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22-30E-10
Section 22-30E-10 Limitation of liability provisions. (a) The Legislature declares that, in
order to achieve the economic redevelopment and site rehabilitation of contaminated properties
in accordance with this chapter, it is imperative to encourage financing of real property
transactions involving qualifying property. Accordingly, a lender, including one serving as
a trustee, personal representative, or in any other fiduciary capacity in connection with
a loan, and a lender holding evidence of ownership of a qualifying property primarily to protect
a security interest, or as a result of foreclosure or a deed in lieu of foreclosure of a security
interest, is entitled to the liability protection established in subsection (a) of Section
22-30E-9 if the lender meets each of the following requirements: (1) The lender has not caused
or contributed to a release of a contaminant at the qualified property. (2) The lender seeks
to sell, transfer, or otherwise divest the qualifying property at...
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35-10-94
Section 35-10-94 Notification by satisfaction agent to secured creditor. (a) If a secured creditor
has not submitted for recording a satisfaction of a security instrument within the time set
forth in Section 35-10-92 after full and complete payment of all indebtedness secured by the
security instrument, a satisfaction agent acting for and with authority from the mortgagors
may give the secured creditor a notification that the satisfaction agent intends to submit
for recording an affidavit of satisfaction of the security instrument. The notification must
include all of the following: (1) The identity and mailing address of the satisfaction agent.
(2) Identification of the security instrument for which a recorded satisfaction is sought,
including the names of the original parties to, and the recording data for, the security instrument.
(3) A statement that the satisfaction agent has determined all of the following: a. That the
real property described in the security instrument is...
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35-10-96
Section 35-10-96 Affidavit of satisfaction requirements. An affidavit of satisfaction of a
security instrument must do all of the following: (1) Identify the original parties to the
security instrument, the secured creditor, and the recording data for the security instrument.
(2) State the basis upon which the person signing the affidavit is a satisfaction agent including,
without limitation, that the person signing the affidavit is authorized to sign on behalf
of, and to bind, the insurance company acting as satisfaction agent. (3) State that the person
signing the affidavit has determined that the real property described in the security instrument
is residential real property or was residential real property at the time the security instrument
was made. (4) State that the person signing the affidavit determined that the secured creditor
has received full payment or performance of the secured obligation and, if the security instrument
is an equity line security instrument, that the...
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35-11-233
Section 35-11-233 Assignment of lien; transfer of lien on real property to other security.
(a) Any claim for which a lien is provided in this division may be assigned; and the assignee
shall thereby be invested with all the rights of the original holder of the lien, and be entitled
to all his remedies to enforce them. The assignee shall have the right to consolidate all
such claims in one statement to be filed as herein provided; and the length of time for the
filing of said claim shall be measured by the greatest length of time for the filing of any
class of claims held by the assignee. (b) Any lien claimed on real property under this division
may be transferred by any person having an interest in the real property upon which the lien
is imposed or the contract under which the lien is claimed, from such real property to other
security by first filing with the court in which the action is brought, a copy of the lien
which has been duly filed and recorded as required by law, and by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-11-233.htm - 4K - Match Info - Similar pages
12-13-22
Section 12-13-22 Requirement to redact, remove, etc., Social Security number or birthdate on
certain documents; electronic availability of records. (a) Before recording any document,
with the exception of federal and state tax liens, as public record with the probate court
that conveys any interest in real or personal property or purports to encumber an interest
in real or personal property, or any other document, including military discharge forms, that
is filed as a public record in the probate court, the person submitting the document for recordation
shall redact, remove, or otherwise make illegible any Social Security number appearing in
the document. Removal of the Social Security number shall be a condition to filing the document.
(b) Before recording any document, with the exception of federal and state tax liens, as public
record with the probate court that conveys any interest in real or personal property or purports
to encumber an interest in real or personal property, the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/12-13-22.htm - 2K - Match Info - Similar pages
35-4A-3
Section 35-4A-3 When nonvested property interest or power of appointment created. (a) Except
as provided in subsections (b), (c), and (d) and in Section 35-4A-5, the time of creation
of a nonvested property interest or a power of appointment is determined under general principles
of property law. (b) For purposes of this chapter, if there is a person who alone can exercise
a power created by a governing instrument to become the unqualified beneficial owner of (i)
a nonvested property interest or (ii) a property interest subject to a power of appointment
described in Section 35-4A-2(b) or (c), the nonvested property interest or power of appointment
is created when the power to become the unqualified beneficial owner terminates. (c) For purposes
of this chapter, a nonvested property interest or a power of appointment arising from a transfer
of property to a previously funded trust or other existing property arrangement is created
when the nonvested property interest or power of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-4A-3.htm - 1K - Match Info - Similar pages
22-30E-2
Section 22-30E-2 Legislative findings; purpose and intent of chapter; establishment of voluntary
assessment and/or cleanup program for properties with potential environmental contamination.
(a) The Legislature finds that rural and urban property in Alabama may have areas of actual
or perceived contamination at levels that may not be subject to assessment or cleanup under
applicable laws and regulations. The Legislature finds that this perception of contamination
discourages the purchase and productive use of otherwise usable properties. The Legislature
further finds that the voluntary assessment and/or cleanup of such properties is in the public
interest. (b) The Legislature finds that industries and developers often give preference to
previously unused greenfield sites over previously used property due largely to concerns over
the financial and environmental liabilities which may be incurred in acquiring such previously
used property for reuse and redevelopment. The Legislature...
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22-40A-5
Section 22-40A-5 Cleanup; reports; regulations; remediation management. (a) Accumulations of
scrap tires for whatever purpose, not in accordance with this chapter, shall be removed by
the person who created or maintained the accumulation, or if that person is not determined,
by the landowner or financial interest holder if the landowner or financial interest holder
does not qualify as an innocent landowner. (b) All persons with more than 100 scrap tires
on their property who are not registered receivers of scrap tires or a permitted processor
shall report this fact to the department and provide the number of scrap tires and the location.
This report shall be made no later than 12 months after September 1, 2003. (c) The department
shall establish by regulations a ranking system for remediation, and shall award all contracts
for cleanup in accordance with this ranking system. (d) The department shall provide regulations
for cleanup, which shall apply to all cleanups. (e) Department...
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35-12-71
Section 35-12-71 Definitions. As used in this article, unless the context otherwise requires,
the following terms shall have the meanings respectively ascribed to them by this section:
(1) APPARENT OWNER. A person whose name appears on the records of a holder as the person entitled
to property held, issued, or owing by the holder. (2) BUSINESS ASSOCIATION. A corporation,
joint stock company, investment company, partnership, unincorporated association, joint venture,
limited liability company, business trust, trust company, safe deposit company, financial
organization, insurance company, mutual fund, utility, or other business entity consisting
of one or more persons, whether or not for profit. (3) DOMICILE. The state of incorporation
of a corporation and the state of the principal place of business of a holder other than a
corporation. (4) FINANCIAL ORGANIZATION. A savings and loan association, building and loan
association, industrial loan organization, credit union, cooperative bank,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-12-71.htm - 6K - Match Info - Similar pages
19-3D-3
Section 19-3D-3 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. SCOPE. (a) Except as
otherwise provided in subsections (b) and (c), this chapter applies to an express trust that
is irrevocable, or revocable by the settlor only with the consent of the trustee or a person
holding an adverse interest. (b) This chapter does not apply to a trust held solely for charitable
purposes. (c) Subject to Section 19-3D-15, a trust instrument may restrict or prohibit exercise
of the decanting power. (d) This chapter does not limit the power of a trustee, powerholder,
or other person to distribute or appoint property in further trust or to modify a trust under
the trust instrument, laws of this state other than this chapter, common law, a court order,
or a nonjudicial settlement agreement. (e) This chapter does not affect the ability of a settlor
to provide in a trust instrument for the distribution...
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