 27-1-9 Life insurance companies may invest in loans guaranteed under Service Men's
Readjustment Act. Repealed by Act 2015-70 effective April 21, 2015. (Acts 1945, No. 37, p.
44.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-1-9.htm - 486 bytes - Match Info - Similar pages
27-41-30
Section 27-41-30 Particular investments - Loans, notes, etc., secured by mortgages and leases
on real property. An insurer may invest in loans, notes, bonds, or other evidences of indebtedness
of any person up to the fair value of real property securing said indebtedness, upon compliance
with the following conditions and provisions: (1) The indebtedness must be secured by a first
mortgage lien on real property having a fair value of not less than the principal amount of
the loan, except as provided in subdivision (8) of this section; (2) The indebtedness must
be additionally secured by a lease on said real property, which lease must be assigned and
transferred by the lessor to the lender or to a trustee of the lender under a trust instrument;
(3) The lease so assigned as additional security must be noncancellable and may be terminated
only upon such conditions as are generally provided in commercial leases, such as, for example,
destruction by fire, tornado, or similar hazard or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-41-30.htm - 4K - Match Info - Similar pages
27-41-29
Section 27-41-29 Particular investments - Bonds, etc., secured by mortgages or deeds of trust
on real property, etc., generally. An insurer may invest in: (1) Bonds, notes, or other evidences
of indebtedness which are secured by a first mortgage lien or deed of trust upon unencumbered
improved real property located in the United States or Canada, including leasehold estates
in such real estate having an unexpired term (inclusive of the term or terms which may be
provided by options of renewal) of not less than 10 years beyond the final maturity of the
loan. Unless guaranteed or insured by the Administrator of Veterans Affairs, the Secretary
of Housing and Urban Development, or by a mortgage guaranty insurance policy issued by an
insurance company licensed and authorized to do business by and in the State of Alabama, no
such mortgage loan or loans when made shall exceed 75 percent of the fair value of the real
estate or leasehold, except that loans made on single family dwellings shall...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-41-29.htm - 3K - Match Info - Similar pages
27-41-28
Section 27-41-28 Particular investments - Bonds, etc., guaranteed or insured by United States
under federal law or secured by mortgages on ships, barges, etc. An insurer may invest in
bonds, debentures, notes, or other evidences of indebtedness which are: (1) Guaranteed by
the United States of America, represented by the Secretary of Commerce acting pursuant to
Title 11 of the Merchant Marine Act, 1936, as amended, and the Federal Ship Financing Act
of 1972; (2) Insured by the United States of America, represented by the Secretary of Commerce
acting pursuant to Title 11 of the Merchant Marine Act, 1936, as amended, and the Federal
Ship Mortgage Insurance Act, as amended; provided, that such indebtedness is secured by mortgages
on ships, barges, tugboats, or other shipping vessels; or (3) Secured by mortgages on ships,
barges, tugboats, or other shipping vessels which are under lease or charter to the United
States government or an agency or department of the United States government or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-41-28.htm - 1K - Match Info - Similar pages
2-3A-7
Section 2-3A-7 Powers of authority; open meetings. (a) The authority shall have the following
powers, together with all powers incidental thereto or necessary to the discharge thereof
in corporate form: (1) To have succession by its corporate name for the duration of time (which
may be perpetuity, subject to the provisions of Section 2-3A-14) specified in its certificate
of incorporation; (2) To sue and be sued in its own name in civil suits and actions, and to
defend suits against it; (3) To adopt and make use of a corporate seal and to alter the same
at pleasure; (4) To adopt, alter and repeal bylaws, not inconsistent with the provisions of
this article, for the regulation and conduct of its affairs and business; (5) To loan its
funds to one or more persons to be used by such persons to pay the costs of agricultural operations,
such loans to be on such terms and conditions, and for such period of time, and secured or
evidenced by such mortgages, deeds of trust, notes, debentures,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/2-3A-7.htm - 6K - Match Info - Similar pages
|