35-8A-312
Section 35-8A-312 Conveyance or encumbrance of common elements. (a) In a condominium portions of the common elements may be conveyed or subjected to a security interest by the association if persons entitled to cast at least 80 percent of the votes in the association, including 80 percent of the votes allocated to units not owned by a declarant, or any larger percentage the declaration specifies, agree to that action; but all the owners of units to which any limited common element is allocated must agree in order to convey that limited common element or subject it to a security interest. The declaration may specify a smaller percentage only if all of the units are restricted exclusively to nonresidential uses. Proceeds of the sale or loan are an asset of the association. (b) An agreement to convey common elements in a condominium or subject them to a security interest must be evidenced by the execution of an agreement, or ratifications thereof, in the same manner as a deed, by the...
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35-8-10
Section 35-8-10 Bylaws of association. The bylaws govern the administration and management of the condominium property by the association. In addition to such other provisions as may be desired, not inconsistent with this chapter or the declaration, the bylaws shall contain: (1) The form of administration, indicating the titles of the officers and governing board of the association, if any, and specifying the powers, duties, and manner of selection, removal, and compensation, if any, of officers and board members. (2) The name and residence address of the person designated as agent to receive service of process upon the association if the association is not incorporated. Such agent must be a resident of this state. (3) The method of calling meetings of unit owners, the percentage of unit owners or voting rights required to make decisions regarding administration and management of the condominium property and to constitute a quorum, but such bylaws may nevertheless provide that unit...
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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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35-8A-206
Section 35-8A-206 Leasehold condominiums. (a) Any lease the expiration or termination of which may terminate the condominium or reduce its size shall be recorded. Every lessor of those leases must sign the declaration, and the declaration must state: (1) The recording data for the lease, the date of the lease, and the date of its recordation; (2) The date on which the lease is scheduled to expire; (3) A legally sufficient description of the real estate subject to the lease; (4) Any right of the unit owners to redeem the reversion and the manner whereby those rights may be exercised, or a statement that they do not have those rights; (5) Any right of the unit owners to remove any improvements within a reasonable time after the expiration or termination of the lease, or a statement that they do not have those rights; and (6) Any rights of the unit owners to renew the lease and the conditions of any renewal, or a statement that they do not have those rights. (b) After the declaration for...
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34-27-50
Section 34-27-50 Definitions. For the purposes of this article, the following terms shall have the meaning respectively ascribed to them by this section: (1) ACCOMMODATIONS. Any hotel or motel room, condominium, or cooperative unit, cabin, lodge, apartment, or any other private or commercial structure designed for occupancy by one or more individuals or any recreational vehicle campsite or campground. (2) BUSINESS ENTITY. Any individual, corporation, firm, association, joint venture, partnership, trust, estate, business trust, syndicate, fiduciary, and any other group or combination which engages in acts or practices in any trade or commerce. (3) CONTRACT. Any contract, promissory note, credit agreement, negotiable instrument, lease, use agreement, license, security, or other muniment conferring on the purchaser the rights, benefits, and obligations of a vacation time-sharing plan. (4) COMMISSION. The Alabama Real Estate Commission. (5) COMMISSIONER. A member of the Alabama Real Estate...
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35-8-17
Section 35-8-17 Liens in favor of association. The association shall have a lien on each unit for any unpaid assessment duly made by the association for a share of common expenses, limited common expenses or otherwise, together with interest thereon and, if authorized by the declaration or bylaws, reasonable attorney's fees. Such lien shall be effective from and after the time of recording in the public records of the county in which the unit is located of a claim of lien stating the description of the unit, the name of the record owner, the amount due, and the date when due. Such claim of lien shall include only sums which are due and payable when the claim of lien is recorded and shall be signed and verified by an officer or agent of the association. Upon full payment of all sums secured by the lien, the party making payment shall be entitled to a recordable satisfaction of lien. All such liens shall be subordinate to any lien for taxes, the lien of any mortgage of record, and any...
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45-37-162.02
Section 45-37-162.02 Notice and hearing. (a) The county may not issue debt unless it gives notice of the proposed debt issuance as provided in subsection (b) and a hearing is held as provided in Section 45-37-162.03. The county may not enter into a swap agreement unless notice of the proposed swap agreement is given as provided in subsection (d), a hearing is held as provided in Section 45-37-162.03, and competitive bids for the swap agreement are requested as provided in Section 45-37-162.04. (b) The county shall provide notice of a public hearing on the proposed issuance of debt. The notice shall be published in a newspaper of general circulation in the county not less than four days before the public hearing and shall include a brief description of all of the following information with respect to the proposed debt: (1) The maximum principal amount of debt to be issued and the purpose or purposes for which the debt is to be issued. (2) The interest rate or rates on the debt, if...
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24-11-3
Section 24-11-3 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE MARCH 28, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Definitions. As used in this chapter, the following terms shall have the following meanings: (1) ACCOUNT HOLDER. A first-time and second chance home buyer who establishes, individually or jointly with another first-time and second chance home buyer, a first-time and second chance home buyer savings account. (2) ALLOWABLE CLOSING COSTS. A disbursement listed on a settlement statement for the purchase of a single-family residence in Alabama by a first-time and second chance home buyer. (3) DEPARTMENT. Alabama Department of Revenue. (4) ELIGIBLE COSTS. The down payment and allowable closing costs for the purchase of a single-family residence in Alabama by a first-time and second chance home buyer. Eligible costs do not include any costs incurred prior to the establishment of a first-time and second chance home buyer savings...
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5-2A-9
Section 5-2A-9 Superintendent - Procedure for promulgation of regulations; emergency regulations; judicial review. (a) Prior to the adoption, amendment, or repeal of any regulation, the superintendent shall: (1) Give at least 35 days' notice of the intended action. The notice shall include a statement of either the terms or substance of the intended action or a description of the subjects and issues involved, and the time when, the place where, and the manner in which interested persons may present their views thereon. The notice shall be mailed to all banks in this state and shall be published in a newspaper of general circulation in Montgomery County. A complete copy of the proposed regulation shall be filed with the Secretary of State; and (2) Afford all interested persons reasonable opportunity to submit data, views, or arguments, orally or in writing. Opportunity for oral hearing must be granted if requested by 25 persons, by a governmental subdivision or agency, or by an...
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8-32-6
Section 8-32-6 Prohibited acts. (a) A provider shall not use in its name the words insurance, casualty, surety, mutual, or any other words descriptive of the insurance, casualty, or surety business; or a name deceptively similar to the name or description of any insurance or surety corporation, or to the name of any other provider. The word "guaranty" or similar word may be used by a provider. This section shall not apply to a company that was using any of the prohibited language in its name prior to August 1, 1997. However, a company using the prohibited language in its name shall include in its service contracts a statement in substantially the following form: "This agreement is not an insurance contract." (b) A person, such as a bank, savings and loan association, lending institution, manufacturer, or seller of any product, shall not require the purchase of a service contract as a condition of a loan or a condition for the sale of any property. (Acts 1997, No. 97-445, p. 753, ยง6.)...
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