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5-25-2
Section 5-25-2 Definitions. For purposes of this chapter, the following terms shall have the
following meanings: (1) BORROWER. A natural person who submits an application for a loan secured
by a first or subordinate mortgage or deed of trust on a single-family to four-family home
to be occupied by the borrower as the borrower's primary residence. (2) COMMITMENT. A written
statement by a lender that sets forth the terms and conditions upon which the lender is willing
to make a particular mortgage loan to a particular borrower. A good faith estimate provided
under the Federal Real Estate Settlement Procedures Act is not a commitment for the purposes
of Act 2009-624. (3) CONTROL. The direct or indirect possession of the power to direct or
cause the direction of the management and policies of a person, whether through the ownership
of voting securities, by contract, or otherwise, and shall include the terms controlling,
controlled by, and under common control with. (4) DEPARTMENT. The...
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11-50A-19
Section 11-50A-19 Pledge of revenues. All or any part of the gross or net revenues derived
from any particular project or projects, whether or not such revenues were produced by a particular
project for which bonds have been issued, and any income and earnings otherwise received by
the authority from whatever source, and any other funds of the authority, may be pledged by
the authority to the payment of the principal of and interest on bonds as may be provided
in any resolution authorizing the issuance of any bonds or in any trust agreement or indenture
pertaining to those bonds. The funds so pledged may include funds received from one or more
or all sources and may be set aside at regular intervals into sinking funds for which provision
may be made in any resolution, trust agreement or indenture pertaining to the bonds. These
sinking funds may be pledged to and charged with the payment of (i) the interest on the bonds
as it shall become due, (ii) the principal of the bonds as they...
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11-92A-15
Section 11-92A-15 Security for bonds. (a) In the discretion of the board of directors of an
authority, any bonds may be secured by an indenture between an authority and a trustee, which
may be any trust company or bank having trust powers, whether such trust company or bank is
located within or without the state. In any such indenture or resolution providing for the
issuance of bonds an authority may pledge, for payment of the principal of and the interest
on such bonds, any of its revenues to which its right then exists or may thereafter come into
existence, including, but not limited to, revenues or other money or property pledged to it
by any public or private person, and may assign, as security for such payment, any of its
leases, loan agreements, franchises, permits, and contracts. In any such indenture, an authority
may mortgage any of its properties, including any that may be thereafter acquired by it, and
may provide that in the event of a default in payment of the bonds...
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19-3A-411
Section 19-3A-411 Minerals, water, and other natural resources. (a) To the extent that a fiduciary
accounts for receipts from an interest in minerals or other natural resources pursuant to
this section, the fiduciary shall allocate them as follows: (1) If received as nominal delay
rental or nominal annual rent on a lease, a receipt shall be allocated to income. (2) If received
from a production payment, a receipt shall be allocated to income if and to the extent that
the agreement creating the production payment provides a factor for interest or its equivalent.
The balance shall be allocated to principal. (3) If an amount received as a royalty payment,
shut-in-well payment, take-or-pay payment, bonus, or a delay rental that is more than nominal,
then ninety percent (90%) shall be allocated to principal and the balance to income. (4) If
an amount is received from a working interest or any other interest not provided for in subdivisions
(1), (2), or (3), then ninety percent (90%) of the...
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24-1-31
Section 24-1-31 Issuance of bonds by authority; types of and security for bonds generally;
liability on bonds. An authority shall have power to issue bonds, from time to time, in its
discretion, for any of its corporate purposes. An authority shall also have power to issue
or exchange refunding bonds for the purpose of paying, retiring, extending or renewing bonds
previously issued by it. An authority may issue such types of bonds as it may determine, including,
without limiting the generality of the foregoing, bonds on which the principal and interest
are payable from income and revenues of the authority and from grants or contributions from
the federal government or some other source. Such income and revenues securing the bonds may
be: (1) Exclusively the income and revenues of the housing project financed in whole or in
part with the proceeds of such bonds; (2) Exclusively the income and revenues of certain designated
housing projects, whether or not they are financed in whole or in...
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24-1-70
Section 24-1-70 Issuance of bonds by authority; types of and security for bonds generally;
liability on bonds. An authority shall have power to issue bonds from time to time, in its
discretion, for any of its corporate purposes. An authority shall also have power to issue
or exchange refunding bonds for the purpose of paying, retiring, extending, or renewing bonds
previously issued by it. An authority may issue such types of bonds as it may determine, including,
without limiting the generality of the foregoing, bonds on which the principal and interest
are payable from income and revenues of the authority and from grants or contributions from
the federal government or some other source. Such income and revenues securing the bonds may
be: (1) Exclusively the income and revenues of the housing project financed in whole or in
part with the proceeds of such bonds; (2) Exclusively the income and revenues of certain designated
housing projects, whether or not they are financed in whole or in...
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26-1A-204
Section 26-1A-204 Real property. (a) Unless the power of attorney otherwise provides, language
in a power of attorney granting general authority with respect to real property authorizes
the agent to: (1) demand, buy, lease, receive, accept as a gift or as security for an extension
of credit, or otherwise acquire or reject an interest in real property or a right incident
to real property; (2) sell; exchange; convey with or without covenants, representations, or
warranties; quitclaim; release; surrender; retain title for security; encumber; partition;
consent to partitioning; subject to an easement or covenant; subdivide; apply for zoning or
other governmental permits; plat or consent to platting; develop; grant an option concerning;
lease; sublease; contribute to an entity in exchange for an interest in that entity; or otherwise
grant or dispose of an interest in real property or a right incident to real property; (3)
pledge or mortgage an interest in real property or right incident to...
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27-5B-7
Section 27-5B-7 Reinsurer maintaining a trust fund. (a) Credit shall be allowed when the reinsurance
is ceded to an assuming insurer that maintains a trust fund in a qualified U.S. financial
institution, as defined in subsection (b) of Section 27-5B-15, for the payment of the valid
claims of its U.S. ceding insurers, their assigns and successors in interest. To enable the
commissioner to determine the sufficiency of the trust fund, the assuming insurer shall report
annually to the commissioner information substantially the same as that required to be reported
on the NAIC Annual Statement form by licensed insurers. The assuming insurer shall submit
to examination of its books and records by the commissioner and bear the expense of examination.
(b)(1) Credit for reinsurance shall not be granted under this section unless the form of the
trust and any amendments to the trust have been approved by either: a. The commissioner of
the state where the trust is domiciled. b. The commissioner of...
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33-2-190
Section 33-2-190 Docks facilities revenue bonds and refunding bonds - Defeasance. Any docks
facilities revenue bond or refunding bond issued pursuant to the provisions of this article
shall no longer be deemed to be outstanding, shall no longer be secured by the docks facilities
revenues that may have been pledged therefor, shall no longer constitute a limited obligation
of the department, and shall be secured solely by and payable solely from moneys and government
securities deposited in trust with one or more trustees or escrow agents as provided herein,
whenever there shall be deposited in trust with one or more trustees or escrow agents, as
provided herein, either moneys or government securities the principal of and interest on which
when due will provide moneys which, together with the moneys, if any, deposited with one or
more trustees or escrow agents, at the same time, shall be sufficient to pay when due the
principal of, premium, if any, and interest due and to become due on...
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33-2-213
Section 33-2-213 Use of amounts transferred. Any provision of or implication in this article
to the contrary notwithstanding, no amount transferred and paid to the Alabama State Port
Authority pursuant to this article may be pledged by the port authority to pay principal of
or interest on any bonds or other obligations issued by or for the benefit of the port authority;
nor shall this article be deemed to constitute a contract between the state or the port authority
and the holders of any bonds or other obligations heretofore or hereafter issued by or for
the benefit of the port authority, it being understood as follows: (1) That no holders shall
be deemed beneficiaries of this article or any of the appropriations, payments or transfers
provided for herein (which such appropriations shall be subject to proration in accordance
with law). (2) That the amounts herein appropriated and ordered transferred and paid to or
for the benefit of the port authority constitute mere voluntary...
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