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8-9B-7
Section 8-9B-7 When transfer is made. For the purposes of this chapter: (1) a transfer is made:
(i) with respect to an asset that is real property other than a fixture, but including the
interest of a seller or purchaser under a contract for the sale of the asset, when the transfer
is so far perfected that a good-faith purchaser of the asset from the debtor against which
applicable law permits the transfer to be perfected cannot acquire an interest in the asset
that is superior to the interest of the transferee; and (ii) with respect to an asset that
is not real property or that is a fixture, when the transfer is so far perfected that a creditor
on a simple contract cannot acquire a judicial lien otherwise than under this chapter that
is superior to the interest of the transferee; (2) if applicable law permits the transfer
to be perfected as provided in paragraph (1) and the transfer is not so perfected before the
commencement of an action for relief under this chapter, the transfer is...
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43-8-1
Section 43-8-1 General definitions. Subject to additional definitions contained in the subsequent
articles which are applicable to specific articles or divisions, and unless the context otherwise
requires, in this chapter, the following words shall have the following meanings: (1) BENEFICIARY.
As it relates to trust beneficiaries, includes a person who has any present or future interest,
vested or contingent, and also includes the owner of an interest by assignment or other transfer
and as it relates to a charitable trust, includes any person entitled to enforce the trust.
(2) CHILD. Includes any individual entitled to take as a child under this chapter by intestate
succession from the parent whose relationship is involved and excludes any person who is only
a stepchild, a foster child, a grandchild or any more remote descendant. (3) COURT. The court
having jurisdiction in matters relating to the affairs of decedents. This court in Alabama
is known as the probate court. (4) DAYS. That...
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27-32-27.1
Section 27-32-27.1 Authority of receivers and federal home loan banks regarding collateral
pledged by insurer members in delinquency proceedings. (a) For purposes of this chapter, the
following terms shall have the following meanings: (1) FEDERAL HOME LOAN BANK or FHLB. A federal
home loan bank established pursuant to the Federal Home Loan Bank Act, 12 U.S.C. Section 1421,
et seq. (2) INSURER MEMBER. An insurer who is a member of a federal home loan bank. (b) Notwithstanding
any other provision of this chapter, the receiver for an insurer member may not void any transfer
of, or any obligation to transfer, money or any other property arising under or in connection
with any federal home loan bank security agreement, or any pledge, security, collateral, or
guarantee agreement, or any other similar arrangement or credit enhancement relating to a
federal home loan bank security agreement made in the ordinary course of business and in compliance
with the applicable federal home loan bank...
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28-3-242
Section 28-3-242 Procedure for confiscation and sale of goods, etc.; nature of proceedings
against goods, etc.; court proceedings for collection of tax due and assessed. (a) In all
cases of seizure of any goods, wares, merchandise or other property made as being subject
to forfeiture under provisions of this chapter which, in the opinion of the officer or person
making the seizure, are of the appraised value of $50.00 or more, the said officer or person
shall proceed as follows. He shall cause a list containing a particular description of the
goods, wares, merchandise or other property seized to be prepared in duplicate and appraisement
thereof, to be made by three sworn appraisers to be selected by him, who shall be respectable
and disinterested citizens of the State of Alabama, residing within the county wherein the
seizure was made. Said list and appraisement shall be properly attested by said officer or
persons, and said appraisers, for which service each of said appraisers shall...
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24-9-7
Section 24-9-7 Disposition of tax delinquent properties. (a) The authority shall adopt rules
and regulations for the disposition of property in which the authority holds a legal interest,
which rules and regulations shall address the conditions set forth in this section. (b) The
authority may manage, maintain, protect, rent, repair, insure, alter, convey, sell, transfer,
exchange, lease as lessor, or otherwise dispose of property or rights or interests in property
in which the authority holds a legal interest to any public or private person for value determined
by the authority on terms and conditions, and in a manner and for an amount of consideration
the authority considers proper, fair, and valuable, including for no monetary consideration.
The transfer and use of property under this section and the exercise by the authority of powers
and duties under Act 2013-249 shall be considered a necessary public purpose and for the benefit
of the public. (c) Before the authority may sell,...
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27-41-32
Section 27-41-32 Particular investments - Investments relating to agricultural property securing
evidences of indebtedness held by insurers and subject to mortgage foreclosure or insolvency
proceedings. (a) If real property securing any evidence of indebtedness held by an insurer
is used for agricultural purposes and a proceeding to foreclose the mortgage or an insolvency
proceeding relating to the mortgagor has been commenced or if the mortgagor has made an assignment
for the benefit of creditors, the insurer may, for the purpose of preserving or enhancing
the earnings of such property: (1) Purchase agricultural livestock or equipment and utilize
the same or cause the same to be utilized in the operation of the property by the mortgagor
or by a receiver or trustee or by the insurer; or (2) Lend up to the value of any agricultural
equipment or livestock which may be utilized in the operation of the property on the security
of such equipment and livestock as a first lien. (b) Nothing in...
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8-9A-2
Section 8-9A-2 Insolvency. (a) A debtor is insolvent if the sum of the debtor's debts is greater
than all of the debtor's assets at a fair valuation. (b) A debtor who is generally not paying
his debts as they become due is presumed to be insolvent. (c) A partnership is insolvent under
subsection (a) if the sum of the partnership's debts is greater than the aggregate, at a fair
valuation, of all of the partnership's assets and the sum of the excess of the value of each
general partner's nonpartnership assets over the partner's nonpartnership debts. (d) Assets
under this section do not include property that has been transferred, concealed, or removed
with intent to hinder, delay, or defraud creditors or that has been transferred in a manner
making the transfer voidable under this chapter. (e) Debts under this section do not include
an obligation to the extent it is secured by a valid lien on property of the debtor not included
as an asset. (Acts 1989, No. 89-793, p. 1585, ยง2.)...
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27-32-30
Section 27-32-30 Claims upon liquidation of insurer - Allowance. (a) No contingent and unliquidated
claim shall share in a distribution of the assets of an insurer which has been adjudicated
to be insolvent by an order made pursuant to this chapter; except, that such claim shall be
considered, if properly presented, and may be allowed to share where: (1) Such claim becomes
absolute against the insurer on or before the last day for filing claims against the assets
of such insurer; or (2) There is a surplus and the liquidation is thereafter conducted upon
the basis that such insurer is solvent. (b) Where an insurer has been so adjudicated to be
insolvent, any person who has a cause of action against an insured of such insurer under a
liability insurance policy issued by such insurer shall have the right to file a claim in
the liquidation proceeding, regardless of the fact that such claim may be contingent, and
such claim may be allowed: (1) If it may be reasonably inferred from the proof...
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27-7-1
Section 27-7-1 Definitions. For the purposes of this chapter, the following terms shall have
the meanings respectively ascribed to them by this section: (1) BUSINESS ENTITY. A corporation,
association, partnership, limited liability company, limited liability partnership, or other
legal entity. (2) COMMISSIONER. The Alabama Commissioner of Insurance. (3) HOME STATE. The
District of Columbia and any state or territory of the United States in which an insurance
producer maintains his or her principal place of residence or principal place of business
and is licensed to act as an insurance producer. (4) INSURANCE. As defined in Section 27-1-2.
(5) INSURANCE PRODUCER or PRODUCER. A person required to be licensed under the laws of this
state to sell, solicit, or negotiate insurance. (6) INSURER. As defined in Section 27-1-2.
For the purposes of this chapter, insurer shall also mean an insurance company licensed pursuant
to Chapter 3, commencing with Section 27-3-1 of this title; a health...
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33-5A-8
Section 33-5A-8 Right of redemption. (a) Where a vessel, or an interest in a vessel, is sold
under this chapter, the vessel may be redeemed by any of the following: (1) The debtor, including
any surety or guarantor. (2) A judgment creditor, or its transferee. (3) A transferee of the
interests of the debtor, either before or after the sale. A transfer of any kind made by the
debtor will accomplish a transfer of the interests of that party. (4) The spouse of a debtor,
or transferee of any interest of the debtor, who is a spouse on the day of the execution,
judgment, or foreclosure sale. (5) Children, heirs, or devisees of the debtor. (b) All persons
named or enumerated in subdivisions (a) (1) through (a) (5) may exercise the right of redemption
granted by this section within 90 days from the date of the sale. (c) (1) When any judgment
creditor or any transferee of a judgment creditor redeems under this section, all recorded
judgments, and recorded liens having a higher recorded priority...
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