6-6-259
Section 6-6-259 Actions by mortgagees or vendor in conditional sale contract, etc., against mortgagors or vendees, etc. (a) If the action is by a mortgagee or his assignee against a mortgagor, or one holding under him, or by a vendor who has made a conditional sale reserving the title until the entire purchase money shall be paid, or his assignee, against his vendee or one holding under him, the defendant may, upon suggestion, require that the jury ascertain the amount of the mortgage debt or the unpaid balance of the purchase price of the article sold; and if the debt due is ascertained to be less than the value of the property sued for as assessed by the jury, judgment must be entered for the property sued for or if that is not to be had, then for the amount of the debt as ascertained by the jury. The court must also make an order that, if the debt so ascertained, interest and costs, shall be paid within 30 days, no execution or other process shall issue on the judgment; and on...
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8-1-172
Section 8-1-172 Mortgage taken in good faith on real estate of insane person not void. (a) When any person shall in good faith take a mortgage on real estate from an insane person without notice of the insanity, the mortgage deed shall not be void; but the insane person may redeem the property so mortgaged at any time prior to a foreclosure by paying to the mortgagee the amount actually received by the insane person at the time of executing the mortgage, or any balance due thereon, with interest thereon to the date of redemption. (b) If the mortgage shall have been foreclosed, the insane person may redeem from the vendee at the foreclosure sale, or those claiming under the vendee, at any time within 180 days from foreclosure for residential property on which a homestead exemption was claimed in the tax year during which the foreclosure occurred, or at any time within one year from foreclosure for all other property, by paying to the vendee, or those claiming under the vendee, the...
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35-19-4
Section 35-19-4 Interest holders; rights of holders and agencies; priority. (a) An environmental covenant must meet all of the following requirements: (1) State that the instrument is an environmental covenant executed pursuant to this chapter. (2) Contain a legally sufficient description of the real property subject to the covenant. (3) Describe the activity and use limitations on the real property. (4) Identify every holder. (5) Be signed by the director, every holder, and unless waived by the agency, every owner of the fee simple of the real property subject to the covenant. (6) Identify the name and location of any administrative record for the environmental response project reflected in the environmental covenant. (b) In addition to the information required by subsection (a), an environmental covenant may contain other information, restrictions, and requirements agreed to by the persons who signed it, including any of the following: (1) Requirements for notice following transfer...
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35-19-5
Section 35-19-5 Validity and enforceability of environmental covenants. (a) An environmental covenant that complies with this chapter runs with the land. (b) An environmental covenant that is otherwise effective is valid and enforceable even if any one or more of the following conditions apply: (1) It is not appurtenant to an interest in real property. (2) It can be or has been assigned to a person other than the original holder. (3) It is not of a character that has been recognized traditionally at common law. (4) It imposes a negative burden. (5) It imposes an affirmative obligation on a person having an interest in the real property or on the holder. (6) The benefit or burden does not touch or concern real property. (7) There is no privity of estate or contract. (8) The holder dies, ceases to exist, resigns, or is replaced. (9) The owner of an interest subject to the environmental covenant and the holder are the same person. (c) An instrument that creates restrictions or obligations...
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35-4-431
Section 35-4-431 Definitions. (a) As used in this article, the following words have the following meanings: (1) ASSOCIATION. An association or unit owners' association, as defined in Section 35-8A-103 of the Alabama Uniform Condominium Act of 1991; an association as defined in Section 35-8-2 of the Condominium Ownership Act; or a nonprofit or cooperative membership organization composed exclusively of owners of mobile homes, manufactured housing, time-shares, camping resort interests, or other interests in real property that is responsible for the maintenance, improvements, services, or expenses related to real property that is owned, used, or enjoyed in common by the members. (2) PAYEE. The person or entity who claims the right to receive or collect a private transfer fee payable under a private transfer obligation. A payee may or may not have a pecuniary interest in the private transfer fee obligation. (3) PRIVATE TRANSFER FEE. A fee or charge payable upon the transfer of an interest...
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40-18-86
Section 40-18-86 Sale or transfer of real property and associated tangible property by nonresidents. (a) As used in this section, the term nonresident of Alabama shall include individuals, trusts, partnerships, corporations, and unincorporated organizations. Any seller or transferor who meets all of the following conditions and who provides the buyer or transferee with an affidavit signed under oath swearing or affirming that all of the following conditions are met will be deemed a resident for purposes of this section: (1) The seller or transferor has filed Alabama income tax returns or appropriate extensions have been received for the two income tax years immediately preceding the year of sale. (2) The seller or transferor is in business in Alabama and will continue substantially the same business in Alabama after the sale or the seller or transferor has real property remaining in the state at the time of closing of equal or greater value than the withholding tax liability as...
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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...
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22-27-60
Section 22-27-60 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2019 REGULAR SESSION, EFFECTIVE SEPTEMBER 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. As used in this article, the following terms shall have the following meanings: (1) LENDER. A person who holds a mortgage, lien, deed of trust, or other security interest in property. The term includes an assignee, receiver, or other transferee of the interest. (2) RESIDENTIAL REAL PROPERTY. Any of the following: a. A single-family house. b. A duplex, triplex, or quadraplex. c. A unit in a multi-unit residential structure in which title to an individual unit is transferred to the owner of the unit under a condominium or cooperative system. (Act 2019-460, ยง1.)...
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35-12-72
Section 35-12-72 Presumption of abandonment. (a) Property is presumed abandoned if it is unclaimed by the apparent owner during the time set forth below for the particular property: (1) Traveler's checks, 15 years after issuance. (2) Money order, five years after issuance. (3) A demand, savings, or time deposit including a deposit that is automatically renewable, three years after the earlier of maturity, as extended from time to time, or the date of the last indication by the apparent owner of interest in the property. (4) Tangible and intangible property held in a safe deposit box or other safekeeping depository in this state in the ordinary course of the holder's business and proceeds resulting from the sale of the property permitted by other law, three years after expiration of the lease or rental period on the box or other depository. (5) Money or credits owed to a customer as a result of a retail business transaction, one year after the obligation accrued. (6) Property in an...
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40-12-240
Section 40-12-240 Definitions. (a) For the purpose of this article, the following terms shall have the respective meanings ascribed by this section: (1) DEPARTMENT. The Alabama Department of Revenue. (2) ESTABLISHED PLACE OF BUSINESS. A place actually occupied either continuously or at regular periods at or from which a business or a part thereof is transacted. (3) FARM TRACTOR. Every motor vehicle designed and used primarily as a farm implement for drawing plows, mowing machines, and other implements designed and used for agricultural purposes and only incidentally moved upon public highways. (4) FARMER. An individual, partnership, cooperative corporation, or other entity actively engaged in agriculture or agricultural activities as the same are circumscribed and defined in paragraphs a. and b. of Section 41-14-51(1). (5) FLEET. A group of similarly classified fleet vehicles comprised of 50 or more units or other amount as prescribed by the department. (6) FLEET OPERATOR. A person,...
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